As we all know, the online gambling and betting industry has grown considerably over the past few decades, a couple of years even more so. Millions of players have been visiting online casinos over land-based casinos. This fact is even more so now because of the advent of the global pandemic of COVID 19. Sometimes, if you think about it, online casinos still failed to provide the best transparency because they intentionally conceal important information when it comes to gaming results, payouts and more from the public, i.e., the people who give the online casinos a lot of business. It is important to note that the casinos cannot function without the general public. They need people to generate revenue. How casinos make money is very simple. They take a cut off of every game that goes on in the casino. They also reap the benefits when some players lose. There is also a house edge, which guarantees the house gets a percentage of money when a game takes place in the casino. This is how the casino industry became a multibillion-dollar industry.
There are some online casinos that are willing to provide transparency. These are the casinos that make use of blockchain technology. I’m sure you’re wondering what blocks in technology is and how this technology will help revolutionise the online gambling and betting industry.
Blockchain technology is something that facilitates the digital exchange of data and information. Cryptocurrencies are exchanged with the help of a blockchain network. A blockchain network happens to be incredibly safe. In simple terms, Blockchain is a collection of interconnected digital blocks, which is, data of transactions and exchanges which are stored in a ledger. This information, the information that is exchanged between peer to peer in a blockchain network always happens to be authentic, tamper-proof data. Blockchain is used as a trusted ledger for transactions which are shared between peer to peer.
I am sure that you are thinking, what makes Blockchain a very sought-after technology? Well, here is your answer. The fact that digital blocks can never be manipulated, traced or even tampered with, I feel that it is very valuable, especially in the online casino and betting industries. Blocks in technology is decentralised, and it also enables smart contracts. The meaning of decentralised is, a government or a single authority does not regulate the network. Blockchain has proven to ensure complete transparency because it is a decentralised system. The players can be anonymous and can fulfil transactions without having to divulge their personal information. It also ensures very quick and fast payouts because of smart contracts. Players will no longer have to wait weeks or even months for their payment.