There are some challenges currently beingfaced in the gambling industry. And these challenges can be solved by theapplication of Blockchain technology. Blockchain is gradually becoming anessential part of our everyday life. Many businesses are already using blockchain to enhance whatthey do and solve many problems.
Some of the problems being faced by casinoplayers online include high fees when it comes to withdrawing their money,insecurity of their information, and fraudulent practices by operators ofcasino websites.
Many online casino and gambling sites have already unlocked the use of cryptocurrencies, with incredible success due to the system’s increased efficiency and security. Cryptocurrencies use a technology called blockchain. This technology links a progressive list of information called a “block” that is secured by encryption. Unless you’ve spent the past five or so years living in a cave, you will have noticed that online casino gaming has morphed from fringe internet activity Blockchain technology is developing many industries and now it is the gambling industries turn to benefit from blockchains. Blockchain casinos are set to be the latest iteration of the online gambling industry – and the cards have been dealt. Blockchain is the revolutionary technology behind famous cryptocurrencies like Bitcoin and Ethereum. It is a decentralized ledger database that can operate transparently in a distributed network of devices.
Inthis article, we are going to look at how blockchain can be adopted to solvethese issues.
1. Trust Issues
Many online casino players believe thatgambling sites are not trustworthy because the gambling site owners have theability to manipulate the software to change game scores to favour the owner.Blockchain technology can solve this problem and many online casinos arealready implementing it to make their transactions more open to players. Thisminimises the risk of manipulation and fraudulent activities by casino siteoperators and helps them to win back trust.
2. Exposure of Customers’Sensitive Information
Casino sites usually require sensitiveinformation from their users before they sign up and play including their name,emails, credit card information, and a means of identification. But onlinecasino operators don’t guarantee that they can keep customers information safeand secure. Several times, casino sites have been hacked and customers’ sensitive information stolen.
So, how does blockchain technology solvesand prevents this problem? In the first place, blockchain was created toprovide more security and privacy – it is designed in such a way that it isimpossible to hack. When blockchain is used in online casino sites, there is usuallyno need to store players’ credit card information on their servers which is oneof the top targets of hackers when they hack gambling sites.
3. Transaction Difficulty
Currently, most online casino sites usetraditional forms of payment such as credit cards and banks to processtransactions. This presents a serious challenge to players. One, players findit difficult to withdraw their winnings from the bank. Due to financialregulations, some banks are compelled to block money from gambling sites – thisprevents players’ earnings from being withdrawn.
Furthermore, banks can charge excessivefees and commissions to process the withdrawal of players’ earnings. Andplayers can find themselves unable to make a play when they want to becausetheir transaction couldn’t go through.
The use of cryptocurrency can solve thisproblem by adopting it as a means of payment. This will facilitate fasterdeposit and withdrawal of funds without any third-party interference, delay orexorbitant cost.
In addition, cryptocurrency is more secureand doesn’t expose the player to any security breach. As a player, you need to findan innovative casino already using blockchain for you to enjoy thesebenefits.
4. Privacy Issues
As stated earlier, before a player can playcasino online, they have to part with their personal information which isusually stored on servers that players don’t know if they are secure or not.This leaves users information open to cyber theft. In the wrong hands, it canbe very damaging to players.
Cryptocurrency prevents this from happeningbecause blockchain technology is completely anonymous. To make deposit and playcasino online, all players need is the gambling site’s cryptocurrency address.
Blockchain Technology Is theFuture of Online Gambling
Blockchain is already changing the way online casinos operate. It will bring trust back to an industry perceived to be unfair and fraudulent, it will lower the cost of operations allowing casino site operators to give back to players whether they win or lose to encourage future participation. And very importantly, customers will safe to gamble online.
There are some challenges currently beingfaced in the gambling industry. And these challenges can be solved by theapplication of Blockchain technology. Blockchain is gradually becoming anessential part of our everyday life. Many businesses are already using blockchain to enhance whatthey do and solve many problems.
Some of the problems being faced by casinoplayers online include high fees when it comes to withdrawing their money,insecurity of their information, and fraudulent practices by operators ofcasino websites.
Inthis article, we are going to look at how blockchain can be adopted to solvethese issues.
1. Trust Issues
Many online casino players believe thatgambling sites are not trustworthy because the gambling site owners have theability to manipulate the software to change game scores to favour the owner.Blockchain technology can solve this problem and many online casinos arealready implementing it to make their transactions more open to players. Thisminimises the risk of manipulation and fraudulent activities by casino siteoperators and helps them to win back trust.
2. Exposure of Customers’Sensitive Information
Casino sites usually require sensitiveinformation from their users before they sign up and play including their name,emails, credit card information, and a means of identification. But onlinecasino operators don’t guarantee that they can keep customers information safeand secure. Several times, casino sites have been hacked and customers’ sensitive information stolen.
So, how does blockchain technology solvesand prevents this problem? In the first place, blockchain was created toprovide more security and privacy – it is designed in such a way that it isimpossible to hack. When blockchain is used in online casino sites, there is usuallyno need to store players’ credit card information on their servers which is oneof the top targets of hackers when they hack gambling sites.
3. Transaction Difficulty
Currently, most online casino sites usetraditional forms of payment such as credit cards and banks to processtransactions. This presents a serious challenge to players. One, players findit difficult to withdraw their winnings from the bank. Due to financialregulations, some banks are compelled to block money from gambling sites – thisprevents players’ earnings from being withdrawn.
Blockchain Technology Definition
Furthermore, banks can charge excessivefees and commissions to process the withdrawal of players’ earnings. Andplayers can find themselves unable to make a play when they want to becausetheir transaction couldn’t go through.
The use of cryptocurrency can solve thisproblem by adopting it as a means of payment. This will facilitate fasterdeposit and withdrawal of funds without any third-party interference, delay orexorbitant cost.
In addition, cryptocurrency is more secureand doesn’t expose the player to any security breach. As a player, you need to findan innovative casino already using blockchain for you to enjoy thesebenefits.
Blockchain Technology Use Cases
4. Privacy Issues
As stated earlier, before a player can playcasino online, they have to part with their personal information which isusually stored on servers that players don’t know if they are secure or not.This leaves users information open to cyber theft. In the wrong hands, it canbe very damaging to players.
Cryptocurrency prevents this from happeningbecause blockchain technology is completely anonymous. To make deposit and playcasino online, all players need is the gambling site’s cryptocurrency address.
Blockchain Technology Is theFuture of Online Gambling
Best Uses For Blockchain
Blockchain is already changing the way online casinos operate. It will bring trust back to an industry perceived to be unfair and fraudulent, it will lower the cost of operations allowing casino site operators to give back to players whether they win or lose to encourage future participation. And very importantly, customers will safe to gamble online.