What Promise Does Blockchain Hold For The Near future?

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November 17, 2021
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While it’s certainly becoming more common, blockchain is a relatively new concept for many people outside of the tech sector to get their heads around. The idea of a system that speeds up, secures and anonymises previously problematic processes is often met with interest or indeed confusion. But the truth is that blockchain is an important technological development to think about, as it is likely to affect many areas of our lives in the decades to come. From gambling to cash transfers, blockchain holds tons of promise. This blog post will explain why.

Bank transfers

One of the main ways in which blockchain is already having an impact on the lives of many people across the world is in the field of bank transfers. It’s easier than ever for people in many parts of the world to make cash transfers now thanks to the application of blockchain to the transfer process by many banks and financial institutions.

Companies like Ripple, which operates its own cryptocurrency called XRP, are working to provide the technology to speed this up. It helps financial institutions offering money transfers by bringing down the cost significantly – and also by slashing the amount of time it takes to make a transfer to just a few seconds.

It’s true to say, however, that this isn’t the case in all areas of the blockchain sphere. The truth is that other crypto coins, like Bitcoin, take much longer to process deposits and transfers. In the future, it’s likely that more competitors to Ripple will emerge – and that they will help make the wider blockchain sector more transfer-friendly.

Gambling

Another way in which blockchain is managing to bring about plenty of promise for the future is in the field of gambling. As the reputable slot review website We Rate Slots shows, there are plenty of gambling sites which are now taking blockchain deposits either instead of or as well as cash deposits. This allows customers to enjoy a bit more privacy when placing a bet or two and can also make the deposit process faster as well.

Customers of gambling providers tend to appreciate the privacy point in particular. Not everyone wants those who see their bank statements to know that they’ve been using gambling sites for fun and leisure. And others may be concerned about the risks involved if the gambling site gets hacked. Because the blockchain is decentralised, the customer can share their information through it without having to worry about the prospect of their personal details being associated with the transaction.

In short, the blockchain has already made waves in a range of sectors – and this isn’t likely to change any time soon. From the way in which it is speeding up bank transfers to the privacy it offers customers of gaming companies, blockchain is on almost every horizon as a way of changing how things are done.

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Author: iGaming Team

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