Blockchain is a technology that is witnessing a high growth rate. The technology that initially underplayed the foundation stone of the cryptocurrency transaction, is now finding various use cases. Industries from different sectors like academic, healthcare, retail, shipping, supply, etc. are deciphering various use of Blockchain or are developing Blockchain based application. The objective of these is to create a transparent system of growth where new business operations can flourish. Apart from the conventional application of Blockchain, there are many unconventional areas where Blockchain has proven beneficial, and one such sector is gambling. It is a big industry, and has its own set of bottlenecks, with the integration of the right technology we can expect some surprising transformation in this industry. In this blog, I will be highlighting, how Blockchain is transforming the gambling industry.
A quick recap on Blockchain
It is a distributed ledger technology where time-stamping ensure easy tracking of data. Any information when entered in the ledger is unchangeable. Blockchain enables peer-to-peer interaction, and it means that the demand and supply conditions are fulfilled without having an intermediary negotiating the rate, nor interfering in the process of interaction and validation.
Summary of features of Blockchain:
All this boils down to those critical features of Blockchainwhich have proven to beneficial for the gambling industry. Here are the key features :
- Data security and safety
How these features play a crucial role in transforming the gambling industry?
Gambling industry- We all know that gambling is widespread across the globe, but the current online casinos have its own set of problems. It includes data security, payouts, gaming, etc. these are not revealed in public for certain reasons. With the importation of blocking and syncing the system with this technology will help in resolving many of these concerns.
Integration Blockchain in the world of gambling
- House edge – Well, if you have visited the brick and mortar casinos then you would know about this term. As per this, the winner needs to pay an average amount to the casino owner. Because of this, the winner usually has to share a good portion of their winning amount to the casino owner. With the intervention of cryptocurrencies, this problem gets resolved as the amount directly gets credited in the account of the winner. Noteworthy developed – Blockchain application in gambling is not just a vapourware; instead, there has been a substantial development in this field. ZeroEdge is one of the key players in the gambling industry. It has come you with its own cryptocurrency Zerocoin which is meant for online casinos. It provides gamblers with 0% house edge casino games ensuring that the winner keeps all the amount. It also provides a platform for sports betting and building online casino games in the future.
- Transparency– One of the biggest problem that the gambling industry is encountering is transparency. Certain details like winning frequencies, payouts, results are not revealed to the players and are not open to the public. This leads to lack of trust, but with the help of Blockchain, we can resolve this problem. The Blockchain is a distributed ledger where information is visible to all the people in the system. Intgretaing Blockchain with online casinos we can ensure creating a transparent system.
- Anonymity- If you are a fan of gambling but don’t want to reveal your identity to the public, then Blockchain based gaming is the right platform. We all know that Blockchain doesn’t reveal the complete identification of the user which can prove beneficial for the people who don’t wish to reveal their identity while gambling.
- Enhanced accessibility– This is also one of the most important benefits that Blockchain has to offer. Unlike the conventional casino games where the availability is limited to the area, Blockchain eliminates this and allows the gambling players to participate and transact using cryptocurrency. The Blockchain integrated gambling allows withdrawal of complete winning amount in lesser time which is not the case when it comes to conventional gambling. This feature ensures that gambling enthusiasts can easily participate in online gaming without worrying about their money.
We can say the impact of Blockchain in the world of gambling has just started to begun and so we are witnessing such huge transformation. The technology will continue to grow, and at the same time, it will also change the gambling industry forever.