Role of Blockchain Technology in the Gambling Industry
These days the term “Blockchain casinos” has gained immense popularity and if we take just the Blockchain technology into account, it can be safely said that this technology is being extensively applied not just in the online gambling industry but in various other sectors such as banking sector, the insurance people are also using it.
Aside from this, you will also find that blockchain technology has become an important part of payment portals, making money transfers and so forth. However, its role in the gambling industry has been emphasized upon in this write-up. So, read on for more information.
Blockchain technology and gambling
Prior to delving deeper into this, let us find out briefly what this technology actually is. A blockchain can be referred to as “a digital ledger” and it is mainly used for recording transactions that take place virtually and in which cryptocurrencies are made use of.
These transactions are usually recorded in a sequential manner and you can also view the records as they are made public. This process has given rise to the concept of blockchain casinos. This not just makes the online gaming (gambling) industry transparent but most importantly, the credibility of the industry is markedly enhanced.
Problems faced and overcome by bitcoin technology
Given below are few instances that conventional casinos face and those that can be overcome with this new technology-
- Transparent –The most prominent of all problems that conventional online casino players face is that in most of the cases, details of the game like payouts, results of the games, winning frequencies are not divulged to players and especially kept away from public eye and viewing. However, with the help of this technology, it renders the game fair and you can also access all the records that were once hidden from you and other players.
- House-edge- Another problem that most of the players face in gambling from brick and mortar casinos is that no matter how frequently they win, in the long run, due to the concept of “house edge”, you tend to lose a lot of your money to the casino owner, which is usually an average amount that players have to shell out to the casino owner. Thanks to this technology that has given rise to the concept of bitcoin casino that does away with the above-mentioned problem of “house edge” to a great extent.
- Play anonymously – Using cryptocurrencies for gambling has definitely become a popular solution as far as payment systems in this sphere are concerned. If you do not want your identity to be revealed, you can as well play the game anonymously.
- Don’t sign up – In fact, unlike few online casino service providers or platforms that require you to sign up, in this case, you don’t have to open an account or sign up. You can play by shelling out fees that are of a smaller amount. Also, the concept of instant deposits is very much in use. In other words, if you do not want to risk your cash and want to opt for medium and smaller movements, the cryptocurrency is perhaps your best bet.
- Be your own boss – Be a member yourself by making use of the bitcoins in the online casino games. These days, you will come across many such platforms that encourage the use of blockchain technology in the online gambling industry that not only makes the concept of online gambling much more reliable and meaningful but also has encouraged players to develop trust in this game, which perhaps was lacking or not always present when the concept of blockchain technology was not introduced into the markets.
- Decentralized – Last but not the least, the concept of “wisdom of the crowds” allows you to predict the markets and you are offered the provision to bet the result of a game or an event. Most importantly, it renders the entire online gambling industry the much needed “decentralized” nature.