By
Taxscan Team - On December 18, 2020 4:31 pm
It has been interesting to see the way in which cryptocurrencies and blockchain have grown and become more and more popular over the last few years. The two related technological innovations are slowly becoming part of mainstream conversations, but there are still many who do not know about them, or, have only heard of it without knowing how they work and why they could be the future of finance and financial markets. At the same time, it is also important for developers to keep working on ways to improve them, and look for new ways in which they can be utilised. This is especially true for blockchain, which has many potential uses outside of cryptocurrencies and arguably has much more potential than crypto to truly transform various sectors and industries. For example, the online casino industry has seen adoption of both cryptocurrencies and blockchain taking place at a large scale. This year more operators have launched new platforms by its nature casino bitcoin online, where customers can use cryptocurrencies to make payments and receive winnings and withdrawal. Most of these online casinos are also using blockchain to process their transactions, as well as store customers’ financial and personal data. The use of blockchain means that transactions are secure and safe from potential fraud, while data storage is also safe for similar reasons. This has made such online casinos quite popular, and show just one way in which blockchain technology can be used to make everyday transactions much easier and safer. Therefore, it is interesting and encouraging that the Singapore government is funding research in blockchain through a new innovation program.