Democratizing the online casino industry through blockchain technology

Democratizing the online casino industry through blockchain technology

Pick the name of any industry and you can feel the blockchain smoke wafting in. With this technology slowly entering our lives in various areas, we can have high expectations for it to change things for the better. For example, consider the gambling industry, which operates successfully in both online and offline (land-based) casinos. The introduction of Blockchain technology in gambling has significantly impacted the industry. 온라인카지노 


The growth of the online casino industry

When we talk about the online casino and gambling industry, there is no doubt that it is one of the fastest growing sectors. According to Statista, the sector was worth $24.73 billion in 2009 and is expected to grow to $56 billion by 2018. 카지노사이트


Democratizing the online casino industry through blockchain technology

Blockchain in online casinos

Although the online casino business is growing, there are certain areas where it still lags behind brick-and-mortar casinos, such as free drinks, free food, travel and live entertainment. However, the biggest challenge is the "settlements" which are instant in most Vegas based casinos, but take 3-4 days for the online version to transfer funds.


This is where cryptocurrencies come in handy and offer a solution. A cryptocurrency-based casino platform such as Satoshi Dice that offers fair analysis and verification of bets on games offered by the service provider. The platform has processed well over 6,000,000 blockchain-based bets and distributed winnings of over 4,000,000 BTC. The platform returns bets in less than 20ms.



Many online gaming sites have recognized the power of cryptocurrencies by implementing them into their business models. Additionally, places like Malta, which are considered leaders in the gambling industry, are taking steps to make Bitcoin legal. In fact, the Maltese government has a strong belief in cryptocurrencies and Blockchain technology and plans to position Malta as a leading name for their application.



The birth of the Ethereum blockchain and its smart contract applications, which can facilitate, verify or enforce negotiation or fulfillment, has given online casinos or betting platforms an unprecedented opportunity to regulate key smart contract operations.



Random numbers and payouts can be governed by smart contracts that are fully public and implemented on the Ethereum blockchain. Now players can see everything: transactions, totals, bets, reasons why transactions move, and most importantly, the randomness mechanism. If the casino tried to manipulate the odds, it would be spotted immediately.


Reasons for the application of Blockchain in online casinos

Cheap and available

The use of cryptocurrencies for trading in the gambling domain has become a popular practice as both the main and alternative payment systems. This became possible because this mode has many advantages as it allows the user to play anonymously without providing copies of documents or even creating an account according to the platform.


Moreover, the ability to process transactions in real time makes cryptocurrencies preferred here. With the use of cryptocurrencies, the availability of online gambling has also increased as they provide a low entry barrier for new players.


Objective

The general purpose of anyone who owns a casino is to make profits in the long run while providing the customer with the occasional pleasure of making money. This practice may serve a positive purpose in brick-and-mortar casinos, but when it comes to online gambling, things change and uncertainties arise.


There are always doubts in the player's mind when it comes to the transparency and profits provided by online casinos. In such cases, the use of cryptography allows gaming platforms to gain the trust of players. Blockchain technology and smart contracts can escalate this concept to the next level for even more complex systems.


Decentralized

Similar to how Bitcoin miners work, Blockchain technology allows anyone to be a member of a casino. This way, when playing at Bitcoin casinos, users get a share of the house edge with the casino's profits.


Some sports betting platforms own their own blockchain network that reports the results of events to a network of master nodes.


Future

Blockchain technology is often compared to the Internet, which literally turned upside down after its inception. With blockchain, we are moving to an environment where people and businesses can transfer assets and have contracts as quickly as sending an email, without the need for personal trust.


Blockchain technology is being implemented in various industries, but the gambling industry needs it the most. We all must agree that cryptocurrency and its underlying blockchain technology is disrupting the gambling and casino industry by inducing quality and trust factor among gamblers and bettors. If you want to implement blockchain into your existing iGaming flat form, contact our experts! 안전한카지노사이트

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