Blockchain: the new paradigm for online gambling

The blockchain is the new technological paradigm that redefines the way we conduct financial transactions. This type of technology has enormous potential to change the way we buy and sell, interact with authorities and verify the validity of services and other things. Blockchain technology combines the Internet with the security of advanced cryptography and offers its users a fast, clean and transparent way to verify data and build trust.

So why blockchain?

Currently there is a huge investment in blockchain technology by tech industry giants such as Microsoft and IBM. Millions of dollars spent on projects with blockchain technology. It is estimated that the financial and banking industry could save $8 to $12 billion annually by employing blockchain technology solutions. It has already been proven that this technology has potential and by 2024 the global blockchain market is expected to be worth about $ 20 billion.

From the moment of its emergence, there was an immediate boom of interest due to its potential. Despite its popularity this new technological development is often misunderstood and used in another way, which generates mistrust.

However, how can blockchain technology be applied in different industries? Is it so flexible that it can affect traditional industries with its revolutionary idea? Despite the current application of blockchain in various fields and industries, statistics show that an overwhelming 84% of C-Levels are starting to become aware of its potential and are looking to incorporate this revolutionary technology into business operations. Therefore, we are no longer talking about a trend, we are looking for a viable alternative option to our traditional system.

Is the Blockchain going to change gambling?

Let's be clear, the blockchain was created to provide transparency when conducting financial transactions. This new technology is not intended to replace production and finance systems, and is more beneficial only for certain industries. And another very important thing, blockchain goes beyond transactional security as it creates a public ledger where all transactions are instantly recorded and verified to ensure accuracy and transparency.

Companies are constantly looking to differentiate themselves from the crowd, and the fastest way to differentiate is to offer the best user experience. This is why there is such a rush to initiate this technology, and apply existing technology in innovative ways. The fundamental characteristic of blockchain is to create an engaging user experience that is not a ubiquitous solution to our traditional trading systems.

The industries where blockchain can have a positive impact is online gambling. New projects, such as ICOs, offer open source development and economic frameworks that can offer game developers the opportunity to break new ground.

What can blockchain do for the gambling industry?

The gaming industry is always in search of innovation. The concept of fair play, based on transparency and some luck, should be a priority for online casinos when incorporating blockchain technology. The consumer mindset is different from a decade ago when the gaming industry took off and user tastes and preferences became much more complex.

Therefore, blockchain technology represents a natural step in this situation and is more than an overpriced marketing trigger. It creates new value by designing next-generation solutions that are more efficient, reliable and transparent.

Although blockchain is used by several gaming projects, only a few survived and most of them are advertised as bitcoin casinos platforms offering popular games.

However, blockchain technology proves to be a more suitable option for a different type of gaming project which is a large-scale specialized B2B platform aiming to provide gaming operators with an innovative blockchain experience. One such project is SP8DE, which I was launched in 2018. It is a sophisticated blockchain-based decentralized system for interactive online gaming providers. SP8DE co-founder and Visionary Officer Director Evgeny Borchers explains.

The SP8DE protocol is a striking use case that provides real value not only to the gaming industry, but to anyone who needs to generate random numbers reliably and accurately with a "public and indisputable" paper trail that ensures transparency. The numbers cannot be manipulated by anyone and are also easy to implement. The platform is specifically designed to address the challenges that publishers would normally face when integrating new technology with existing technology. Therefore, the SP8DE protocol combines the benefits of off-chain and on-chain RNGs, making it easier to implement for different types of game providers.

Ensuring a new user experience and security using public ledgers could be the answer for game developers to intensify their competition. After all, blockchain seems to be the solution to renew the world of gambling companies and their users.

It is a matter of vision and research for entrepreneurs and projects in the iGambling industry to take full advantage of blockchain technology. It is only a matter of time until smarter ideas emerge and gaming will do justice to blockchain technology.