Blockchain technology has been getting more and more traction during the last few years. The peer-to-peer nature of the blockchain can change the gambling industry forever.
The online gaming industry has a good track record of embracing technology. It seems like this is true with the introduction of blockchain technology, too. Boross Ors, a gambling expert at https://kaszinok.online/ in Hungary, explained how it could change the online gaming industry.
What is Blockchain Technology?
Blockchain technology is a method of keeping transaction records. It’s a decentralized, secure public ledger. It makes fraud virtually impossible, reduces risk, and makes transactions transparent.
Each block in a chain has a unique code, the hash. In addition to its own identifier, every consecutive block contains the hash of the previous one. This repetition is part of the reason why the blockchain technology is so secure.
Once a transaction is recorded in a chain, it can’t be altered. Blockchain technology verifies and bans any suspicious activity on the block.
How Can You Use Blockchains in Gaming?
The primary use of the technology to date has been the payments. Blockchains allow you to make instant, secure, and anonymous transactions online, without any intermediaries.
It’s faster and cheaper than most other online payment methods. Nobody can trace, cancel, or reverse blockchain transactions. It also gives you a relative amount of anonymity when you use it to make payments to a casino.
With mobile gaming technologies embracing the blockchain, the in-game assets will become truly yours. Transferring ownership, for example, is a couple of clicks away. It also opens the opportunity of game economies being created with cryptocurrencies.
The technology provides a safe platform for both players and developers. Hackers are unable to destroy the server of a game because it’s not on a single server. If there is no server to target, there’s nothing that hackers can ruin. Players also get a safe storage option for in-game assets.
Another exciting aspect of this technology is that it allows players to have greater control over the games and help develop them. Various game developers have started allowing players to program certain aspects of the games, making them more appealing to the users.
Blockchain technology allows you to verify bets. It might take a few steps, but the process becomes faster the more you do it. You can make peer-to-peer transactions bypassing restrictive gambling laws.
How Will Blockchain Impact Online Gambling?
Blockchain online gambling isn’t new. Casinos have allowed players to place bets with cryptocurrency for a few years. This has impacted the lives of the gamblers, making transactions easier, faster, and more secure.
Blockchain online gambling is transparent. Players have easy access to the records of their payouts, winnings and bets. It’s an excellent way to build trust between the player and the casino.
Being “Provably Fair” is another upside to the blockchain casinos out there. Being able to check if the random number generators and payouts are fair can make a difference for any gambler. A provably fair casino can’t hide their numbers because everything is available in blocks. It’s another good way to build trust between the player and the blockchain casino.
This technology allows for the fastest transactions in the industry. Other payment methods fade when you try BTC in gambling.
Blockchain technology has many advantages, including the fact that it breaks down geographical restrictions of online gaming. It can build trust between the casino and players through the transparency that the technology allows. Its records are permanent. Payments are cheaper and faster than many other methods. Plus, you can see exactly how much you won and the bets that you have placed.