Transparency of the online gambling business with blockchain
Various types of cryptocurrencies are now taking a substantive position in the financial ocean. They’ve penetrated numerous areas of our lives. With them, we’ve got maximum freedom and numerous payment methods choices both online and offline. By the end of 2023, gambling global market share will reach 500 billion dollars. Meanwhile, online gambling will be worth 82 billion dollars, Global Online Gambling and Betting Market says. Nevertheless, regulating the gambling industry might be difficult given all its pitfalls, and even licensed online casinos don’t always guarantee full transparency.
So, how can one ensure full transparency? The technology of blockchain, experience shows, can be the answer here and strengthen the position of online gambling across the globe.
Why online gambling requires blockchain technology
According to a well-known fact, all gambling results are generated randomly. In the case of blockchain, these results are stored inside an enormous decentralized database, with copies of the results saved on thousands of computers. Gradually, new informational blocks with data are created making a chain. This, in its turn, makes it impossible to change the gambling results.
How blockchain transaction flows
Let’s dive a bit deeper and get to know how actually blockchain transaction flow looks like.
Each owner of an electronic device can post the information on the Web, and then other people from all around the globe can access it. Chains of blocks make international money transfers possible anywhere in the world where the blockchain file is available. However, you have to be an owner of a private key, generated with a cryptographic algorithm to allow you access only those blocks that belong directly to you. By providing someone with your personal key, you permanently grant him access to a particular amount of money stored in a certain section of the blockchain.
What areas does ICO apply to?
The cryptocurrency market is actively developing and is getting more and more attractive for implementation in various areas. Although the ICO niche is still young, investors are not afraid to invest enormous funds in it and proudly inform the consumer about cooperation with one or another cryptocurrency.
Today, we can observe the implementation of this technology in numerous business structures and areas around the world. It was accepted both by brick-and-mortar and online businesses. Studies have shown that the blockchain technology itself is actively seizing the market of gambling.
What is gambling?
The notion of gambling is quite broad. It translates as a game of chance. Only a couple of years ago such games used to be available only in specialized casinos but today, online gambling is vigorously developing. It is easily regulated and has all the legal support required in at least 80 countries around the world.
Cryptocurrency transactions in gambling.
Of course, today, there are many opportunities to deposit funds on an online casino account. You can use both credit and debit cards, money transfers, and online wallets. Bitcoin is now also among the most common payment methods when it comes to online gambling. It’s no longer one of the options; it’s by far the most popular one available.
What problems does blockchain solve?
Thanks to decentralization, the blockchain can solve quite a few of the major issues users of gambling platforms may face and offers many advantages.
- The high-rate of trust.
Since blockchain provides open access to the winning amount, any user can check this information. Thus, gamblers can be sure that the casino is not a fraudster, and they will get their winnings.
- Security and anonymity
One of the significant advantages is that you are free to play anonymously. Users are not obliged to enter their data, provide documents, credit card numbers to play. However, these details are still necessary in case the player decides to transfer the winning amount to his personal bank account.
You don’t need to be afraid that the casino will block your wallet anymore, so gamblers are sure of the safety of the platform they are playing on.
The bottom line
Internet expansion to the new markets has brought more profit to gambling associates and bookmakers.
Players were able to make bets from the comfort of their homes.
On the other hand, among the numerous gambling and betting platforms in the network, a significant amount of scammers have emerged.
Luckily, blockchain technology resolves the majority of the crucial issues in the area of online gambling, such as transparency, anonymity, and data security.
Smart contracts used to operate blockchain wallets, allow you to achieve the maximum security of the game. You reach a unique level of fairness in the online casino game.
Thanks to emerging of cryptocurrency payments through decentralized systems, the players get a chance to save money on transfer fees. Also, they obtain the ability to minimize dependence on centralized banking systems and their limitations.
Disclaimer: Make sure to be smart with gambling. It leads to addiction, especially if you have favorable conditions facilitating the gaming process.