The fast-moving world of cryptocurrency continues to surprise and delight. But, with innovations arising constantly, it can take time to keep up with the pace. Real Vision CRYPTOVERSE works to help you stay ahead of market swings and ever-evolving innovations. Our team of the industry’s brightest minds sit down for in-depth discussions about everything from blockchain and DeFi to NFTs, Web 3.0, and the Metaverse.
As online betting moves closer to embracing cryptocurrencies, it’s worth watching for new technologies that could make the industry safer and more inclusive. In particular, blockchain is gaining ground in the betting industry, with more bookmakers accepting Bitcoin (read – Betting firms turning to blockchain).
While it may seem a little out there, the link between digital coins and betting is pretty straightforward. Blockchain technology is a database that meticulously tracks every coin transaction, providing transparency and tamper resistance. This enables the transfer of ownership and value through blockchain-based digital tokens.
These tokens can be issued for various assets, from bonds to stocks and even real estate. The underlying technology can reduce costs and settlement times and automate processes through smart contracts. The potential for savings has big investment players circling, with more than a third of institutional investors in the US and two-thirds of high-net-worth investors planning to invest in tokenized assets this year or next, according to two surveys by EY-Parthenon in May.
For instance, Blockchain-based virtual currencies like Ethereum are helping to revolutionize the gaming and entertainment industries. Blockchain is redefining gameplay and creating new revenue streams by enabling gamers to buy and sell virtual goods without a central authority. The technology also provides new opportunities for developers to create and distribute augmented reality and virtual world applications.
A key feature of blockchain is its decentralization. Unlike traditional databases, which are controlled by one central authority, blockchain transactions are validated by a network of computers or devices called nodes that run software to update and verify the data stored on a blockchain. This allows many users to confirm a block’s accuracy collectively and ensures no single point of failure can manipulate information.
Blockchain could also streamline the clearing and settlement process for banks. Traditionally, trading data must be exchanged and reconciled across multiple ledgers, and banks can face delays in the days it takes for funds to clear and settle. By introducing blockchain, this could be cut to minutes or seconds.
Blockchain-based technologies are set to transform more areas of the economy than just finance. For example, the 3D virtual world Metaverse offers its users provable ownership of their ‘virtual spaces,’ or LAND NFTs, represented as ERC-721 tokens on the Ethereum blockchain. Zones determine different stylistic features, content, and curation within the Metaverse to create a unique and immersive experience for its users.
