Influence Of Blockchain On The Gambling Industry

Blockchain, as a piece of technology, is one of the most prominent on the planet right now. It has experienced impressive growth recently and there are no signs of its influence slowing down or waning anytime soon. Blockchain has so far managed to impact multiple industries, with the gambling industry being one of those, providing a huge array of benefits and advantages along the way.

You could suggest that blockchain and the gambling industry go hand in hand in many respects, as the advantages that a provided through blockchain tech are what is needed by the gambling industry to increase security, fairness and transparency. There have long been calls for the gambling industry to step their game up in these areas, and with blockchain technology they can.

One of the first benefits provided by blockchain tech, and arguably one of the most important for many, is the anonymity that is provided. Anyone wishing to deposit and play games at an online casino often must go through a registration process which involves a sharing their details, and in many cases copies of their identification. Blockchain tech not only eradicates the need for this process, which helps save a lot of time, it also means that hackers won’t have access to any personal and financial details too.

There has, in the past, been concerns where the fairness of online casinos is concerned, and ultimately their transparency. This has been the main gripe for many online gamers, with some being put off from playing as a result. It is true that strict regulations and game testing is already adhered to by trusted brands such as Royal Vegas CA who also hold a gaming license issued by The Malta Gaming Authority. However, blockchain technology goes one step further by using smart contracts. Smart contracts work to verify records entered onto a shared ledger, and the great news is that this ledger cannot be altered, meaning there’s no chance of foul play taking place.

A bug bear of many online casino gamers is that in many instances they must wait for their withdrawals to be processed and then to clear, and this can at times take a few days. As blockchain tech is decentralised, it means there’s no middlemen, and therefore no waiting times. Online gamers will be able to deposit and withdraw funds in an instant, and there will be no fees applied for doing so, so it’s great news all round for casino platforms which embrace the technology.

It’s also important to remember that all these benefits and advantages that are provided through blockchain tech have the potential to attract a whole new audience to the online casino world. From gamers who want to enjoy a platform which is open and transparent, through to those who wish to deposit and play with cryptocurrencies, blockchain tech could breathe fresh life into the industry.

While its influence is already being felt, it’s likely to continue to grow as time goes on, with more and more operators embracing the technology and the advantages it provides. It’s in their interest to do so too, as ultimately it provides a much better all round experience for their players.

Image courtesy of Pexels

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Influence Of Blockchain On The Gambling Industry
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