Gambling Addiction may be avoided by blockchain technology
Internet has changed and transformed every day since its appearance. From one hand it is a place for learning and social connection, from the other hand it serves business and provides different forms of entertainment, too. There is something for everyone.
The blockchain technology that has recently appeared is mind-blowing and confusing at the same time. Many people find a connection with the virtual online currency Bitcoin. The majority of users see a single function of blockchain technology – to serve the cryptocurrency of Bitcoin.
Using Blockchain Technology
Overstock is the first company that uses online technology. These are retailers that accepted Bitcoin in 2014. This was met by huge distrust. Now Bitcoin makes up 0.25% of their sales. The company is planning to focus its business on many different blockchain applications as they have seen their potential to grow.
Overstock has started investing the following companies: tZero, Bitt, Peernova, SettleMint, Speed Route, Factom, Ripio, Fusion IQ, Identity Mind Global, Blue Ocean, Spera, and Symbiont. All these companies use blockchain technology to achieve different outcomes.
One company named Identity Mind Global uses blockchain technology for some particular purposes that could change the playing field for the online gambling industry.
Identity Mind Global uses the power of blockchain technology and the massive amount of collected information, to place digital identities into different categories. There is an application for example that serves to separate those who use internet for everyday needs from the others who want to steal and scam users. Another application is the ability to analyze the data of online casino users and easily see those with a potential gambling problem.
Many online casinos could work with blockchain technology to achieve their target for responsible gambling. In this way many players can be saved from addiction. Life is changing every day with all these technologies and their application in different sector of iGaming industry.