According to Dr Catherine Mulligan of the Imperial College Centre for Cryptocurrency Research and Engineering in London, blockchain offers enormous promise in many businesses. “We urge corporations to evaluate it – but not necessarily to employ it.”
Blockchain, according to Dr. Mulligan, integrates computer science and economics. It’s a “multidisciplinary issue that touches a wide range of companies,” she says, and she joined the Center in 2013.
Blockchain and Casinos
The rising craze of cryptocurrency gambling shows no signs of slowing down any time soon. Blockchain, a new technology that has the potential to revolutionise several industries, is to blame for this.
As a result of blockchain technology, bitcoin and crypto casinos are pushing the internet to a whole new level.
In fact many casinos are adding crypto as part of their payment scheme in some of their games. Obviously not all casinos offer this sort of payment option but who knows what could happen in the future. A casino that may soon implement suck payment method is 32 Red and who knows maybe they will be adding them in their most popular casino games, such as 32Red online roulette, or online blackjack.
How Blockchain is changing our lives
She encouraged her audience to get their hands on a Bitcoin wallet and put the technology to the test, citing the fact that blockchain has received venture investment capital of more than $1 billion. According to her, “Blockchain technology is a disruptive platform for exchanging assets.” Using it to sell a home removes a need for an estate agent, said the user.
As a result, blockchain’s future development is becoming less dependent on Bitcoin’s sustained success as the first genuinely worldwide, borderless money. By allowing users to construct contracts on the Ethereum public blockchain platform, the Bitcoin idea has already been broadened.
There are those in the financial services industry that have seen the promise of distributed ledger technology right away and have jumped on board. Currently, the Australian Stock Exchange (ASX) is implementing blockchain technology to facilitate trading in the derivatives markets. A few examples of financial-industry-focused permissioned blockchain efforts include:
- It was announced earlier this year that the Bank of England (BoE) will evaluate the implications of public blockchains as part of a coordinated modernization of the UK settlement system.
- R3, a fintech company, is leading a growing group of institutions in studying the capital market applications of distributed ledger technology (DLTs).
- For the development of the Linq blockchain ledger, the NASDAQ stock exchange in the United States was responsible.
- Hyperledger, a cross-industry collaboration started in December and headed by the Linux Foundation to improve blockchain technology, now includes IBM and Intel.
- Blockchain initiatives have been rolled out in Delaware, home to more than 50% of all publicly listed US corporations.
A key feature of blockchain technology is that it enables parties with shared interests to construct a permanent, unchanging, and transferrable transaction. Mulligan said, “Trust is established by not trusting anyone.” It is impossible for a hacker to alter the unchangeable record of every transaction in a distributed ledger, making it impenetrable to tampering and fraud, as well as to censorship.
A “consensus procedure” ensures that all participants agree on the present state of the ledger, prohibiting both double-spending and fraudulent transactions.