Blockchain Influencing Change in European Businesses

Blockchain Technology

Online casino platforms solve one of the biggest issues when it comes to gambling, that is the necessity of travelling to the location of where a casino establishment is located. Players have access to all of their favourite games from their own home and also access to a large portfolio of gaming experiences. At their most basic level, casinos have not made many changes since they have been made available online. The major changes that we have seen are the continued legalization of online gambling in more countries around the world and most of the changes that have been made over the years have been security-centred so that layers have less to worry about when accessing these websites as well as optimizing them for mobile users so that they can play on a large number of different mobile devices with different specs.

In 2019, Italy has adopted blockchain and will not only serve to enhance e-governmental services but also to reduce many of the administrative burdens. The decision for Italy to adopt this new technology comes from its participation in a joint initiative in which many European countries participated. Statistics have shown that the northern part of Italy has the most prevalent adoption of blockchain with more companies accepting the use of bitcoin. Northern Italy is the country’s economic powerhouse. After Italy joined the European blockchain partnership, the country has enacted a set of rules that will help establish the validity and enforceability of distributed ledger technologies and has resulted in Italy being the first country to enact such rules.

Adoption in Italy 

Innovation and technological advancement is something that Italy has been greatly focusing on recently and also improving and simplifying administration and enterprising operations. 2019 was the year that Italy has legally defined blockchain and smart contracts. A smart contract is a computer program that is operating using distributed register-based technologies. Distributed registry-based technology is a new and important breakthrough technology. It is allowing the usage of data for new purposes as well as implementing new ideas for the current digital economy.

P2P technologies have created new possibilities to conduct business and entrepreneurship. The open-source protocol that is blockchain is decentralized and does not require any centralized server for the data to be verified. Like people in other countries, Italians are not keen to quickly change their habits, especially in the cases of technology and some are very satisfied that their lawmakers are smart enough to see the potential that this technology can bring.

Malta Leading the Pack 

The European blockchain partnership was created in April 2018 with countries like Malta, together with other 21 countries in Europe signing the European Blockchain Partnership Declaration. Malta is a country that has been praised for its commitment to supporting and developing a healthy crypto ecosystem resulting in it becoming the best choice for tech companies to make their way into the cryptocurrency world. 2017 was the first time that Malta revealed its plan to promote blockchain and it was known as the Malta Blockchain Strategy, making it one of the first countries in the world to fully embrace blockchain technology. The news was revealed by the former prime minister of Malta, Joseph Muscat. He has stated that besides Bitcoin, the technology will also be implemented at a national level. Malta is now known as the country that wants to create a crypto-friendly environment for businesses. The government and local regulators have adopted a collaborative approach in the cryptocurrency sphere.

One of the fields that will benefit a great deal from this is online gambling sites. Many online casinos have been steadily adopting blockchain technology, and it is only a matter of time until it becomes the major way in how people participate in online gambling experiences. Some websites like the online casino Starvegas, have yet to implement blockchain and cryptocurrencies and the same goes for the majority of online casino platforms. Starvegas has recently made headlines in Switzerland as one of the top online gambling destinations. The underlying technology of blockchain has been fairly well received in Switzerland and may only be a matter of time until legalized online gambling websites as well as businesses in other fields start to make use of cryptocurrency.