With cryptocurrency, traditional financial models have been targeted for decentralisation.
Dubai has indicated that they are going to migrate their entire government to the blockchain -
https://www.forbes.com/sites/suparnadutt/2017/12/18/dubai-sets-sights-on-becoming-the-worlds-first-blockchain-powered-government/#70cc04bd454bAnother industry set to receive a massive disruption from blockchain is online gaming. Through provably fair betting, the blockchain will completely remove the bookmaker from the equation, establishing a ‘trustless’ system in which a smart contract will execute the terms of the bet following verification from the blockchain.
$3 trillion is believed to flow through regulated and unregulated betting markets annually! Online gambling revenues will account for over $56 billion this year, all via platforms in which bettors have no visibility over the flow of the transaction with their vendor.
In a few short years, it is likely that every online gaming site will be expected to post a ‘real-time’ ledger of the entirety of transactions within their gaming ecosystem. As the technology evolves it could even be expected that it become a mandatory requirement from regulatory authorities.
The PlayChip is one such project paving the way to provably fair gaming. The PlayChip aims to become the universal gaming token, and will be the exclusive online cryptocurrency of an existing gaming ecosystem that includes sports betting, casino games, fantasy sports and eSports in one of the most diverse set of gaming platforms the world has seen.
The PlayChip will have an internal network called the PlayChain which will post real-time updates of every transaction that occurs within the ecosystem, viewable by every user of the platform. These transactions will then be periodically posted to the Ethereum blockchain throughout the day, viewable to anybody around the world.
This level of transparency is unheard of in online gaming, where bookmakers are generally loathe to reveal the inner workings of their operations. But for the PlayChip, it is merely a natural evolution for an industry that has long been crying out for one.
I know gaming and gambling is not everybody's cup of tea, but it's been a part of our culture for millennia and won't be going anywhere in a hurry.
What are your thoughts? Will blockchain help make gambling more transparent? Will it help open up the market and allow P2P models to continue?
