Have you heard of Blockchain Technology? If you are regularly updated about cryptocurrencies then you would know about blockchain technology too. Blockchain technology is a decentralized digital public ledger. When a transaction takes place, a block is added to it, no central authority such as banks can control or monitor these transactions.
This technology was developed for cryptocurrencies such as Bitcoin. Anybody can verify the transactions in this public ledger, but nobody can alter, copy or delete them. You could say blockchain technology has brought independence and anonymity to these currencies. But how can this technology take the gambling industry to the next level? If you’re curious then stick till the end.
Initially many thought Blockchain Technology can only be used for digital currencies, but recently many other uses have been found of this technology. If properly used it can bring positive changes in many industries, gambling is one such industry. Many platforms are allowing gamblers to invest digital currencies. Even in sports betting cryptocurrency are used. Cool right? The gambling industry has undergone many changes over the past decade. Online casino games have gained popularity and people are showing a lot of interest in these games as they could enjoy casino games and earn money right from their home.
Here are few changes blockchain can bring to the gambling industry
In future gambling industry can feature cryptocurrencies too. Like every other industry, the gambling industry also has its issues and shortcomings with blockchain technology the situation can be saved.
Reliability
Many had a hard time trusting online casinos because of the frauds and scams. Some online casinos have stolen money from customers with their tricks. In such situations, it has become really hard for customers to trust and many have kept their distance from the industry. This situation can be changed with Blockchain. It provides transparency since anybody can view the transactions there are few chances of committing fraud.
All of your transactions are recorded in a public ledger. This will definitely create a strong incentive to behave honestly in online casinos. They can integrate blockchain technology into their system or operate in a public blockchain to ensure transparency to their customers. Using such methods will create trust between casinos and customers. More people will take interest in online casinos when scams and frauds are reduced. Your customers will also have a peace-of-mind knowing they are playing with a genuine casino.
Anonymity
Blockchain is impressive as it provides both transparency and anonymity. It gives you an option whether to record your personal details such as name, bank details and address on the ledger. Your transactions are linked to a digital wallet if you want to prove that a particular transaction is performed by you.
When you want to prove that a particular transaction is yours all you have to do is show them is linked to your digital wallet. This way you can prove your ownership of a transaction without revealing your personal details. In case of any scam, it even helps you in tracing the owner of a transaction.
Speed & Payments
Transactions in the blockchain don’t need authorization from a third party such as a bank. When a central authority is involved transfers take a lot of time and are quite expensive. Whereas with blockchain, transactions are cleared within no time, so the transaction fees are also cheap. It can transfer funds to any part of the world without any transaction fees.
With blockchain technology, things will change in the online gambling industry as there will be no waiting for days for withdrawals or deposits to go through and no more transaction fees. You can simply transfer your bitcoins to your digital wallet and pay for your deposits. Your winnings can also easily be transferred from online casino to your digital wallet.
Security
Using digital currencies to gamble will keep your personal and banking details safe and away from hackers. With cryptocurrencies, you can send money to multiple websites without giving away your banking details. This way complete security is assured to both your personal details and funds. All you need is your digital wallet and you can send funds from anywhere at any time.
Decentralization
Introducing blockchain into the gambling industry will turn out to be positive and beneficial to casinos. Many will start taking an interest in the casino as it will be using a decentralized system not controlled by any central authority. It provides complete transparency to both casinos and customers. And enhances the gambling and betting experience to customers. They can even view and understand the process better and form a relationship of trust with casinos.
Final Thoughts
Blockchain technology is a new concept for the gambling industry. But its introduction can offer new solutions that can enhance the gambling experience to customers. With every new technology comes new rules and blockchain will make monitoring, recording and auditing every part of the supply chain easy. Now players can play without worrying about security and enjoy the game. Players can easily add transactions in the blockchain and now they need not even worry about the transaction fees and frauds. When casinos integrate blockchain technology, it makes payouts and deposits easy and fast.
