Technology has never in human history before progressed at such a rapid speed. With countless new innovations been released every month, it is an impossible task of keeping up with all the news. One technological advance you will have heard about though is bitcoin and cryptocurrency. It is changing the way business is done thanks to the tech behind it called the blockchain. It is the future of how business is going to be conducted and the gambling industry is one and sites like HolyMoly Casinos are one of the first to fully embrace it.
The big players in the sector such as the likes of Ladbrokes and bet365 have not entered the crypto and blockchain gambling market yet. This could be a major mistake as it has given chance to new gambling companies to get a head start and they are making a big impact.
The reason why the largest traditional betting companies are not embracing this new technology is due to it making their present model which is making them hundreds of millions of pound each year completely obsolete.
Blockchain and smart contract technology are destroyers of jobs due to the fact that they can automate all administration processes along with providing 100% accuracy is the most secure environment ever created. The banking sector has to employ hundreds of thousands of workers around the world to manage all these processes which come at great cost along with mistakes happening due to the human element. This is why it is doomed due to this now been able to run on the blockchain autonomously.
The gambling and gaming industries work similar to this by having to employ workers to handle the regulations, customer service, and payments processes which is why it is in the firing line of the blockchain.
It is not just the fact that the blockchain and smart contracts can run a casino autonomously therefore greatly reducing costs which makes it the perfect tech for gambling. There are lots of other advantages that are perfectly suited to the sector. One of the main features of this new tech is the fact that everything is completely transparent which means that a new system of provably fair odds can be implemented. It means the operators can no longer tamper with the games and brings a new level of trust to the industry.
There has been an influx of companies enter this market which has been a great success. One of the biggest successes of the year so far is CashBet who teamed up with Premier League club Arsenal to help promote their initial coin offering. This sold out in no time and due to the site creating its own cryptocurrency that can be used to place bets, it is also able to reward players in their own currency which can be exchanged for cash should a player desire.
Gambling And The Blockchain – Conclusion
The rapid progression of the blockchain and smart contracts is changing the face of how business is transacted all over the globe. We are at the start of the revolution but due to exponential growth, it is not going to take it long for it to spread like a virus and take over the world.
If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.