Seasons come and go, political parties swap places and now and again, a technological breakthrough changes how we see the world we live in. The world stands on the brink of a technological revolution that will fundamentally change the way we live, work, and relate to one another. The Fourth Industrial Revolution is building on the Third, the digital revolution that started in the middle of the last century and to a large degree is set to be characterized by decentralisation. The power of blockchain has already proved its worth in a number of industries and despite the initial scepticism, it only continues to build on the adoption rate. From fintech to biotech, the technology has revolutionised the industry it laid eyes on.
Just like anything else, the gambling and betting industry underwent periods of transition, some were good and some were not so good. The “mob” image from the 1920s until the 1970s was particularly difficult to shake off. However, once the casino industry was able to be perceived as the “big business”, the honesty issue nearly all but disappeared. It was even seen that casino operators no longer needed to cheat and were able to make a huge amount by operating in an honest and ethical manner.
More recently, by going “online”, the operators were able to tap into geographical regions that were previously inaccessible and also create new games and tournaments. Now, one can bet on casino games, sport matches, online tournaments, next President and so on. The key principles that have stayed true and the belief that you have a chance for victory and that you can safely take your winnings home.
And so the perception was that the industry is now “clean”…
However, a number of the “online” operators faced exactly these types of scandals, where the gambling companies were either refusing to pay up or prevented players from collecting their winnings. The image the industry tried so hard to repair once again came into question and it became very clear that even the openness of the internet was not enough to discourage gambling companies from cutting corners and breaking the rules.
The introduction of blockchain technology and smart contracts into gambling industry will forever remove even a slight possibility that your winnings will somehow disappear into thin air and tools such as Provably fair will allow casino bettors and lottery players to verify each roll result and make sure one is not being cheated.
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Link to whitepaper : https://sp8de.com/sp8de_white_paper.pdf