Blockchain is a technology which debunks the theory of centralized governance and it has never been introduced in the betting world before. It is tantamount to appointing a commander to a platoon which has been ruled before. Due to an age long legacy of centralized authority, we have been accustomed even to the frauds and irrationalities of the system.
This system can be changed only through blockchain and Yobit has taken a step towards it. The integration of blockchain in the betting platforms can absolutely make significant changes in the current scenario. Online betting platforms have become a major source for millions of bettors to live their passion and make money through their phone.
But the utopian dream of winning the money without getting cheated was still a far-cry. Since the websites are thoroughly maintained by the owners, total control is still in their hands. To understand how blockchain can break this system, we need to first understand blockchain and its working.
Blockchain is list of records or transactions which is spread through a network. Whenever there is a change recorded in this chain, all the members present in this chain get a copy of it. Due to their high usefulness, private blockchains have now come into existence for commercial use.
Each block connects itself with the earlier one using a cryptographic hash. To record the date and time of the transaction, a timestamp is used in the network. Blockchains act as a distributed ledger, which record transactions between two parties. And they are able to execute this whole process efficiently in a permanent way.
Blockchains are based on peer-to-peer architecture, which means the two parties dealing with each other can make transactions without any intermediary. This optimizes business in various ways, it reduces the transaction fee and it also enhances the speed of transactions. With customized blockchains, it is possible to revolutionize the business in many ways and one such revolution is going to take place in online betting soon.
Online betting has simplified the gambling all over the world. It has made gambling easy for every person through internet. It was only possible through casinos (which are not available everywhere) or illegal gambling hubs which were run by thugs. The advent of online gambling has made it accessible for everyone.
However, it could not get rid of the monopoly of the owners of these websites. The organizers of sports events, gambling platforms still cheat the bettors. Online platforms work the same way the casinos do. There is no difference of working between them. This centralized governance will change once the blockchain is inducted. With a decentralized mechanism, blockchains will reveal each transaction with precise details. Betting and blockchain together can create a fair system which doesn't cut the profit of bettors. It neutralizes the system which works fairly for bettors and organizers both.
Combining these two technologies, Yobit has created a platform which benefits the bettors. Yobit has already launched its ICO on 1st August 2018.