Blockchain is Transforming the Online Gambling Industry
By Space Coast Daily // September 4, 2020
blockchain is the underpinning technology behind cryptocurrencies like bitcoin
Online gambling is among the fastest-growing markets globally, particularly now that a growing fraction of the world’s population can access the internet via mobile devices.
At the same time, the online casino industry is divisive. Those who defend it argue that legal gambling promotes international trade and generates revenue for the economy.
The advent of the internet and technological advancements was a game-changer for the gambling industry. Some of the top concepts that revolutionized the casino industry include virtual reality and artificial intelligence. The uudet kasinot 2020 seem to be very different from the casinos that were available five years ago.
Blockchain technology is also making its way into the online gambling industry and, for a good reason, a higher transparency level. Instead of transactions taking place in a black box, nearly all gaming transactions, such as losses, wins, and payouts, can be accurately recorded on the blockchain ledger. That means games can be configured to be fair.
Other benefits of blockchain tech in the online gambling industry include;
In the past, getting payments from online gambling proved to be quite a headache as players had to wait for several days for their profits to be processed through different methods such as bank transfers. Blockchain technology appears to have given gamblers a breath of fresh air as cryptocurrencies offer a reliable and convenient payment option. Bank transfers are somewhat time-consuming and expensive because processing fees are inevitable.
Anonymity is guaranteed
Nearly all cryptocurrencies are cryptographically encrypted using safer blockchain networks. That means they cannot be copied because all stakeholders must first verify all transactions.
Additionally, crypto wallets are confidential, and the owners know their details. Payment anonymity is another aspect that makes blockchain and cryptocurrency endeared to online gamblers. These technologies are also eradicating the challenges associated with restrictions made to specific regions and limited stakes.
Low operation costs
Most traditional gambling areas around the world I’ve closed due to the stiff competition from online gambling platforms. This has been made possible by technological advancements such as blockchain, cryptocurrency, and more. Blockchain and cryptos have enabled online casinos to reduce their operational costs significantly.
On the flip side…
Blockchain is associated with a number of downsides to the players too. For instance, cryptocurrencies are not currently a widely accepted means of payment on most online casinos. Thus, it is less popular compared to other payment options. There’s also the fear of cryptocurrencies such as Bitcoin plummeting in value. This could mean significant losses to the casino.
You are probably wondering whether or not blockchain will offer the right answer to the issues that online casinos and players face. It certainly seems to address a larger number of these challenges. The centralized nature of blockchain and the fact that a single entity does not control it ensures that data cannot be altered.
Besides, this tech allows users to verify transactions or trades. This protects them from online fraud and prevents manipulation of data in the blockchain.