 "How blockchain is decentralizing gambling")
Gambling is a multi-billion dollar industry and was revolutionized by the internet. Now, online gambling accounts for a significant proportion of all betting.
The internet and decentralization changed the face of many industries. The list includes content, publishing, and music. However, gambling was never conclusively disrupted.
While a kid can now launch a TV show in their bedroom and, with a little tech know-how, reach an audience of millions, the same sort of democratization is not true for gambling.
Mostly, the internet just saw the same big gaming players move their infrastructure online.
However, blockchain technology is set to change all that.
Also Read
Reimagining the gambling industry
This was the missing piece that protected the established gambling industry. Without a native currency for the internet, the payment rails offer protection.They are decentralizing the entire structure and are building something truly new.
Bitcoin took out the middle-man for payment across long distances. Now, Ethereum makes it possible to do the same with a whole suite of applications, including gambling.
A Smart Contract is a code that executes autonomously on P2P networks without interference. Because of the way blockchains work, once the code is on the network, it’s enforced by the network’s computing power. No one controls it and no one can take it down. The game owns itself.
Sound bizarre? That’s because it is. Ethereum is a world computer. It’s like a server that no one person or entity own or controls.
Welcome to the future.
VDice is quickly emerging as the industry leader—a Group of software geeks changing the industry on their own terms.
This is an excerpt from Tech in Asia. You can read the full article here
