September 23, 2020

Can Blockchain Technology Disrupt and Reshape the Gambling Industry?

Special to California Business Journal.

Whether you like it or not, the blockchain is slowly creeping into our lives. And no, it’s not limited to just cryptocurrencies.

The banking industry has seen a significant shift over the past few years. This, in turn, has compelled many other industries to follow in its footsteps. E-commerce giants now use blockchain to keep transaction fees as low as possible. Just recently, Alibaba filed a patent for a blockchain-based transaction system.

We’ve seen websites like Bitchute that gain their funding strictly from cryptocurrencies. Gab.com and many other social network alternatives also use the blockchain to maintain their sites and offer users much better security and privacy than giants like Facebook or Twitter. And the same will start happening to online gambling as well.

How blockchain technology benefits the online gambling industry

The lack of transparency is what kept users away for many years. It gave people a sense of unfairness and deceit.

And although website security has increased, privacy is still a major concern. Fortunately, by adopting blockchain technology, we will start seeing a major shift in the following years.

More transparency = more trust

The blockchain records every single action taken on an online casino. This will convince more players to join in because every payout is visible. It allows them to analyze the date and determine the casino’s fairness.

Fraud reduction

A serious online gambling business keeps its users safe from scammers. And while most of them do a good job, there’s always a hacker trying to outsmart their systems.

However with the power of blockchain, this becomes seemingly impossible. No third-party interference, your winnings are calculated automatically and sent to you ASAP. Absolutely no human can modify anything within the established parameters.

More payment options

Blockchain is not just about Bitcoin. Every casino can make their own digital currency that can then be exchanged for fiat money. This allows for a more flexible and growing economy.

Increased privacy

Before blockchain, you had to provide a few documents when registering on an online casino. Now, because of cryptocurrencies, you no longer need to prove anything.

You have the option to be completely anonymous. The only thing you need to provide is a wallet address where the casino will send your earnings. That’s it. You won’t even have to provide your real name anymore.

The bottom line

Many industries are adopting blockchain. It’s only a matter of time until the gambling industry does so too.

We’ve already seen a few big names doing so. Sooner rather than later, all online casinos will follow in their footsteps.

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