Most people like to have a flutter now and again. In fact, for many young people today, it is an enjoyable part of everyday life, particularly when married with sporting passions. It gives you the opportunity to wager on the outcome of specific events that interest you, and test out how good your judgment is. It’s becoming a big part of social life.
The use of Blockchain technology
Blockchain is a new technology that has the potential to redefine the way that people transact with each other in all walks of life. It’s something of a game changer. It was initially created to facilitate the use of crypto-currencies like Bitcoin, but it has been developed in its own right, and social betting is one such development.
Blockchain introduces a new concept into the gambling arena – social betting. Rather than just placing pre-set bets using bookmakers and the odds that they stipulate, blockchain allows players to bet against each other. It’s a great way of building a community of people who like to interact with each other.
A new way of communicating
Blockchain can be utilised to change the way we go about buying and selling; the way we communicate with local authorities and other aspects of government etc. It can also be used to verify the authenticity of things from property deeds to the origin of foodstuffs.
Another critical factor about blockchain is that it brings a whole new dimension of personal security to market regarding the internet and cryptography. So how you may ask does this affect the gaming industry? Well, its all about the use of Smart Contracts.
The use of Smart Contracts
Smart contracts enable users to exchange money (traditional or crypto), property, stocks and shares, indeed anything that has a monetary value, but without having to go through an intermediary. It’s a bit like using a vending machine. Instead of using a lawyers etc. to draw up a contract, you just drop your money into the slot and out comes your contract. The rules are all defined. Not only that, but they are automatically enforced too.
New kids on the block
One of the new kids on the block with regard to blockchain, smart contracts and gambling, is an outfit that goes under the name of Bethereum. Their use of blockchain does away with most of the concerns that many people have about online betting; things like fears about security, lack of transparency, and the speed of pay-outs.
Another platform that is becoming increasingly popular is called Bet You. This website allows you to place bets with your friends about anything.
Social betting is catching on fast
With social betting using Smart Contracts, you pick the subject matter; you set the odds, the amounts, the timescales and who you invite to bet; be it a few selected friends or the entire Bet You community. That’s all there is to it. It’s as simple as sending a text and its catching on fast.