The Blockchain operates as a public transaction book, which is gradually updated and protected from outside intervention with cryptographic encryption. If you want to enter the field of cryptocurrencies, Blockchain is the technology to do so.
To use crypto, you actually do not need to know how Blockchain works. If you want to have an idea of this technology, consider a ledger for cryptocurrencies like Bitcoin, Etherum and others. And why is Blockchain technology so popular.
Firstly, the crypto transaction is so much faster than using a bank wire. Most payments are dealt with in a matter of seconds. And of, course, there is a matter of anonymity. Because the blockchain technology is decentralized and encrypted, there is no way the government or any other third party could gain information about payments.
How Can Be Blockchain Used
Blockchain technology is larger than the financial sector alone. It can be used for all multi-level transactions where high traceability and visibility is required. For example, the supply chain is a relevant field where Blockchain can verify the origin of the product.
It could also be used for voting platforms or health record management and identity. Practical examples of blockchain applications are expected in the future.
In the last couple of year, there is one particular sector, which that adopts cryptocurrency technology at high speed – bookmarkers and online casinos (7bitcasino).
There is still little use of Blockchain in the online gaming industry, but the future looks very well for this technology. And it is also because the well-known game developers like Greentube have already gone into research into how Blockchain could improve their gaming experience.
Regulation of Cryptocurrency in Gambling
We often see that cryptocurrency regulations do not generally stick around. Regarding the online gaming industry, regulations are, on the other, appreciated. Today, there are too many cryptocurrency casinos which operate illegally or with unverified licenses, putting players and their means at risk.
Illegal bitcoin casino operators do not adapt procuration for limiting, for example, money laundering or underage gambling.
But, there are also many licensed online casinos which are using the blockchain technology. In these casinos, you can play or bet on sport with Bitcoin and other cryptocurrencies. And you still got all the benefits like fast transactions.