The influence of Blockchain Technology on the Casino Industry
Gambling is one of the oldest traditions. In the 21st century, Reputable casinos in the US tried to continue this tradition. Today, with the advancement in technology, the new live casinos allow users to play a wide variety of live casino games and take part in their prize drawings. Online gambling attracts the attention of players as they offer exciting live casino bonuses where the players can claim them with just a click.
What is Blockchain technology?
A blockchain is a growing list of records (blocks) that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data. The entire transaction takes place using cryptocurrency and it allows people to monitor their transactions without being held in a central place (bank).
Blockchain was originally developed for Bitcoin and it allows users to verify their transactions by creating a record that cannot be changed. This type of currency has high anonymity from the government and players prefer it in online casinos.
The development of decentralized applications in the online gambling industry
Online casinos need to show that they can be trusted when it comes to payouts when their customer wins. They tend to make a great deal about their record by storing personal information and keeping them safe from hackers. Players are doubtful of the house ?p=521advantage they enjoy for various games. Because of the international nature of online transactions, it is difficult to prove to the players that the house advantage is the same as shown by the casino. It has therefore been important for popular casinos in the US to develop a method to show their house advantage to players.
Decentralized apps have been developed to tackle this problem. These apps don’t require trust to be placed in a central server that can be manipulated. There is no issue of Bitcoin double-spending as blockchain tracks all the transactions made in cryptocurrency that anyone can see. This public record keeping has helped people to restore trust in Bitcoin and recover from its valuation drop in 2018. Other blockchains are used to track transactions for online casinos that are made in real currencies.The influence of Blockchain Technology on the Casino Industry
The benefits of blockchain technology to players and casinos
Problems in most of the industries are being solved by using blockchain technology. The iGaming industry also has various problems and blockchain has solutions for them. The benefits of using this new technology are:
Openness and reliability
Hackers and online casinos have used some tricks and scams to steal data of customers. This made people worry about losses and kept them away from the gambling industry. Blockchain technology easily changed this and boosted confidence among players to bet with confidence. Its smart contracts verify records on a shared ledger that cannot be manipulated. This approach increases transparency and allows casinos to remain profitable.
Cryptocurrencies are becoming a popular payment system and many online casinos accept these digital currencies as payment. They can improve profit margins since casinos using cryptocurrencies can bypass commissions.
Online casinos need information or documents of players while creating or verifying their accounts and this process is lengthy. Blockchain technology has an anonymity feature’ and it does not require personal information of users during transactions. This feature restricts hackers from accessing the user’s data.
This has enabled the players in online casinos to take control of their own affairs, as this is a platform not managed and owned by one company. The power of this digital ledger belongs to the people using blockchain and there is no interference of any outside organization.
Blockchain gaming future
More and more blockchain-based gambling sites are emerging daily in the US and the youth are attracted towards them because of the transparency they provide. Transactions made with blockchain technology are more transparent, private, safe and secure. Blockchain technology has many possibilities and applications in the gambling industry and this is one reason casinos are embracing the future.
SummaryName: The influence of Blockchain Technology on the Casino Industry
Author: Charles Richter
Published Date: 27/08/2019