The European Union Commission has announced that it intends to support the development of Blockchain projects, particularly as more and more start-up businesses, banks and regulators continue to delve deeper into the possibilities that the technology offers.
Blockchain is a digital system that records data, most commonly used as a ledger in order to record and verify transactions and contracts. It is the system that underpins every Bitcoin transaction.
According to a statement released by vice president of the EU Commission, Andrus Ansip, the Commission is actively monitoring a number of Blockchain developments.
“Distributed ledger technology’s (DLT) almost limitless list of potential use cases makes it both very promising and challenging. Beyond financial services applications, which are being explored by banks and financial institutions, many other sectors are piloting with the technology.”
Blockchain projects, particularly innovative payment systems such as Bitcoin, have the potential to reshape the traditional business architecture of payment. Although only a few industries have started to implement Bitcoin transactions, the future looks bright in light of the EU Commission’s statement of intent.
With this in mind, let’s take a closer look at two industries that are already setting a precedent by putting Bitcoin to use.
Bitcoin has already started to appear as a viable form of payment in many online casinos and poker rooms. Not only do sites such as BitCasino give players the option to play on a Bitcoin online casino with real money, they also are continually updating their services with an ever-increasing range of games – from blackjack to baccarat, roulette to 3D video slots.
The brand offers the services of a leading online casino but has opted to use Bitcoin exclusively, explaining the benefits to the player: increased security of transactions and minimised risk of stolen personal information compared to sites where you need to input your full personal details. Moreover, they stress that because every player, regardless of their local currency, is wagering and winning Bitcoins, there’s no need to keep an eye on currency exchange rates and the playing field is level for everyone. With more than 220 different games currently listed on the site, there’s a wide range of options available for online gamer who wishes to deposit, play and withdraw Bitcoins instead of a more traditional currency. We expect to see many more iGaming operators following suit over the next few years.
Online Retail and Distribution
You might be surprised to hear that Bitcoin payments are already being adopted by a number of major online retailers. In fact, since 2009, when it was launched, the currency has seen a fairly rapid rise to prominence and legitimacy across a variety of industries.
Gaming retailers like Steam and Microsoft have begun to offer Bitcoin as one of their main payment methods, not to mention travel booking giants Expedia who now give customers the opportunity to book a hotel using their Bitcoin wallet. It’s genuinely exciting to see some big household names looking to adopt alternative forms of payments, which suggests that the concept of digital currency is more than just a flash in the pan.
An Eye To The Future
Although still very much in its infancy, the signs are promising for Blockchain and Bitcoin, particularly when you consider that the European Union has now committed to supporting more projects in the immediate future.
And while these forms of digital currency still have a relatively long way to go before they assimilate completely into everyday society, the prospect offered by this technology seems to be gaining traction with more legitimate organisations than ever before.