The rapid growth of online services and especially innovations in internet technologies lead to the possibility of creating and using more different tools. Various systems, programs and applications are constantly updated and new ones are created on a daily basis. Tendencies are always directed toward finding solutions for better communication and easier access to information. There have been many innovations concerning the safety of online payments, money transactions or personal data verification. As online technologies grow, people and businesses are able to easily transfer information and to speed up the execution of the processes.

Blockchain is a relatively new technology. The first steps of creating a similar system date back to 1991 and 1992, when the attempt of creating a secured network was described as possible. But it was not until 2008 when the first cryptographic system appeared in the network. The creator (or the creators) of this technology is unknown. The person (or supposedly the group of people) that stand behind the project uses the pseudonym Satoshi Nakamoto. But this is not the most intriguing part. What is most interesting is the technology itself and the possibilities that it can give to us.

How Does Blockchain Work?

Briefly, it represents connected blocks of records. They are cryptographically linked and their formation consists of one major chain of blocks which is the longest one, plus the so-called ‘’orphan’’ blocks that are outside the main formations but still stay linked to the main chain. Every single block includes the cryptographic hash of the previous block that is linked to it. In addition, special algorithms are being used to ensure that the hash-based history is secured. The network can also generate new blocks every time. Once the block is created, the data that it contains is verifiable. The time for the creation of a new block can be determined. The block time is mainly the time of a certain currency transaction. The shorter the block time, the faster the transaction made. In some cases, block time is set between 12 and 15 seconds, or it can vary between 5 or 10 minutes. One of the core aspects of blockchain technology is that the information and data are not centralized, thus eliminating a number of risks that can appear subsequently. This makes the system not so vulnerable to cracks and hacks. All these things are a short description of its functionality and its main capabilities. It would take us too much time to make a very detailed explanation. But its fast-growing usage and even necessity, we might say, comes from the fact that it is also designed to enable the secure and fast use of cryptocurrencies.

Blockchain Technology Throughout the Bussiness

The blockchain technology gave the start of using the cryptocurrencies worldwide. Using it as a real payment method by customers, forced many businesses to incorporate technologies that allow their clients to use the new currencies to purchase items online, to exchange one cryptocurrency to another. Bitcoin ATM’s were installed on many central city places, where you can exchange your virtual money and put cash in your pocket. Most of the POS terminals in the big retailers now can use this modern currency too.

Blockchain Technology in Gambling

Its application spreads even in the gambling industry. We all know that nowadays online casinos and sport betting platforms have gain extreme popularity. The possibility to use cryptocurrency is attracting many players too. And they have this chance, as now many online platforms introduce to players specially modified bonuses and promotions. And naturally, available payment methods are extended with the option to make transactions with Bitcoin.What Is more, there are even new Bitcoin games available – from the widely famous online slots to online lotteries and sports bettings. There are casinos which are built to operate solely with this currency. This means that it is the only payment method available and all casino offers and promotions are exclusively modified to attract players who are using this type of cryptocurrency. Some business models incorporate new technologies that offer integral services. Each business tries to attract clients and to satisfy customers with fast payment solutions and secure transactions. Some users even have the possibility to personalize the platforms which they use to purchase items. Thus, the growing interest and the wide implementation of the blockchain technology forced many companies in the gambling industry to modify their business model. Now many of them have implemented the usage of the cryptocurrencies while trying to attract more clients and to be one step ahead of their competitors. While trying to adjust to the future market trends, some companies have even started offering entirely new services that are not typical for them, with the only hope to be up-to-date with modern tendencies. The gambling market nowadays uses the latest innovations of online technologies and to date, it is extremely globalized. And this fact lays a very favourable background for blockchain technology to stand out imposing fast money transactions, secure payments and decentralized system with easy and secure account verifications. The much lower fees and unlimited daily transactions are one of the biggest advantages of using cryptocurrencies.

Bitcoin is a type of decentralized cryptocurrency that can be sent directly from user to user, without the need for any intermediaries. Its occurrence dates back to the invention of blockchain technology itself. Transactions are cryptographically verified. In 2009 the first block of the chain was created. The abbreviation of the Bitcoin is BTC and its symbol is ₿. With the rapidly growing popularity, many people around the world got interested in it and got ‘’infected’’ with the idea of the ‘’Bitcoin mining’’. You just have to install the relevant software and then you can start earning it on the network. Its value often varies. Currently, 1 Bitcoin equals to approximately $233, while some time ago it was equal to $1200. The platform allows people to buy and sell and many people are waiting for the right moment to get profitable. Making fast and safe payments worldwide with much lower transaction fees is now possible. The risks of any kind of frauds are also much lower. In gambling, cryptocurrencies have settled strong tendencies. The popularity of Bitcoin casinos grows because of the fact that in most cases there are no transaction fees when using this type of currency. In addition, anonymity remains the biggest advantage. Moreover, strict and thorough account verifications are not required in such casinos. Transactions are entirely digital and there is no need of age verification, address check or any other personal data verification. Due to this fact, many experts are concerned about the legal aspects of Bitcoin casinos operation, as it would be more difficult further regulations to be applied.

Final Words

In conclusion, we might say that blockchain technology is very interesting and innovative and that its application will inevitably increase. Not only does it incorporate new strategical functionalities but also determines the aspect of online usability in modern society. There are many business spheres where it has gained extreme popularity – from online trading, retail services or online payments. Each type of business alters its offers and promotes services where clients can benefit from the fast and direct uncentralized system of the cryptocurrency. One of the core values of blockchain technology is the system that eliminates the intermediator influence. Many experts doubt in this new system, claiming that it is fraudful due to its decentralized nature, while others think that is will build future tendencies and many marketing and business strategies will be designed to use this platform. There have been also many discussions on how additional regulations should be applied and how this can affect the markets that are using this technology. In the end, despite all the discussions and predictions, time will tell us which technologies will last and which business practices will be determined as good or bad. Each new technology is being created because of the market needs and the necessity of better ‘’communication’’ between client and business. History of money dates long, long time ago. Since then, whether directly or not, money has always determined the course of future events in most of the historical aspects. Now we might say that blockchain technology and cryptocurrency bear e new era in monetary history that will inevitably have an impact over future society.