Blockchain Technology in Online Gambling

Blockchain technology affects not only the financial industry, but also many others, including online gambling. Indeed, it still has something to do with financial aspects in the online casinos. Reports showed that a number of gambling projects had raised funds by means of Initial Coin Offerings (ICOs). With more funds at hand, even startups in gambling industry will be able to compete with established players.

Benefits of Blockchain Technology in Online Gambling

Blockchain affects the online gambling technology not only in the way gambling providers raise money to fund their projects but also in the way in the players get into the industry. The following are some cases in which blockchain technology makes gaming industry more attractive:

Buying Tokens

Gaming projects, which is funded by means of ICOs, are also attractive for players. They can buy the tokens offered by a gambling platform through ICO. This provides them with many advantages, including:

 They can use the crypto money as domestic currency. It means that they can buy things from merchants that receive payments with cryptocurrency. Payment with digital money is more secure. This guarantees that operation is transparent.

 They can make money by selling assets like tokens. As widely known, the tokens offered by means of ICOs may grow in value, if the demand is high. Since the number of tokens released through ICOs is limited, the value may sky high. Therefore, the owners can make money by selling some of them.

Playing Anonymously

Of course, most online gamblers do not want their identity exposed. Cryptocurrency is the solution. Using crypto money, online gamblers now can act really anonymously. Now, some slots, dewa poker 21, and roulette have been based on blockchain. In fact, the number of crypto money keeps increasing. Popular options include Bitcoin, Ethereum, Litecoin, and Dogecoin.

Playing Safely

Blockchain technology has brought significant impacts upon many industries, particularly financial industry. Blockchain consists of non-editable records of data maintained by a network of computers. No single entity owns and controls the systms. All of the entities in the system have similar controls over what is happening in the network. The data blocks are secured by the system and bound to each other using cryptography.

What does mean for online gambling industry? As the system of blockchain is decentralized, no casinos can manipulate the data. The players can be more convinced that they have a fair and transparent gameplay. Their funds are not stored in a bank or any entity. Instead, they are stored in smart contracts – no personal information or credit card number is required.

Blockchain Technology in Online Gambling: Conclusion

In a blockchain system, all transactions including deposits and withdrawals are encrypted. All the entities in the system can see them, but only verified players can complete the instructions. Blockchain really minimizes the risk of fraud and cheatings, since everyone in the system has the same control over the system.

Few blockchain casinos are now available in the market. The good news is that many casinos and game developers are working on some projects to build blockchain-based games. Many expect that the number of blockchain online gambling will grow this year.