Benefits Offered by Blockchain Technology to the igaming Industry

blockchain igaming
blockchain igaming

It is common knowledge that gambling has been around for a very long time. In fact, there are historic accounts of people trying their luck even as far back as in ancient times. As can be said about all things, gambling industry underwent tremendous changes and has evolved considerably over the years, especially through the 21st century.

Nowadays, you can easily place punts on any sports event in any part of the world, just by a tap on your mobile phone. Not just that, it’s even possible to play all kinds of exciting online casino games using cryptocurrencies. As per experts, the biggest change that came in the gambling industry, with respect to technology, was going online.

However, there was certain lack of trust in gambling platforms earlier, as there were on and off cases of such portals not delivering on their promises. The advent of blockchain technology and its implementation in the online gambling industry has finally solved that problem. Let’s now tell you about how blockchain is resolving some of the biggest issues that used to be faced by the online gambling industry.

Transparency

Blockchain technology enables everyone involved in a transaction to easily refer to the history of the entire operation: who won a wager, what was the winning amount, its timing and whether the winner was given the money or not. Blockchain gambling platforms have open source crypto-powered algorithms which make sure that outcomes of all casino games are completely random in nature, thereby eliminating the chances of any fraud.

Security

Enhanced security is another major benefit delivered by the blockchain technology to the online gambling industry. It ensures the security of the transactions and prevents deletion or alteration of data related to it. As a result, not only is the history of payments and wins easily accessible, it is also immutable and protected. The kind of decentralisation and high-level encryption that is involved in blockchain technology makes it highly secure for online gambling portals. As information gets spread across various nodes of the network, and is also encrypted on each one of them, it remains not just secure, but also extremely difficult to hack.

The biggest worry of people using conventional currencies at online gaming platforms is their personal information getting compromised. But in case of blockchain technology, the need of storing banking details is completely done away with, and the personal information is stored in the most secure manner.

Digital transactions

Blockchain technology facilitates easy gambling with cryptocurrency, thereby significantly reducing the problems associated with the use of conventional currencies on such platforms. Once you buy and load up cryptocurrency at an online gambling portal, the transactions are very quick and at minimum cost. The cost of deposits and withdrawals are also comparatively lower than fiat currencies. In addition, cases like failed transactions are almost unheard of when it comes to blockchain tech. The use of cryptocurrency also enables people of countries where gambling is not allowed, to easily access such platforms. Furthermore, as cryptocurrency isn’t bound to any specific country, there are no restricted financial laws applicable to it.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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