Feb 20 (newsonjapan.com) - The gambling industry has seen massive growth in recent years, thanks to the increased penetration of the Internet.
Today anyone can try out the latest casino games online using a smartphone with a stable internet connection. It's expected the online gambling market to reach $565.4 billion in 2022, so it's safe to say that online gambling will only continue to grow in the future. Â
On the other side, we have the blockchain technology that it's still in its infancy but already shows a lot of potential for the gambling industry. Blockchain is a distributed ledger technology that by design allows data to be stored on thousands of servers across the world while letting anyone on the network to see everyone else's entries in real-time. Hence, it is difficult for someone to gain control over the network. Here you can read more about how blockchain technology will affect the online gambling industry.
Blockchain in Online Casinos
The problem of all online casinos is that there's still a lack of trust between the player and the casino. When you're playing online casino games you still don't know what's behind the interface of the game. All reputable gambling businesses are subject to rules and regulations, but there are some casinos that violate these rules. Some of the problems that arise from these casinos are delayed payments, false advertising, lack of responses to questions and more. Â
How Does Blockchain Technology Solve These Issues?
Blockchain is built around smart contracts, so every game can be an interaction between two or more players, or between one player and one smart contract. There's no house, everything is decentralized and nobody can interfere between the player and his prize. The money gets transferred as soon as the player wins or loses bets.
Because everything is transparent everything that takes part in the game can be checked, so players won't have to worry about the lack of randomness. Furthermore, spamming players would also be impossible when it's a decentralized blockchain casino because you will be using a blockchain address to play instead of your e-mail address.
Benefits of Blockchain Technology for Casinos
Casinos can also see a lot of benefits from applying blockchain technology. Firstly, by using blockchain technology, the casino gets the highest level of financial security. Data on the blockchain network cannot be tampered with in any way, money that is used in the casino games becomes easier to manage and finally, there will be transactions without fees in the blockchain network. In addition to these advantages, the online casino will have biometric security and access to a whole new demographic of potential casino players.Â
Conclusion
Blockchain technology will revolutionize the gambling industry because it offers complete transparency. Although it still in the early stages of development, we can already see some blockchain casino projects online that attract thousands of players. Of course, the reputable online casinos won't disappear but they will also see a lot of benefits from implementing blockchain technology and it will also minimize the number of fraudulent casinos.Â
