How Blockchain Technology Can Influence The Online World Of Gambling

by Klaus on July 25, 2018

in Cryptocurrency

Mention blockchain technology a few years ago and people more than likely wouldn’t have known what you were talking about. Fast forward to the present day though and you’ll quickly notice that it is now beginning to infiltrate every industry around and in the not too distant future its impact will be huge. One of the industries that has already begun to implement blockchain tech is the gambling industry and it’s expected to form a much deeper relationship too.

There are many who have, and have had, many concerns about the gambling industry for quite a while. These concerns often relate to data being held out of public view and the security of information, both personal and financial, in the online world. Blockchain technology has the ability to put these concerns to bed and that can only be seen as a good thing.

One of the biggest concerns that many have when it comes to the gambling industry surrounds transparency. Many will suggest that the odds are heavily stacked against them at online casino sites no matter what game they’re playing. At the end of the day, if a player thinks that they have no chance of winning they aren’t going to play in the first place. What blockchain technology can do is provide that level of trust between player and operator as it works using a shared ledger that cannot be manipulated or altered in any way.

Improving transparency works with smart contracts which verify everything, and the same process is involved when it comes to reducing any sort of fraud or criminal activity when it comes to payments. Some will try and defraud an operator but the blockchain’s distributed ledger makes it impossible as there is no room for manipulation. The winnings are calculated and verified thanks to smart contracts and then sent direct to the player.

With blockchain technology you are also going to get cryptocurrency as an accepted payment method. Cryptocurrencies such as Bitcoin come with their own advantages but one of the main ones are that any fees are lowered or wiped out due to the fact that there are no intermediaries involved such as banks. This is both beneficial for the player and the operator.

Another advantage that both cryptocurrencies and blockchain technology share is anonymity. Most online casino sites these days require a lengthy signing up process to take place which can involved the sending of identification for example. This can in many ways limit who can and can’t play at an online casino for many reasons, while some are probably put off by the hassle.

The anonymity provided is seen as a blessing to some players as it reduces the risk of any details being stolen or misused. They can gamble in whatever territory they like regardless of any laws, whilst some just generally like to be more private when it comes to being active in the online world.

With the online gambling industry one that is constantly growing at a rapid rate, it comes as no surprise that the industry as a whole is looking to improve with it in whatever ways possible. Therefore, it is no surprise to see new online casino brands like LuckyGames, employing this new technology; as well as established brands, Unibet being an example, who are examining the concept. Blockchain technology is capable of reducing the concerns that have plagued online gambling for years and this could potentially be another huge step forward for what is a multi-billion pound sector.

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