From what we have already seen for some time, it looks like crypto coins and blockchain technology can improve a number of aspects of our daily lives but it seems like the one of the best areas where it can be used is online gambling.
What is a blockchain?
For those that do not know, a blockchain is a list of records that is made to be secure through cryptography and some of the best uses of this technology lie in the gambling sphere. When applied to online gaming, it greatly increases the speed of transactions, including those of withdrawals, as some of you may know that for an online transaction to be finalized it may take between 3 and 5 business days.
It is well known that in order for you to be able to play in an online gambling event you will need a traditional bank account in order to get your bets and your withdrawals, if you are lucky. However, when one uses a blockchain then he or she is going to be able to play in such an event just by having a computer and an internet connection, making the process easier.
How to adopt this process
So far the number of platform that use this blockchain system are few and far in between but it looks like more and more are working to incorporate it onto their online gambling platform which means that there is hope for the future. Were we to name a couple of platform that already have this feature, we could gladly say that Lottery.com and Greentube have both made this step. However, the problem with security levels still stands since the need to stop young gamblers and problem gamblers from playing still stand. That will remain to be fixed in the near future.
Nicole Hicks a graduate of UFT. She’s based in Toronto but travels much of the year. Nicole has written for NPR, Motherboard, MSN Money, and the Huffington Post. Nicole is a financial reporter, focusing on technology, national security, and policing.