Blockchain technology is no longer just for the Finance or Banking sector. In fact, more and more non banking and non-finance industries are looking to benefit immensely from blockchain’s immutable and transparent nature. Lately, word is the iGaming industry (more politely said about the gambling industry) is riding on the wave of using blockchain. Here’s how…
It is common knowledge now that blockchain technology offers an excellent means for two parties to transact with each other, and transfer funds without the involvement of any third party. However, the beauty of it is that its application goes far beyond the transfer of funds alone. Smart Contracts for instance provide for trust-less agreements that can be easily entered into and verified automatically, without any external confirmation.
Such flexibility offered by blockchain tech makes sure that various activities and interactions involved in online gambling, for instance, roulette spins, dice rolls etc. can all be coded within an automated and incorruptible contract, which can be manipulated by neither the operator nor the player. This is also the reason why a large number of casinos are open to cryptocurrency deposits and withdrawals today. Let’s now acquaint you with some of the prominent ways in which online gambling industry stands to benefit immensely from the blockchain tech.
Transparency
The complete transparency and easy viewability of a blockchain ledger by anyone interested in it, makes it an ideal platform for both operators and clients to keep the transactions fraud free. Knowing that whatever is being done, is simultaneously getting recorded on an immutable ledger, continuously and automatically makes everyone behave themselves. Online casino platforms can either use public blockchains or simply integrate this technology into their own systems, to offer optimum level of transparency to the customers. The advantages offered by blockchain tech to casino gambling and sports betting platforms are for real, and are causing a great amount of change in these industries.
Immutability
A blockchain ledger maintained at the public level is immutable and decentralized in nature, implying that no single company or person can alter any transaction, after its recording. This is because the ledger is maintained by thousands of different computers spanning across the world; hence, no single individual can make any changes to it. Resultantly, everything recorded on this ledger can be completely trusted, and even used in the form of evidence whenever there are legal disagreements. This quality of blockchain tech makes it ideal for online gambling industry, where trust is of utmost importance.
Anonymity
What sets blockchain technology apart is that it is both transparent as well as anonymous. Every individual interaction with the blockchain gets recorded through a group of random numbers and characters, ensuring that no personal information like bank details, address, name etc. is recorded (unless needed by the individual). But if you need to prove that a specific transaction was carried out by you, you can do it by offering evidence of the transaction connected to your digital wallet. It implies that you can prove that you own a certain activity or asset, while also making sure that your personal details are hidden from everyone.
Security
Using cryptocurrencies like bitcoin, derived from blockchain technology, for playing at online gambling platforms can safeguard your personal and banking details. Once you have purchased cryptocurrency from some trusted source, you can load it up at multiple gambling platforms, without ever providing your banking information. In case of cryptocurrencies, all you are required to provide is the address of your digital wallet.
What’s is your opinion? Think the iGaming sector truly stands to benefit from blockchain tech? Share your thoughts below.