Will blockchain technology put an end to online gambling addiction?

Published by CasinoTopsOnline on January 23, 2018 in Industry News

Cryptocurrency NewsThe internet is an ever-growing beast that evolves and transforms on a daily basis. When considering the start of the internet era, it was an entirely different place to what we see today.

Moving from a place of learning and social connection to an ecosystem filled with business and pleasure, the internet has morphed into a place where anything can happen to anyone.

One of the most mind-blowing, and confusing to many, evolutions to sprout from the internet is that of blockchain technology. Often seen in conjunction with Bitcoin, a virtual online currency that is not connected to any one bank or government, blockchain is a tech that is highly underappreciated.

Currently, blockchain technology is thought of by the majority of users to have only one function – managing Bitcoin (and other emerging cryptocurrencies). While this is a lucrative use of blockchain and the Bitcoin business is booming, blockchain can do so much more.

Utilising Blockchain Technology

One particular company that makes its bread and butter by utilising online technology is Overstock. As one of the very first retailers to accept Bitcoin in 2014, they were hailed as mad men who would surely regret their decision. Now, almost 4 years later, Bitcoin makes up 0.25% of their sales.

In fact, Overstock has seen the true value of not only Bitcoin, but of blockchain and they could soon be making a few interesting changes. The company is potentially looking to sell their retail business and completely focus on the many different blockchain applications while it still has the potential to grow.

Blockchain Applications

Currently, Overstock is investing in 10 other blockchain companies including tZero, Bitt, Peernova, SettleMint, Speed Route, Factom, Ripio, Fusion IQ, Identity Mind Global, Blue Ocean, Spera, and Symbiont.

Each of these companies uses blockchain technology to achieve different outcomes. There are those looking to eliminate third party stock exchanges and others seeking to end the need for clearinghouses to verify financial transactions.

One particular company, namely Identity Mind Global, has a particular use for blockchain technology that could change the playing field for the online gambling industry.

To put it simply, Identity Mind Global harnesses the power of blockchain technology and the vast amount of information it collects, to place digital identities into different categories. One use of this technology is to separate those looking to steal and scam users out of their hard-earned cash from those who are simply using the internet for their everyday needs.

Another amazing use that could be utilised is the ability to analyse the data of online casino users and easily see those with a potential gambling problem. For many online casinos, responsible gambling is a top priority and by working in conjunction with blockchain technology, many users could be saved from themselves before it's too late.

Whether or not this technology will make its way into online casinos and the iGaming industry in general will remain to be seen. But one thing is for certain, if that day comes, it could make the world of difference to those suffering with online gambling addiction.