How Blockchain Technology Will Transform the Online Gambling Industry?
Playing casino games online has become a world phenomenon with over 1.6 billion people gambling at least once a year. Some of the main reasons behind this number are the accessibility of online casinos, increased usage of smartphones and the vast selection of casino games online. In fact, there are more choices for casino players online than in a traditional casino.
Furthermore, in an online casino, you can play most casino games in a free mode like free slots, video poker, craps and roulette among others. This gives you another opportunity to test various games and build your skills before you play for real money.
The blockchain technology, on the other hand, finds different applications in our society such as with digital voting, monitoring supply chains, IoT operating systems, and more. Although the technology is still in its early stages of development, online casinos have always invested in the latest technological innovations. Hence today there are some casinos that gradually have implemented blockchain technology in their operations. In this article, we will provide an overview of the impact of this technology and how it can revolutionize the online gambling industry.
This technology will help the entire industry to stay transparent and secure for everyone. One of the main issues related to online gambling is that some people are still apprehensive when it comes to playing casino games online. Although there are many reputable casino sites, there are still some fraudulent casinos that exploit players. And also there are casino players that open fake accounts use more bonuses and promotions that are designed for new players.
With blockchain, the risks of fraud will be completely reduced to zero as the technology is a distributed ledger, which means that everything that takes part in the network is recorded and can be checked for fraud. Thus, and integration of blockchain technology will means building a completely transparent system.
Fast and Secure Cross- Border Payments
When it comes to cross-border payments, a lot of players feel insecure about their personal and financial data being shared with third parties. Although, when you’re playing on a reputable casino site this isn’t likely to happen to you, with blockchain-based payments everything is decentralized and there are no third parties between the player and the casino. It takes up to 6 seconds for the bank transfer to complete and you’ll instantly be rewarded with your prize.
With blockchain, all records are secured by cryptography and distributed among participants in a ledger. Because technology is decentralized, hackers have no central server to attack or steal data. Otherwise, a hacker will have to alter all earlier transactions in the ledger. This makes blockchain nearly impenetrable. It will also eliminate any errors with real-time tracking of all transactions.
If you don’t want to play casino games in public, online casinos offer a perfect option for you to play anonymously. However, some players don’t want to share their personal and bank details to be able to play. But, when the casino integrates blockchain technology and cryptocurrencies the player can sign up using his email address and an online wallet. No personal data is required for him/her to sign up and play.
We expect that in the future blockchain technology will have a universal application in many fields and in our daily lives. The online casino industry is also no exception as there are many benefits for both the players and the casino. Even today, there are online casinos that are implementing blockchain technology in some way, while there are also online casino sites that also provide payments options with cryptocurrencies.
This is a paid article submitted by a guest author.