In layman’s terms, Blockchain Technology is a public database of digital information that can be distributed, but not copied, and has been programmed to update continuously. It is made up by “nodes” (computers that are voluntarily connected to the blockchain network), that act as “administrators” of the blockchain.
The beauty of Blockchain Technology is that the data isn’t stored in a centralised location that can be corrupted by hackers. It is hosted by millions of computers simultaneously, and the data is readily accessible to anyone with internet access.
Blockchain Technology was originally created to record financial transactions in support of the digital currency, Bitcoin, which has been operating without any significant glitches since 2008.
While managing cryptocurrencies is thought to be its major function, blockchain can offer a whole lot more, and an increasing number of companies are starting to harness its true value while it is still in a growth phase. One such example is retail company, Overstock, who are busy shifting its focus to the many different blockchain applications, and investing in other blockchain companies who use the technology to achieve different outcomes. Such outcomes include finding ways to do away with third party stock exchanges, and eliminating the need for clearinghouses to verify financial transactions.
The aim of the application is to categorise different digital identities by using blockchain’s ability to collect vast amounts of information. The technology can then be used to separate scammers from ordinary internet users, as well as analyse the data of every online casino user. This means a player’s casino activities is continuously monitored, and therefore problem gambling behaviour can be detected early on.
Whether or not the iGaming industry will embrace Blockchain Technology remains to be seen, but responsible gambling is a top concern for many online casinos, and a collaborative effort will most certainly save many suffering online gambling addicts before it’s too late.