Betting and blockchain: the way the technology has changed the whole industry

Betting and blockchain

The blockchain technology emergence and the expansive interest growth in cryptocurrencies forced the business to adapt to modern trends, both to follow the trend as well as to optimize various processes. Continue reading the current material to learn where the distributed registry technology is currently used.

 

Blockchain market will reach the capitalization of $ 11.7 billion with the growth rate of 73% by 2022, according to the forecast.  

The industries, which were changed by the blockchain

Nowadays, blockchain is actively used in banking sphere in order to protect against both fraud and payments validation as well. The banks will be able to save up to $ 20 billion by making payments on the blockchain instead of traditional channels in future, according to experts.

The current technology has become extremely popular for government agencies while multiple registries and archives are transferred to the blockchain. To tell the true, it will take certain time to reach dream of crypto-anarchists’ dream – the state blockchain is centralized, since each individual country controls the master nodes. Recently, a large-scale war began among large corporations in order to create the most popular stablecoin – it has got over competitors less than two months after the Libra cryptocurrency announcement by Facebook, the largest of which can be deemed the Chinese government, which has already released the tokenized RMB pilot version.

Be sure to remember about betting. The industry digitalization was accompanied by the deception and fraud in the late 90s. All has changed once the blockchain emerged.

Blockchin industries

The current technology usage in the betting business primarily ensures the users safety and anonymity, guarantees timely payments as well as third-party interference or human factors absence in the betting process.

For example, the blockchain technology is successfully used by Betmatch international operator. Betmatch platform is a decentralized betting space, enabling the players to bet on various sports events while using the cryptocurrencies. Betmatch provides instant payments to players while using the main blockchain benefit, namely the transaction speed.

Betmatch decentralized structure provides the players with absolute protection against financial fraud and various manipulations, while the classic bookmaker is a centralized system, which has got the direct access to its customers’ funds.

The bank fees absence is one more blockchain benefit for the gaming industry – cryptocurrency transactions cost tens of times less than similar fiat transfers.

Blockchin betting

There are over a dozen companies, available on online betting market, which tend to use blockchain, while being centralized. Betmatch operation is Ethereum blockchain-based, while the token transactions go through ERC20 smart contract standard. This means that end user’s money is more secure than with a bank transfer.

 

The reason betting changed the most

The industry has had multiple issues, for a long time while betting was almost completely in the shadows. But the trend in the betting industry has become a trend for openness, transparency and honesty towards its users, once blockchain and new market leaders such as Betmatch, emerged. Other companies will have to overcome a long way in order to reach Betmatch level, but it worth mentioning the process has already been launched and the blockchain has become the high-quality online betting’s integral part.

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