Gambling has always been an industry that suffers from trust issues, and with online gambling now exploding in popularity, these problems are becoming even more apparent.
Blockchain technology originally came about as an attempt to solve perceived problems presented by the global banking system, but the technology also offers a unique benefit to online gambling. The incorruptible and trustless nature of blockchain technology makes it the perfect tool for ensuring fairness and transparency in the gambling sector.
Betbox is a new blockchain-based online gambling platform that utilizes the advantages posed by blockchain technology to improve the overall experience for its customers and provide a unique gambling application.
Users can not only bet on a wide variety of pre-listed events, from sports to politics, but can also create their own personalized events, either for public broadcast or just privately amongst friends. The platform is highly customizable and open to interpretation, so users are free to be creative with how they use it – listing anything from small challenges to large professional competitions.
All stakes, wagers and betting information is securely stored on a decentralized ledger, meaning it cannot be changed or edited in any way – not even by the Betbox team itself. Payments are guaranteed and delivered directly to the users own personal decentralized blockchain wallet in the form of cryptocurrency. This can then be used for further bets are converted to traditional currency via an exchange.
Betbox is built upon the Ethereum Virtual Machine, powered by one of the most popular cryptocurrency platforms available. Operating out of Switzerland, a country that has become synonymous with blockchain technology, the Betbox platform is entirely legal and highly secure.
Mark is a freelance writer specializing in fintech, cryptocurrencies and gambling news. He writes for various publications on a wide range of finance and technology related topics and spends his free time traveling the world.