The Blockchain's Role in the Change of Business Standards
The appearance of the blockchain technology and a growing interest in cryptocurrencies have forced businesses to adapt to these modern trends. Not only to just follow the current fads, but also to optimise various business processes with the help of modern technology.
The market for blockchain solutions is expected to reach a capitalisation value of $11.7 billion by 2022 — an increase of 73%.
Industries transformed by the blockchain
Presently, the blockchain technology is being actively implemented in the banking sector for protection against fraud and verification of payments. Experts say that in the future, banks will be able to save up to $20 billion by carrying out transactions on a blockchain as opposed to traditional methods. Government organizations have also taken a keen interest. Many registries and archives are now being being transferred to blockchains. However, this is still quite far from a “crypto-anarchist's paradise” — Government blockchains are centralised since it controls all of its own master nodes. A while ago, global corporations have begun a large-scale “war” over who gets to create the most popular stablecoin: in less than two months after Facebook's announcement of the Libra cryptocurrency, more than five potential competitors have emerged, one of which is the Chinese Government — they've already released the first version of a “tokenized” yuan. One shouldn't forget about online betting either: it used to go hand-in-hand with trickery and fraud when it first started to be digitised back in the late 90's — this has all changed with the arrival of blockchain technology.
The use of this technology in bookmaking first of all ensures user safety and anonymity, as well as facilitating timely payouts and the absence of third party involvement and human error when processing bets. The blockchain technology has been successfully implemented by SportsBet, an international operator. The SportsBet platform is a decentralised betting space that lets its clients place bets on various sporting events using cryptocurrencies. The blockchain's main advantage — transaction speed — means that Betmatch can provide instant payouts to their clients. While a traditional bookmaking organisation is a centralised system that has access to its clients' funds, SportsBet decentralised structure means that their clients are totally protected from financial fraud and other scams. The absence of bank transaction fees could become another advantage of using the blockchain technology for the gambling industry: cryptocurrency transactions are much cheaper than their fiat counterparts. Decentralisation is one of the company's selling points for a reason: there are over a dozen different online betting companies that use blockchains, however, all of them are centralised. SportsBet, on the other hand, operates using the Ethereum blockchain, and their token transactions are compliant with the ERC20 smart contract standard. For their end users, this means that their money is more secure than when using wire transfers.
Why has betting seen the most change?
The betting industry has always had a variety of problems, causing it to be sidelined. However, with the advent of the blockchain and the emergence of new market leaders, the industry has taken a turn towards transparency and honesty in relation to its clients. Other organisations still have a long way to go to catch up with SportsBet, but the process is already under way — blockchains have now become integral to high-quality online betting.