Published on April 1st, 2021 | by Sumit Bhowal0
How Blockchain Technology is transforming the Online Industry
For a technology that was barely known a few years ago, blockchain is beginning to have a transformative effect on many industries.
Although originally known as the driving force behind Bitcoin, it offers potential far beyond the reach of digital currencies, and now entrepreneurs and business leaders are lining-up as they look to find new ways of implementing it within their organizations. So, what is blockchain, to begin with?
For the uninitiated, blockchain is a new way of making digital transactions that eliminate the traditional middleman, such as a bank or a payment processor, allowing the contracting parties to deal directly with each other.
This means faster transaction speeds, lower processing costs, and enhanced security because blockchain requires cryptography to keep transactions safe and private. At the same time, it is a very transparent process – everybody on a network can see once a transaction has been approved, and, once it has been entered In a virtual ledger, it cannot be altered in any way.
Why it is causing such a stir is that the technology can be applied to almost every type of transaction involving value and it not just restricted to monetary payments. Stocks, shares, property, and any type of non-fungible asset can be bought and sold using blockchain.
One industry that has been quick to embrace the possibilities offered by the technology is the online casino business – after all, at its heart, it consists of millions of daily transactions carried out across the world. For example, ggbet casino is one of a growing list of operators who have begun to incorporate elements of the technology in their offerings.
One obvious way this is done is through payments – more and more casinos are now beginning to accept Bitcoin as a means of payment, and also to allow players to withdraw their earnings in the digital currency as well.
There are several advantages to paying and being paid in Bitcoin. In the first place, the transaction takes place almost immediately – no waiting for it to be cleared by the bank or payment processor. Also, there are minimal transaction costs, compared to the bank charges or percentage fees deducted by platforms such as PayPal.
And because Bitcoin is digital it is currency neutral – that means, in principle, that a player can have access to any casino in any jurisdiction in the world without having to concern themselves about foreign currency translation.
Blockchain is impartial – it anonymously records the results of sporting events and bets placed in a way that cannot be changed. That helps give players confidence in an operator because they know that everything is above board and cannot be altered. These benefits both the players and the operators.
For those playing online, security is often a major concern, and blockchain has much to offer in this respect, not only because it relied on cryptography, but also because it relies on any approval process.
Every transaction must be approved by everybody on the network, and, unless that approval is forthcoming, the transaction cannot be entered on the ledger. That makes it virtually impervious to fraud.
And, at the same time, because anonymity is one of the guiding principles behind blockchain, customers can feel assured that their details are safeguarded and cannot be compromised.