My name is Rhys, a first time dad blogging about my adventures and experiences of being a parent. [email protected]

How Can Blockchain Technology Help the Gambling Industry?

The question of where technology will take us next is so broad that it is difficult to know where to begin. Our use of technology in our everyday lives has become so extreme that, even two years ago, it would have been difficult to forecast where we are at in 2021. A resident in Wales can become friends with someone in China by following them on social networking platforms like Instagram. We can pay for our meals by scanning a code on our smartphones. We can stream Swansea and Cardiff City football matches on our laptops. And we can accept payments — or make payments — in digital tokens rather than fiat currencies.

Entire industries have evolved because of technology. The entertainment sector is consumed and influenced by streaming platforms like Netflix. Growth in the brick and mortar retail industry has declined, with e-commerce behemoths like Amazon now running the show. Even the gambling industry has changed because of online betting, live casinos, and mobile applications.

Punters do not have to be Blackjack or Roulette experts to indulge in the convenience technology has gifted the gambling sector with, either. Games like bingo have also moved online, giving the game a rebirth after the fall of bingo halls, and punters can access everything from bingo rooms, bingo slots, and bingo scratch cards through an online bingo site. Notably, there is a lot of variety on offer.

But what is next? Do we need another Instagram? What about another type of application software? While the answer is not necessarily no, we also have to factor in that we live in a world with an abundance of technology, and yet, some industries still have not figured out how to use them all — or have yet to try. Perhaps blockchain technology is the best example of this.

Blockchain first made waves a few years ago, after the cryptocurrency train left the station. In simple terms, blockchain technology is an internet-based ledger system, and it keeps records of transactions and data. And like with mobile network security, blockchain could advance and help many industries, including the gambling industry. Not just in Wales or the United Kingdom, either, but worldwide.

Blockchain could help the gambling industry because it is a transparent technology. If casinos implemented blockchain, the wins, losses, and transactions would be recorded. Punters could also see the payout of a specific game. Anonymity is another aspect of blockchain and how if applied to the gambling world, more trust could form between players and operators. Blockchain technology could provide players with the chance to hide their identity through the use of payment wallets. Blockchain transaction process times are also very fast, which could help the entire online gambling sector see improvements.

As much as we live in a society consumed by technology, we also live in one that prioritizes transparency and control over our own lives. Blockchain technology accommodates these needs. Whether individuals in Wales are playing online bingo or Blackjack, online casino operators should, at the very least, watch the development of blockchain over the next few years.