In a world where the threat of hacking is more real and more dangerous than ever before, and with banks increasingly looking for ways to make transactions faster whilst cutting out middlemen, it is perhaps a little odd that the solution in part could be related to a currency that banks used to have little time for: Bitcoin.
Indeed, it wasn't that long ago that, despite the UK government having a pro-blockchain position, Forbes reported that some commercial banks in the UK were intentionally putting Bitcoin exchanges out of business. This hasn’t been reported in Ireland, but the fact that the banks are now working on their own blockchain technology shows that in some parts of the world at least, there is still a lack of trust and a lack of respect for a currency that has historically been viewed with suspicion.
Backing the Digital Gold
This attitude hasn't completely gone away, but this pioneering cryptocurrency has proved itself to be resilient. It has even been labelled “digital gold” due to the manner in which it has stood up to market pressures, coming through them far better than some traditional currencies and investments have, and highlighting how cryptocurrencies (of which it was the first ) could well be the future of trading, both online and offline.
With the likes of Expedia letting you book holidays with bitcoins, the first bitcoin ATMs cropping up, and the currency allowing for greater security when making online transactions due to the continued security of bitcoin wallets, it seems clear that Bitcoin is a revolutionary concept.
Reinventing the Way We Transact
All of this proves that Bitcoin is no fad. Indeed, the use of blockchain transactions has been so successful that even companies like Deloitte have looked at creating their own blockchain technology, setting up a new lab in Dublin to do just this. However, it hasn't highlighted precisely why they have the potential to revolutionize business. For this, we need to look at a case study: the success of Bitcoin gambling.
With fast, secure transactions and a lower cost involved in making these transactions, blockchain ledgers have helped to cement bitcoins as a secure and quick way to do business and in the world of bitcoin gambling, online casinos have reaped the rewards. They have managed to use lower transaction fees to help reduce their operating costs, earning an advantage over their rivals in the process as they can offer better odds and better prizes, as well as a currency payout that can lead to many times more earnings over a period of time than current interest rates offer savers!
The likes of the Bank of Ireland are also working on blockchain projects in Dublin, so there’s no debate that this technology is going to be a game-changer in the way transactions occur. The only question is whether blockchain technology will help to drive forward Bitcoin, or be used to make other transaction types more secure.