Will Blockchain Technology Re-Write The Rules For Online Gambling?
Date Added: Jun 14, 2017
You must have noticed that as of late there seems to be increasing media attention on blockchain technology. Recall that a blockchain is nothing more than a distributed database. This database is there for the sole purpose of maintaining a list of records which are referred to as blocks.
Note that each and every block contains a time stamp as well as a link to a previous block. The most important part of this blockchain definition to keep in mind is that by its very design a blockchain network is extremely resistant to modification of the embedded data. So what does that have to do with online gambling sites and online casino action?
In a word, trust. Although it is most certainly true that the larger online casino operators have invested heavily in security technology, the reality is that these measures can and do only go so far. At the same time, keep in mind that it is not just the online casinos that are concerned about security issues. Consider the online sports betting world. A quick Google Search will show you just how often sports betting fans put their hard earned money on the line only to be in effect cheated by the sports betting site.
In other words, it is not a stretch at all to state that one factor that can be seen to limiting the growth of online gambling activities is this Trust Factor. Yet this is a clear case where technology may in fact save the day so to speak. The technology of blockchain.
It is true that the blockchain technology that is used in Bitcoin has earned some rather unflattering press. Yet that does not negate the value of blockchain technology at all. In addition to maintaining absolute privacy, blockchain transactions are safe, secure and most often fairly rapid.
For example, take a look at a new blockchain that is being rolled out for the online sports betting world. This blockchain solution is named Wagerr (WGR) and may be an indication of what to expect in the near future.
You see, Wagerr is a completely decentralized sports betting blockchain network. This network allows sports betting fans to place their wagers both anonymously and securely. Get this, the Wagerr blockchain means that the sporting event outcomes is automatically validated. Best of all, the winning payouts are also automatic and near instantaneous.
Bottom line: as you can see from the above, it could be that blockchain technology is the long hoped for solution to the trust issue in online gambling activities.