Most people are now aware of cryptocurrency and the crypto-markets are continuing to grow at an astounding rate, but many are still aware of how the underlying technology blockchain works and how it is affecting our lives on a daily basis.
Fundamentally blockchain technology facilitates cooperation under an open, distributed network on a large scale, as opposed to it being subject to centralised, traditional coordination. Blockchain technology has the capability to change the way money is transferred, resulting in lower costs and even to someone in a remote location, without the need for any third party authorisation. Blockchain is affecting our lives in many ways other than just facilitating easier online payments though.
Government and industries giants have already started work on projects to assess the capabilities of blockchain and how they can incorporate it into every day processes. Blockchain technology is now becoming a part of day to day practises in multinationals and the finance sector is the current because adopter of blockchain.
The social impact of blockchain is already started to be recognised. Currently there are more than 2 billion people worldwide who don’t have a bank account and a shift towards using blockchain and digital currencies will be a positive life changer. Taking it even further it is entirely possible that blockchain technology could serve as a tool to remove the possibility of vote rigging within elections. A decentralised ledger would be able to provide the data needed to record votes anonymously and verify the accuracy and whether or not there had been any outside influence on the vote. People will be able to vote in their own home and intimidation would not be possible.
Blockchains reach could even be as far as to the energy sector. The trading of energy using blockchain could allow consumers to sell excess energy to neighbours, which would take control away from utility companies. This could then result in a range of prices due to supply and demand.
In terms of the use of cryptocurrency with the foundations of blockchain we are seeing more and more industries get involved. One of the main ones currently using this technology is the gambling industry, in particular the online gambling one. Many companies are now working on developing blockchain technologies that will change the online gambling market. One of the most notable movers in the market in this regard is Funfair, a company who are now claiming that they are in the process of revolutionising online casinos.
Funfair offer anyone, anywhere in the world the chance to create a new casino in a matter of minutes, built on blockchain technology to make sure that any transactions are fair, simple and powered by tokens. It is essentially a blockchain casino platform that allows for an entire blockchain based ecosystem of online casinos to work together to create unique content, accept deposits and be able to pay out winnings to customers. It allows a fair casino product to be deployed that is decentralised, fair and secure. The platform is able to block again potential external hacks and minimise the risk of fraud, whilst allowing a new operator or individual to set up an online casino with minimal start-up costs.