Blockchain Creating Trust for Online Gambling Industry

Published Friday, November 25, 2016 - Online-Casinos.com
Blockchain Creating Trust for Online Gambling Industry

The interest in blockchain has reached a level that requires attention for all online gambling operators and participants. Following Bitcoin’s significant rise in the online gambling community, people are now looking at the underlying technology, blockchain, which is having a hugely disruptive impact on the industry. The estimated $41 billion gambling industry has been created and now it is ready to embrace the blockchain concept and realize the financial benefits of applying this technology on an industry-wide basis.

It has been suggested a number of times by various analysts that the installation of blockchain technology can make online gambling more transparent and fair. Blockchain’s decentralized system, which is built by a coordinated network of independent nodes, allows no one individual or entity to have an advantage at any stage of the online gambling event. Removing the idea of centralization, and by putting verification responsibility on the network of nodes, the requirement for a third-party point of trust becomes unnecessary.

The advancement in Bitcoin casino availability can be attributed to the desire for casino punters to see the transparency in the blockchain concept. To compel punters to go with the idea new “Bitcoin 2.0” solutions have arisen including BetXCP.com and Xbet.io, which are more compatible with online gambling activities such as sports betting. André Wilsenach, executive director of the Alderney Gambling Control Commission has said that “shared, digitalized, decentralized” information in a blockchain-based ledger system would provide regulators with significantly better access to required data.  SportingBet founder Mark Blandford maintains the technology’s benefits to the anti-money laundering process, “everything is going to be auditable and traceable in a far more transparent way than has previously been the case”.

The online gambling industry needs the trust factor in its development and blockchain can provide that although according to  research vice president and Gartner Fellow “Bitcoin is still the only working, proven blockchain.”

 

 

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