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From Gambling Capital to Blockchain Hub
Known as the East Coast’s beach gambling capital, Atlantic City has long been famous for its beaches, casinos, and iconic Boardwalk. Recently, however, the resort city has begun to gain recognition for its involvement in blockchain technology. This shift was highlighted by the Blockchain World Conference, the largest crypto event ever held in North America, which took place in Atlantic City. The event occupied 50,000 square feet of exhibit space, attracted over 5,000 in-person attendees, and was viewed remotely by approximately 25,000 people. The conference marked a significant moment in the city’s growing association with blockchain technology.
The Potential of Blockchain in the Casino Industry
Atlantic City casinos are increasingly fascinated by blockchain’s potential to revolutionize transaction processing and security by bypassing traditional banking systems. Blockchain’s distributed ledger provides a permanent record of transactions that is extremely difficult for hackers to alter. This feature increases transparency and creates greater trust among users, making it a promising solution for online gambling sites and casino transactions. It also allows gamblers to access and use cryptocurrencies such as Bonk, Bitcoin and Ethereum to place bets.
Casinos are also exploring the development of blockchain-based loyalty programs and the use of smart contracts for hotel reservations and event ticketing. These innovations could dramatically streamline operations and improve the customer experience, showing blockchain’s versatility beyond simple financial transactions.
Broader Corporate Adoption in Atlantic City
In addition to casinos, several Atlantic City businesses are considering integrating blockchain technology into different areas. For example, blockchain can be used to track real estate sales, providing transparency and reducing fraud. Local businesses are considering enabling cryptocurrency payments, giving customers more flexible payment options. The technology is also being scrutinized for its potential to improve cybersecurity for critical infrastructure, providing a stronger defense against cyber threats.
Additionally, blockchain is being explored for its potential to improve energy management. By providing a transparent and immutable record of energy consumption and production, blockchain can help optimize energy use and increase efficiency. These applications demonstrate the broad benefits of blockchain technology across multiple industries.
Innovations in infrastructure and transportation
Atlantic City is also leveraging blockchain to research and develop transportation solutions. With the help of several grants, the city is exploring in-loop infrastructure simulations using digital twins of the Atlantic City Expressways. These digital simulations allow for analysis of traffic patterns and testing of potential solutions, with the goal of improving transportation efficiency and reducing congestion.
Other cities are also finding innovative ways to use blockchain technology. For example, Baltimore is using blockchain to register its housing vacancies, providing a transparent and reliable property registry. In Quincy, Massachusetts, the city issued a $10 million municipal bond using distributed ledger technology (FLT) to raise funds, demonstrating another practical application of blockchain in public finance.
Conclusion
Atlantic City’s journey from gambling capital to potential blockchain hub illustrates the city’s adaptability and forward-thinking approach. The successful hosting of the Blockchain World Conference highlighted the growing interest and investment in blockchain within the city. Casinos and other businesses are exploring applications of the technology, from enhancing transaction security and loyalty programs to improving property monitoring and energy management.
Additionally, the city’s innovative use of blockchain for transportation research underscores its commitment to leveraging cutting-edge technology for practical solutions. As Atlantic City continues to explore and adopt blockchain technology, it is poised to become a significant player in the blockchain space, expanding its reputation beyond its traditional roots in gaming and entertainment. This evolution could pave the way for new opportunities and growth, positioning Atlantic City as a leader in blockchain innovation on the East Coast.