The mainstream interest and new developments in Blockchain have now reached the point that, according to online gambling industry experts, Blockchain requires attention for all online gambling operators and participants.
“Following Bitcoin’s significant rise in the online gambling community, people are now looking at the underlying technology, Blockchain, which is having a hugely disruptive impact on the industry. The estimated $41 billion gambling industry has been created and now it is ready to embrace the Blockchain concept and realize the financial benefits of applying this technology on an industry-wide basis.”
America has already seen a massive rise in Bitcoin casino and Bitcoin sports betting sites on the web, and now new players and old alike are looking to improve issues of trust and transparency using Blockchain’s technology for their online gambling products. Trust has always been one of the biggest concerns for online gamblers, but now Blockchain start-ups are emerging which entirely removes this concept as a source of uncertainty.
VDice is one example. It is billed as the world’s first fully decentralized gambling platform. It went live this June and is already wildly popular amongst Blockchain geeks. Using the Ethereum Blockchain, they have leveraged Smart Contract technology and have created game codes that exist without a server.
The core vDice game is a classic SatoshiDICE (SD) influenced betting game, implemented as an Ethereum Smart Contract. So, unlike SD, it is fully decentralized with no server architecture at all. This is the next level of decentralization in online betting. This game is live, popular and already processing bets. It is out of proof-of-concept stage. The concept is already proven. By Phase 3 of the development roadmap we hit the “Pioneer” stage.
This is where we develop out the vDice brand and site as a platform for developers. At vDice 3rd party developers can write and show off their own betting smart contracts. We expect a lot of developers writing betting smart contracts for Ethereum. The incentives are too well aligned. But they won’t have the time and resources to do the other stuff; build a brand and make them popular. So they will use the vDice brand. It will help them a lot.
But there are other such startups such as Firstblood, who raised over US$5 million in minutes in an ICO. They’re aiming to build and launch their own gambling platform on Ethereum.
The competition is heating up because the potential rewards are huge. If music and publishing are any indications, then the proper disruption of online gambling could see it’s democratization.
With Blockchain being a decentralized system, built by a coordinated network of independent consensus nodes, no one individual or entity can have a centralized advantage at any stage of the gambling process.
Gambling companies can use Blockchain to assure their users they are completely incapable of knowing the result of an outcome – such as the dealing of a particular card – in advance. By removing the entire concept of centralization, and by putting the verification of bets in the hands of the network of nodes, the requirement for a third-party point of trust automatically becomes redundant.
André Wilsenach, executive director of the Alderney Gambling Control Commission has said that “shared, digitalized, decentralized” information in a Blockchain-based ledger system would provide regulators with significantly better access to required data.
And SportingBet founder Mark Blandford maintains the technology’s benefits to the anti-money laundering process:
“…everything is going to be auditable and traceable in a far more transparent way than has previously been the case”.
Blandford, who recently entered the Blockchain world by investing in Coinsilium, a Blockchain technology incubator, advised that people should
“…think about how applications of Blockchain would work in their particular branch of the online gaming industry”.
It has been suggested a number of times by various analysts that the installation of Blockchain technology can make online gambling more transparent and fair. Blockchain’s decentralized system, which is built by a coordinated network of independent nodes, allows no one individual or entity to have an advantage at any stage of the online gambling event. Removing the idea of centralization, and by putting verification responsibility on the network of nodes, the requirement for a third-party point of trust becomes unnecessary.
- Commodities Behemoth Testing Blockchain Tech with Crude Oil Cargo - January 21, 2017
- Berlin’s Neufund Blockchain Fundraising Platform Raises $2 Million - January 21, 2017
- Alibaba’s Ant Financial Aims for 2 billion Users by Bringing Blockchain Technology to Alipay - January 20, 2017
- ChronoBank Plans to Use Multiple Blockchains - January 20, 2017
- Hyperledger Welcomes New Blockchain Platform Partner Cello - January 20, 2017
- WISeKey and Stratumn Join Forces to Use Blockchain for Real-Time Accountability and Traceability in Enterprise Processes - January 20, 2017
- Blockchain Report – European Union Agency for Network and Information Security (ENISA) - January 20, 2017
- FINRA Seeks Comment on New Report on the Potential Implications of Blockchain - January 18, 2017
- Finlync Designs ERP Integration to Distributed Ledger and Blockchain - January 18, 2017
- European Central Bank Considering Digital Currency – Cryptocash - January 18, 2017
- US Homeland Security Testing Blockchain To Track People, Goods Across Borders - January 17, 2017
- Israeli Tax Authorities Might Go After Bitcoin - January 16, 2017
- Senior US Regulator David Blaszkowsky Joins Canadian Blockchain Intelligence Group (BIG) Advisory Board - January 16, 2017
- Seven European Banks Cut Blockchain Deal to Facilitate Easier Cross-Border SME Commerce - January 16, 2017
- Marketforce to Host 2nd Annual The Blockchain Summit on 28th March 2017 in London - January 15, 2017
- Waves Platform Implements New Blockchain Scalability Approaches - January 14, 2017
- China’s Puerbank Group Launches Global Node for A Standardized Blockchain-Based Digital Currency in the UK - January 14, 2017
- DU and Guardtime Partner with Dubai’s NMC Hospital to Revolutionize Electronic Health Records with Blockchain Technology - January 14, 2017
- Report: Blockchain Slated to Become $8 Billion Global Industry By 2024 - January 14, 2017
- Blockchain Could Save Financial Services $110 billion over Next Three Years - January 14, 2017
- Russia Embraces Bitcoin – No Plans to Ban Cryptocurrencies - January 14, 2017
- Canadian BTL Group Completes Blockchain Pilot With Major Global Energy Company - January 12, 2017
- Tokio Marine & Nichido Fire Insurance and NTT DATA Cut Blockchain PoC For Insurance - January 12, 2017
- HfS Research Recognises VirtusaPolaris for Emerging Blockchain Services in BFSI - January 12, 2017
- Deloitte Launches Blockchain Lab in New York - January 12, 2017
- SWIFT launches Blockchain Proof of Concept In Hyperledger - January 12, 2017
- Blockchain VIP’s to Gather for Major Retreat This Month - January 12, 2017
- IBM Watson Health and US FDA Announce Blockchain Healthcare Data Project - January 12, 2017
- Equibit Development Corporation Sets $7 million Funding Target, Crowdsale Date - January 12, 2017
- US National Science Foundation Offers $8.5m in Funding for Blockchain Proposals for Cyberinfrastructure Security - January 11, 2017
- China Poised to Dominate Fintech and Blockchain Markets in 2017 - January 10, 2017
- Respectonomy Social Network To Tackle Censorship Using Blockchain - January 10, 2017
- South Korea Plans to Launch a Full-Scale Pilot Project on Blockchain-powered Financial Services - January 10, 2017
- Postal Savings Bank of China (PSBC) Announces First Blockchain Financial Service - January 10, 2017
- Reserve Bank of India (RBI) Releases Bullish Report on Blockchain for Clearing, Settlement - January 10, 2017
- Blockchain TV – TED Talk | How the Blockchain will Radically Transform the Economy | Bettina Warburg - January 10, 2017
- Alfa-Bank and S7 Airlines Close Blockchain Deal in Russia - January 10, 2017
- Life.SREDA and the Russian Republic of Tatarstan To Introduce Blockchain Technology For Public Administration System - January 10, 2017
- Union Square Ventures Leads $4M Funding Round for Blockchain Startup Blockstack - January 10, 2017
- US Department of Energy Eyeing Blockchain Solutions for Security – Seeking Proposals - January 10, 2017
- India’s Axis Bank to Use Ripple Blockchain for Cross-Border Remittances - January 10, 2017
- Georgia to Store Real Estate Documents in Blockchain System with Bitfury Group and Hernando de Soto - January 10, 2017
- US Depository Trust & Clearing Corporation Selects IBM, AXONI and R3 to Develop Derivatives Processing On Blockchain - January 10, 2017
- Grantcoin Foundation Expands Board of Directors – Distribution Rescheduled to Late January - January 8, 2017
- UNICEF, UK Home Office and BTCC to speak at London Blockchain Week 2017 - January 6, 2017
- American Company The Seam to Form Cotton Blockchain Consortium with IBM on Hyperledger Fabric - January 5, 2017
- Move over Bitcoin – MIT Cryptographer Silvio Micali and his Public Ledger ALGORAND… The Future of Blockchain? - January 5, 2017
- Blockchain to Play Role in Future of Transportation? UBS Teams up with ZF and innology SE to Make it Happen - January 5, 2017
- Blockchain Group Hyperledger Expands into China - January 5, 2017
- The Evolution Of Casinos – Next Generation Transparent Ethereum Smart Contracts Based Casino “Edgeless” - January 5, 2017