The online betting industry is continuously tapping on the new technologies and innovations to create and deliver unique experiences for the punters. All bookmakers around the world and of course the best UK bookmakers on Allbets.TV, are leveraging new, creative and innovative systems and processes, which are deemed to improve both their operational efficiency and their ability to drive customer satisfaction.
If you are tech-savvy, then it is more than certain that you already know about the ‘it’ thing in online sports betting – blockchain technology. But even if you are not so into technology, then you might have come across the term ‘blockchain technology’ as it is beginning to spread all around the world of the internet. In fact, blockchain technology is already making its way into the online sports betting industry as well and it is anticipated to radically transform and revolutionize how betting will function in the very near future.
What is blockchain technology?
But first things first – what is blockchain technology in few, simple and comprehensive words? Blockchain technology is fundamentally a decentralized database that collects and stores information on blocks, which are then tied together in a chain. Although it is considered to be a form of database, it is nothing like the traditional database that you might have in mind.
Blockchain technology stores, structures and transfers data in a vastly different way. There is a chain of blocks, which keeps information on transactions in a time-based manner – that is data is stored into a block and once this block is full, then new data goes into a new block that is set right next to the previous one, creating an entire chain. These blockchains are stored into nodes that are distributed into many different computers forming a whole network, instead of being centrally stored in a server as in the case of the traditional databases.
Transparency and decentralization
What really makes the difference with blockchain technology is that it ensures transparency and decentralization, which can’t be guaranteed with traditional databases.
When transactional data is being stored into blocks, they become readily available to anyone who is involved, meaning that it can be accessed and viewed at any point and at any time. Because blockchains’ storage is distributed, it is impossible for someone to change any data, modify information, perform any illicit action or even delete it. So, it is a perfectly immutable system.
More to this, given that storage is distributed and there is no single authority or server to maintain the ownership or control of the data, blockchain technology is decentralized and this means that there is no need for third-party authorization or any other involvement in any transaction.
Blockchain technology and sports betting
What’s in blockchain technology for the online sports betting industry? Well, it is already diffusing in the world of online gambling and it is expected to produce massive changes in the forthcoming years.
With blockchain technology a decentralized betting environment is made possible. In such an environment, punters get to place their bets in a totally new way as they can exclude traditional online bookmakers, creating a platform that is shared, that is based on open-approach and more importantly that is equally ‘developed’ by all. In simple words, with blockchain technology, the power goes back in the hands of the punters as it is largely removed from the hands of typical shareholders and executives that are currently controlling online sportsbooks.
Another breakthrough change propelled by the diffusion of blockchain technology in sports betting is the punters’ anonymity and privacy. Bettors will no longer need to provide their personal data and confidential information on bookmakers just to place their bets or make deposits and withdraw profits. All transaction data logged into the blocks are anonymous and so there is no requirement to enter personal information, wait for authentication and verification when subscribing, depositing or withdrawing funds and even wait for authorization when payment transfers are implemented.
The online sports betting industry is not going to leave untapped the enormous benefits and unparalleled opportunities that are offered by blockchain technology. Just note that blockchain technology is here to stay and is going to change and radically transform how betting is going to work in the not-so-far future.