Use of blockchain technology and cryptocurrencies have gained popularity in Thailand, one of the first countries in Southeast Asia to enact cryptocurrency laws. Putting in place regulatory guidelines has made it possible for Thailand’s many industries to attract cryptocurrency investors. In a country that prohibits gambling activities, the adoption of blockchain technology has somehow helped the country’s underground gambling industry to thrive.
Thailand’s cryptocurrency legislations, regulate the introduction of a digital asset that can be used as mode of payment in crypto-related businesses.The regulatory laws on cryptocurrencies also focus on measures that aim to enhance the security of cryptocurrency trading; initially addressing fraudulent investment schemes and manipulation of prices in asset exchanges.
The laws have since evolved to include the Initial Coin Offerings (ICO) of those looking to raise money by offering new digital coins, applications and exchange services by way of blockchain technology, usually as payment for a specific type of commodity or service.
Those who would be interested to invest in the new cryptocurrency are consumers who find it useful in acquiring the products and services that utilize digital coin. All transactions will then be recorded, processed and completed by way of blockchain technology, which eliminates the need to pay traditional service fees charged by banks and other financial service institutions.
Overview of How Blockchain Technology Operates as Platform for Digital Transactions
A blockchain is a form of ledger for digital transactions, which are recorded in block formats; creating a chronological chain of encrypted, time-stamped information pertaining to the distribution of the digital coin among its network of users. Every block added to the blockchain ledger is transparent, permanent and cannot be changed. No one among the network of users can have control of the blockchain ledger, while all network users can view the ledger transactions.
All aspects of the transactions recorded are encrypted, from the identity of the product or service supplier and purchaser, to the quality, the price and other specific elements agreed to by the transacting parties; whilst indicating the time and location of when and where the transaction transpired.
A supplementary documentation called “smart contract” may be executed to trigger automated payment in accordance with the terms and conditions agreed to by the contracting parties. The smart contract facilitates the completion of purchase orders and acquisitions in the supply chain, without delay and free of errors.
The design and features of blockchain technology have encouraged many companies in Thailand to adopt the system. It also presents an attractive option to customers who wish to remain anonymous via the security of the encryption method of recording all transactions.
Adoption of Blockchain in Thailand’s Underground Gambling Industry
Actually the use of the blockchain technology has been particularly useful for many operators of gambling establishments. However, many have the misconception that blockchain is synonymous with bitcoin and its significance as a lucrative financial trading option.
Although barriers relating to the widespread adoption of cryptocurrency in gambling activities exist, the blockchain technology has strengthened the security features desired by Thai gambling enthusiasts, especially sports bettors.
While the use of the Virtual Private Network (VPN) technology provides protection against detection for Thai sports bettors who สมัครเว็บบอล (apply for football betting line), the blockchain platform ensures the same protection for all transactions related to the sports betting activities of individual customers.