The Blockchain technology has found its way into almost every industry. In a few years’ time, we’re going to be feeling its presence like never before.
Interestingly, one of the recent industries that Blockchain has crept into is the gambling industry. The major issue that traditional online casinos have is that information like pay-outs, winnings, and results can be concealed from the public eye. As a result, you can’t be sure if the data is real.
However, with the introduction of the Blockchain technology, the gambling industry now has a solution to these issues. It clearly bumped up the popularity of crypto casinos among the masses since even popular blockchain information portal like ICOPulse.com is writing Bitcoin Casino reviews and providing other relevant information.
Ways the gambling industry is evolving because of the blockchain
Normal casinos have a lot of rules and regulations governing their operations. So, if you want to create an account and become a part of their community, you have to supply a lot of documents.
The entire process takes time, and this is one of the reasons there are limited numbers of players. However, with Blockchain, this can change.
With decentralization being the aim of the Blockchain technology, you don’t need to supply any document or require any verification before joining a gambling site.
Cryptocurrencies as a Payment Method
With Blockchain technology, you can now use cryptocurrencies as an alternative payment method. So, if you don’t have fiat currencies, but you have Bitcoin, Ethereum, or any other cryptocurrency, you can still make bets and get winnings.
Using cryptocurrencies to gamble, you can escape regulatory jurisdictions since you don’t depend on regulated payment services. Plus, when it comes to deposits and withdrawals, you don’t have to pay as many fees as you do with traditional casinos since there are third-parties.
One thing that has pestered the gambling industry is online fraud. There have been instances where some players defrauded gambling sites when making withdrawals or deposits. A worst case scenario is when people are using the servers’ back door to hack into the site’s system.
However, with Blockchain, there’s a secure method of making transactions using a distributed ledger. This way, it becomes challenging to make alterations to the systems. Plus, thanks to smart contracts, you get your winnings transferred to your wallet automatically.
Trust and Transparency
Many times online casinos have been accused of scamming players. You’ve heard of the phrase “The house always wins,” right? Well, this has made a lot of people stay away from gambling because they don’t trust these online casinos. So casinos are losing money because of this.
But thanks to Blockchain, trust can be boosted, and customers can gamble with a higher level of confidence because of the technology’s smart contracts.
The world of Blockchain and cryptocurrency have revolutionized many industries, and the gambling industry has joined. The revolution has increased trust and reduced fraud in the gambling industry, and we haven’t even seen the half of it yet.