Role of Blockchain in the gambling industry

Blockchain is a technology that is witnessing a high growth rate. The technology that initially underplayed the foundation stone of the cryptocurrency transaction, is now finding various use cases. Industries from different sectors like academic, healthcare, retail, shipping, supply, etc. are deciphering various use of Blockchain or are developing Blockchain based application. The objective of these is to create a transparent system of growth where new business operations can flourish. Apart from the conventional application of Blockchain, there are many unconventional areas where Blockchain has proven beneficial, and one such sector is gambling. It is a big industry, and has its own set of bottlenecks, with the integration of the right technology we can expect some surprising transformation in this industry. In this blog, I will be highlighting, how Blockchain is transforming the gambling industry.

A quick recap on Blockchain

It is a distributed ledger technology where time-stamping ensure easy tracking of data. Any information when entered in the ledger is unchangeable. Blockchain enables peer-to-peer interaction, and it means that the demand and supply conditions are fulfilled without having an intermediary negotiating the rate, nor interfering in the process of interaction and validation.

Summary of features of Blockchain:

All this boils down to those critical features of Blockchainwhich have proven to beneficial for the gambling industry. Here are the key features :

Immutability

Transparency

Decentralization

Data security and safety

#1 ROLE OF BLOCKCHAIN IN THE GAMBLING INDUSTRY

Blockchain is a technology that is witnessing a high growth rate. The technology that initially underplayed the foundation stone of the cryptocurrency transaction, is now finding various use cases.

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Written by Blockchain

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for the better world. 

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