Blockchain has been in the news for quite some time now. This is a technology that can be used in so many ways that tech enthusiasts see it as the future of technology with endless possibilities. One area for application is naturally in online gambling. Online gambling as an industry is still frowned upon for many reasons. One particular problem it has is the belief that the games are rigged against players. Even though there are more people playing online now, and despite the introduction of technology and game types, not much has changed and people still believe that games may be scams. Blockchain can be harnessed to improve the safety of online casinos.
Instilling Transparency to the Industry
One feature that keeps people astonished about Blockchain is that it ensures both security and transparency. On the aspect of transparency, every member with a block on that chain will see the transactions between blocks on that chain. This is a very important feature that online casinos can really use. Online casinos are still seen as fraudulent. This is because the outcomes of online casinos are not based on real time events.
With players being able to see the wins and losses happening on the platform, Blockchain can help make the gambling process more transparent. Online casinos need to operate from a black box and Blockchain is its surest bet to making this possible.
Ensuring Personal Data Protection
On the aspect of security, many people often wonder “how is my personal financial information secure when everyone can see it?”
Well, this is because they will only be able to see the Blockchain addresses or usernames of the other blocks in the chain and nothing else. Blockchain gives you the power to determine the amount of information you want to share.
The blocks in the chain cannot be tampered with. Changes are made through the “self-execution” of artificial intelligence powered smart contracts. This means that no hacker or third party can tamper with your information. Even if a hacker happens to hack a block, he/she will have to hack every other block on the chain to conduct a successful hack.
Faster Payments and Withdrawals
Someone once asked, “what about customer service on a peer-to-peer platform like Blockchain?”
If the customer service is an artificial intelligence, you will not need to contact it as it works in record time.
The issue of transactions can sometimes be a problem with online casinos. People can become skeptical especially if it is slower to withdraw than to deposit.
To combat this problem, a casino run on Blockchain that will “self-execute” the payout is the solution. This implies that players will be paid immediately when they win. Automating this process helps you execute far more transactions and reduce the cases of errors due to human influence. Unlike traditional forms of technology, “nothing gets lost in the system.” So, the days of waiting for five working days are over.
Limitless Online Casino Access
With a faster payout system, your payment issues are half-solved. If you are still using a regular payment system that requires the use of fiat currencies, you may still encounter challenges. This is because transactions that involve the use of fiat currencies still take time to complete. You can turn to Blockchain for help once more.
One way to do this is by adopting the use of cryptocurrencies directly for online transactions like a Bitcoin casino does. A recent study conducted to show the fastest payment options online saw cryptocurrencies taking eight positions. The other two payment options were digital wallets. As you can see, the answer is right in front of you. Using cryptocurrencies for online transactions means transactions are completed in record time.
Another option is creating tokens for gambling at your online casino. It is the same as creating your own cryptocurrency, the difference is that it can only be used for gambling at your online casino. However, players will buy these tokens, and they may still experience delay if they use fiat currencies to purchase these tokens. The use of cryptocurrencies and digital wallets are still your best bets.
Ensuring Financial Data Protection
Using a Blockchain platform like funfair.io for developing your online casino means that there is no central server that any can hack into and steal information. With players having the authority to control the amount of information that they share, there may be little or nothing for the hacker to see or use after a successful hack. Adopting the use of casino tokens and cryptocurrencies for your websites means that players will use their credit cards less.
When there is little to no card usage, the sinister third party will have nothing to use after bypassing the system. Even when the players know that another player has won, they can only see the username or Blockchain address of the winner. All these processes make it extremely difficult for a third party to steal financial information from the platform.
Trust has been a very scarce commodity in the gambling industry in general. It is even more so in casinos as the outcomes are not based on actual events. This has discouraged even those who gamble for fun. This is not good for the reputation of the gambling industry. With more people turning to the internet for gambling, online casinos can adopt Blockchain to make their platforms secure and transparent in order to bring that much lacking trust to the gambling industry.
