The Impact of Blockchain Technology in the Gambling Industry
The advancement of technology is unstoppable, and it just gets better and better. Thanks to that, everything in our daily life related to technology becomes convenient and more manageable. In today’s era, it is nearly unlikely to get tasks done without the aid of technology. And the latest progress in technology called blockchain technology is taking the gambling industry and live casinos to a whole new level. Let’s delve into the details of what this technology is all about.
What is blockchain technology?
It’s been ten years since Bitcoin, a cryptocurrency, was first introduced to the world, and it’s popularity skyrocketed. The technology behind the creation of Bitcoin is blockchain, a special implementation of Distributed Ledger Technology (DLT). Using the blockchain technology during transactions ensures trust between two parties without the involvement of any outside parties. This means that any two parties can transfer money to each other securely, and cheating is not possible during the process.
The singularity of this technology is that it not only provides security during money transfers, but it also helps people make smart contracts. It means that any doubtful agreements can be entered and automatically get verified without the need for external validation. So, when it comes to online gambling, activities like dice rolls, Roulette spins, and the terms of winnings, they are programmed into a reliable and computerised record, where nobody can manipulate.
What makes the blockchain technology so distinctive?
There are definitely certain aspects that make the blockchain technology unique and demanding in the gaming market. It has set its own mark in the online gaming world because of the following characteristics.
One aspect of the blockchain technology that makes itself super central and peculiar is the transparency of the transactional records of the users. The accounts are kept open for viewing by anyone who wishes to explore, so it becomes unviable for both the clients and the executives to manipulate or perform illegal acts. In the gaming market, online casinos have the liberty to manoeuvre on either public or combined blockchain technology into their systems in order to provide customers with transparency. Because it renders the utmost security, players now prefer to join casinos that operate on a transparent blockchain.
When a casino is operated by the blockchain technology, the ledgers automatically become immutable, which means that no single person, whether it is a client or the company, will succeed in reconstructing a transaction. This is because the records are managed and kept in check by thousands of computers all over the world, so, it is nearly impossible to manipulate the original data. Because of this excellent characteristic of blockchain technology, people feel safe and perform the transactions unquestionably.
Another distinctive feature of blockchain technology is that it can be transparent and anonymous both at the same time. Every players’ intercommunications through blockchain are recorded in random numbers and characters in the transaction address, which assures that their personal data are registered safely. In case, a player wishes to prove ownership of a specific asset or activity, they can do it by providing the evidence of the transaction linked to the address of their E-wallet, while still keeping their private details protected from the public.
The feature of strong security is highly required everywhere in today’s time, and blockchain technology is no less when it comes to this. Gambling in live casinos using blockchain-based digital assets like Bitcoins helps avoid frauds and data thefts, which is very prevalent today. Once the players purchase cryptocurrencies from a trusted source, they can perform secure transactions in various websites without the need to submit their banking details. So, all you need is a digital wallet address, and your property will be safe in your hands.
Speed and affordability
The final reason how blockchain technology is pushing the gambling industry to a different level is its speed and affordability. Every transaction on a blockchain is done immediately without the interference of a third-party, thus, saving time and money. The conventional type of transfers require a longer time and also charge money, however, cryptocurrency users can do it instantly with zero payment using blockchain technology. This means that, if you’re a regular online casino player and own Bitcoin, you can transact the money immediately without having to enter your bank details.
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