We continue to see blockchain technology finding its way into different areas and industries and this is definitely the case for the gambling industry. One of the main issues faced by online casinos is that winnings and payouts are first hidden from the public to avoid scrutiny.
Blockchain technology has the benefit of solving many of the issues that are faced by online casinos.
Let’s take a look at some other ways through which blockchain is making waves in the gambling industry.
- Greater Transparency
We’ve all heard of casinos that fraudulently steal from its customers without them knowing. This is part of the reasons why most gamblers shy away from online gambling casinos. Which is only understandable. After all, wouldn’t you stay away if you knew that the transparency is questionable?
Since blockchain boosts security and transparency, online casinos become more trustworthy and will begin to see an increase of players.
- Reduced Fraud
Fraud in online gambling does not only happen from the casinos and sometimes, players themselves will defraud operators, stealing from them as they make deposits. What’s more, it is still possible to bypass the casino’s security features.
Blockchain technology provides secure methods of doing transactions which reduces fraudulent activities and increases security. The ledgers are distributed making it impossible to alter any data. If a player wins, these will be sent directly to him.
- Payment methods
An obvious benefit of using blockchain in gambling is the addition of cryptocurrencies such as bitcoin as a payment method. This makes it possible for players find a way around certain jurisdiction limitations. Why? Well simply due to the fact that there are no regulated payment restrictions.
Since there are no banks and other transactional intermediaries, the costs are significantly lower for both players as well as the bitcoin casino.
- No need for personal information
Casinos are under a lot of regulations. Some of them include requiring players to provide documentations when opening an account. This keeps other willing players away as he whole process consumes a lot of time.
Blockchain provides anonymity. It allows players to participate without providing personal information. An added benefit of this is that hackers cannot get access to user data or winnings.
- Greater Accessibility
Some locations strictly prohibit gambling. A player situated in such a place may not have many options and may easily turn to illegal bookmakers. Things could get dangerous too with illegal bookmakers .
Blockchain’s digital currency means anyone around the world can take part in gambling.