For a number of states where online gambling has been legalized, the sector has always been at the forefront of innovation. With so many developments and innovations being introduced to the industry, the future looks particularly bright especially for states like Pennsylvania where the online gaming industry is set to go live in the near future.
One of the key areas of innovation that has been subject to a lot of hype and almost as much criticism has been the cryptocurrency and blockchain industry. Almost everyone who has been paying even the slightest attention to the internet has heard of bitcoin, the oldest cryptocurrency – a type of decentralized digital currency that eliminated the need for banks and financial institutions as middlemen. For a long time, this was thought to be a mere utopian dream but everything quickly changed when bitcoin and a bunch of other cryptocurrencies begun trading at very high prices. The rush to invest in crypto worked in favor of the entire industry making both blockchain and digital currencies household names.
The greatest benefit of the rapid increase in the value of bitcoin and other cryptocurrencies was the fact that it showed off the potential of blockchain and other crypto products – a number of mainstream institutions and businesses took notice of this and have since been working towards making the most of it all. Today, digital currencies are widely accepted as a method of payment for a wide range of goods and services in parts of the world while blockchain applications are being adopted across multiple industries.
Since Pennsylvania is on the verge of launching its online gaming industry, it is perhaps time for the state’s operators to look deeper into how they can leverage the immense power of cryptocurrencies to not only improve service delivery but also drive innovation in other sectors.
By using blockchain technology on their platforms, the gaming operators will be able to significantly reduce fees related to transaction processing via middlemen and financial institutions. In essence, crypto transactions have extremely little financial overhead costs, especially when compared to regulated service providers.
Furthermore, blockchain technology is also automated which means that it is able to take care of a plethora of routine tasks. In addition to that, there is also the added advantage of top-notch security features and very high accuracy levels. All these are quite idealistic scenarios but they represent the current trajectory of the online gambling scene. As such, if the Keystone State is to kick off its online gambling industry on a high note then perhaps crypto and blockchain should be major considerations.