Building Trust in a Digital World: The Role of Blockchain


Building Trust in a Digital World: The Role of Blockchain

November 16, 2020

There have only been a few technologies in the past few years that could be called transformative. Just like how we’re using machine learning algorithms to enhance location accuracy and provide dependable geospatial data with a focus on data privacy, a lot of tools and companies today are providing several exceptional services with the help of blockchain tech.

Blockchain has revolutionized the way we look at decentralization and a novel financial system devoid of intermediaries. However, for all the benefits they provide, having trust in a system that goes against the long-standing notions of trust (specifically in finance) is a hard task.

Today, we’re going to analyze how blockchain’s use cases are gaining trust. But before we do that, we need to dive into the usage of the tech.

The Use of Blockchain

Blockchain tech has proliferated a lot. It’s become the cornerstone for a new world order, a new kind of infrastructure. From being embedded in industry-leading decentralized finance and security tools to being used by games and NFTs to add value to people’s lives, it’s one of the most transformative technologies and right there with the VR-AR-Metaverse and AI-ML technologies.

Alongside this, everyone is already aware of the Crypto market, entirely supported and facilitated by the blockchain technology. Upon offering a new layer of digital security and versatility, as well as the connections with the financial world, blockchain keeps expanding into new territories, growing and reaching a greater customer base.

Practical Applications of Blockchain in iGaming

One of the greatest ways this expansion could be highlighted is through the connections with various segments of the iGaming industry. Even outside of the initial things that may come to mind like streaming service payment alternatives or more deposit options, we have the connection with the casinos, and more interesting fields.

Many of these fields have already embedded core blockchain functionality into their systems. Gambling, specifically, has been made more rock-solid in terms of security through blockchain. Blockchain casinos are springing up, and new types of gambling games are offering NFTs are prizes, which are also based on popular, decentralized blockchain ecosystems.

Nowadays, blockchain gambling makes payments smooth, anonymous, and easy. Popular online slots at Cafe Casino integrate crypto-powered payments as an alternative to traditional currencies with the new technology. This lets players conveniently fund their accounts and cash out wins in digital assets, rather than reverting to slow and inconvenient banking methods.

After all, funding your online casino account with crypto is a cinch. Just grab some Bitcoin, Ethereum or whatever digital coin you fancy from your virtual wallet and send it over to the casino’s address. Minutes later, your deposit will show up in your account and you’re ready to spin those slots.

Moreover, blockchain tech also ensures crypto payments are highly secure through encryption. By integrating cryptocurrency options, online slots give players faster, cheaper, and more secure ways to manage their bankroll, which adds to their appeal.

Uses of Blockchain in Gambling: What the Future Holds

In the future, online slots can leverage the blockchain tech and its core principles in a big way. They can not only bolster the security of the platform, but also link various assets such as NFTs to the games, such as by offering collectible rewards.

Slots were already some of the most popular choices for customers all across the globe when it came to casino games, likely due to the relative simplicity of the game, as well as the plethora of themes and collaborations these machines have with other industries or fields. Undoubtedly, the flexibility and versatility of the blockchain will only expand the popularity of the slot machines, all the while making the customer experience better.

For example, you can be sure to suffer a big charge and a slow speed when it comes to checks and bank transfers. But your online slots account can be topped up with the help of cryptocurrencies in a matter of seconds.

At the same time, playing online slots can be more rewarding because crypto platforms can offer better incentives, rewards, bonuses, and VIP programs. Playing an online slot game with blockchain (more specifically, a cryptocurrency) also means that you’re adding to your wealth and creating real value out of your money.

In a matter of seconds, your funds are ready to roll, avoiding the tedious waits that can come with traditional methods. Plus, the beauty of cryptocurrencies lies in their low transaction fees, which means more of your winnings end up in your pocket, free from excessive charges.

But the perks don’t stop there. Blockchain-powered platforms are all about keeping players entertained and generously rewarded. Whether it’s a shower of free spins, cashback incentives, or an exclusive gateway to high-stakes games, blockchain ensures these goodies are distributed with utmost fairness, making your gaming experience all the more exhilarating.

As you rack up cryptocurrencies through your gaming adventures, you’re not just winning; you’re building a digital treasure chest that has the potential to grow in value over time. It’s like hitting the jackpot and then watching it appreciate even further.

Trust vs. Trustlessness

Human civilization has relied on intermediaries like banks and financial institutions for everything—Loans, savings, investments, remittances, and cross-border transactions. There is an inherent need to “trust” these intermediaries so that they will not fail and that your transaction will go through.

The idea behind blockchain is to eliminate this need for trust. Why can’t we use mathematically sound algorithms and computer hardware to do our financial transactions, knowing that all assets are being moved correctly and safely?

There are a lot of examples to illustrate the point:

  • Using a cryptocurrency with a low transaction fee as peer-to-peer money.
  • Using BTC as a store of value for long-term investment purposes.
  • Performing automatic and conditional trades using smart contracts on the Ethereum network.
  • Buying and keeping NFTs to preserve your wealth in an immutable way.

In all these cases, each asset movement and transaction is registered on a public ledger, which is immutable. It cannot be changed or hacked into, except with what we call 51% attacks, which are impractical in the case of larger ecosystems such as BTC, ETH, XRP, SOL, ADA, TRX, DOT, MATIC, LTC, BCH, LINK, AVAX, XLM, XMR, ATOM, ETC, and ALGO.

Even if you have a meme coin with a lot of backers (DOGE or SHIB, for example), a niche cryptocurrency tied to a particular use case (FIL or ICP, for example), a stablecoin (USDT or USDC, for example), or an offshoot (BSV or BTG, for example)—It’s virtually impossible and impractical to try and attack it to create double-spend scenarios (or hacks).

So, in the larger debate of trust vs. trustlessness, isn’t blockchain a superior alternative? For once, you’re not:

  • At the mercy of hackers who can target central servers and databases (which happens often).
  • At the mercy of the intermediary to either approve or reject your transaction (think of cross-border payments).
  • At the whim of payment processors who can charge as per their convenience and desire (think of remittances).

Wrapping Up

Whether it’s the proliferation of the NFT marketplace or the increasing adoption of Bitcoin ATMs—Blockchain technology is all around us. It’s changed the way we look at the world and has transformed many systems we took for granted. Only time will tell what it brings about fundamentally and what kind of impact it has on other systems.

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