The blockchain technology that numerous different industries rely on today was outlined for the very first time three decades ago. Back in 1991, Scott Stornetta and Stuart Haber introduced their blockchain technology in an attempt to craft a system in which timestamps remain untampered. However, many of the amazing technologies that blockchain services and products rely on today were available prior to 1991 and of course, before 2008 when the very first fully decentralized currency was born.
One of these earliest technologies is Ralph Merkle’s tree or simply Merkle tree. In his Ph.D. at Stanford University, Ralph Merkle described what will be later called tree authentication. At the time, this was a completely new approach to using digital signatures and public-key distribution. It was not long before Ralph Merkle’s innovation was patented. Today, the Merkle tree is used for verifying large bases of individual records.
In addition to Ralph Merkle, several other experts and scientists have helped with setting the global stage for innovative blockchain technologies and one of these is David Chaum. Back in 1982, David Chaum introduced a completely new system for trusting, maintaining, and establishing computer systems while working on his Ph.D. His system embodied various fundamental elements of modern blockchain technologies. David Chaum, who established the DigiCash company back in 1989, is also credited with introducing digital cash.
Online Casino Industry and Blockchain Technologies
Two years after David Chaum founded his DigiCash company, Scott Stornetta and Stuart Haber published the very first blockchain outline in an article about preserving timestamps of digital documents. In 1992, Stornetta and Haber upgraded their design by relying on Merkle trees. However, it was not until 2008 that blockchain technologies finally got their start thanks to Satoshi Nakamoto and Bitcoin.
Fast forward to 2021, blockchain technologies are used by financial and banking companies, automotive industries, governments, healthcare industries, insurance companies, telecommunication companies, and online casinos among many others. Bitcoin and other cryptocurrencies that rely on blockchain technologies went mainstream in the last several years. Following the latest tech trends, numerous online casinos started to accept and support Bitcoin and other digital currencies including those operating in India.
As of right now, the Indian state of Sikkim is the only area in the country that has a detailed, clear legal framework in place for regulating online casino gambling activities. According to the Sikkim Online Gaming Act from 2008, Indian online casino players can legally engage in online casino gaming activities at various online gambling establishments. The thriving online casino gambling industry in India is home to many online casinos that accept Bitcoin and other digital currencies. As examined by scams.info, the best Bitcoin casinos in India are fully licensed by trusted regulatory bodies, feature impressive gaming libraries, and grant awesome bonuses and promotions.
How Blockchain Technologies are Changing the Online Casino Industry?
Crypto online casino gaming has exploded in the last several years. According to this article by SoftSwiss, crypto online casino gambling saw a major increase last year. In 2020, we have seen more and more online casinos accepting Bitcoin and other digital currencies and more and more players feel comfortable enough to start enjoying crypto gaming sessions. One of the most important questions is how blockchain technologies are changing the iGaming industry.
- Transparency
- Security
- Fast transactions
- Lower commission fees
- More privacy
Transparency
Most standard iGaming venues rely on using Random Number Generators to offer fair gaming results to their players. Sometimes, you cannot be one hundred percent sure that an online casino truly offers fair gaming results. On the other hand, Bitcoin online casinos are always more transparent. In other words, when gaming at a Bitcoin online casino, you have access to all the information regarding the fairness of its games, all money transactions you have made, and everything else that makes an online casino experience transparent and fair. If you can earn enough cryptocurrency to fund your play, this added transparency is just one of many positives about online casinos that rely on blockchain technologies.
Security
Bitcoin online casinos, as well as all other online casinos that rely on blockchain technologies, guarantee top-notch security. Thanks to blockchain technology, online casino scams are extremely unlikely. When gaming at an online casino that relies on this technology, third parties cannot get access to your financial or any other data, since everything you share is well-protected at all times. Therefore, blockchain is making online casino gaming activities safer and more secure, which it has also done for numerous other industries out there.
Fast Transactions
Standard online casinos support a wide range of payment options including credit and debit cards, e-wallets, bank transfers, and others. However, when you deal with banking institutions, you usually receive your winnings within a couple of business days. On the other hand, when you make deposits and withdrawals with digital currencies, your winnings reach you within twenty-four hours. When gaming at an online casino that relies on blockchain technologies, funding your account and withdrawing your winnings is always hassle-free simply because transactions are processed without common follow-ups that come when dealing with banks.
Lower Commission Fees
Bitcoin and other digital currencies are completely decentralized, so they are not controlled by any government or any banking institution. In other words, when playing at an online casino that supports Bitcoin and other digital currencies, you do not have to worry about commission fees or any extra costs. Commission fees, taxes, and other extra costs usually do not apply and when there are commission fees attached to your withdrawals, they are usually much lower than when requesting a withdrawal using fiat currencies.
More Privacy
The online casino gambling industry is one of the most profitable, fastest-growing industries in the world, but it is not free of fraudsters. Falling victim to fraudsters when gambling at an online casino that relies on blockchain technologies is almost impossible. These online casinos do everything in their power to protect your private data and make sure it stays well-protected and safeguarded at all times. With guaranteed privacy and greater anonymity, you can rest assured that your personal data is always safe.