How Blockchain Technology is Revolutionizing Casino Gaming
Increase transparency and security The blockchain serves as a tamper-evident ledger of all transactions, which will add another layer of transparency and security to casino operations (offline or online), since such networks can’t be censored or shut down. It’s the perfect architecture to the world of online gaming.
Technology also enables new forms of gameplay by allowing players to tokenise in-game assets and automate payouts through smart contracts, cutting down on fraud and helping casinos adhere to anti-money laundering and know your customer laws.
Decentralized online gaming platforms
Meanwhile, decentralised gaming platforms are increasingly using blockchain technology to enable players to take ownership of in-game assets, make the whole process transparent and improve security, whilst also democratising their games – and consigning gaming fraud and cheating to history.
The second major adoption derived directly from decentralised gaming is faster, cheaper, more secure money transfer via blockchain-backed payments.
In addition to giving new ways for players to monetise in-game items, blockchain technology helps gamers gain ownership over digital assets that can be transferred around games (and even platforms) as non-fungible tokens (NFTs), enriching the gaming experience and increasing player engagement. Smart contracts automate payouts or rewards, eliminating the need for manual checking and processing and improving user experience.
Improved security
Gaming is a global industry where people from all different backgrounds come together to create lucrative profits. Blockchain technology allows for gamers to finally have a chance at ownership over their in-game assets, as well as have a voting power to shape games and their economy.
It promises players greater protection from hacking and fraud using encryption and decentralisation, and faster processing speeds of transactions with lower transaction fees – all contributing to an improved user experience all around.
Moreover, it allows gambling enterprises to operate without borders or restrictions by levelling the playing field for iGaming and attracting new customers from jurisdictions where gambling is prohibited or stigmatised. Pseudonymous accounts also help players to remain private and anonymous.
Lower transaction costs
Another of the biggest problems in iGaming is expense, for you and the casino operator. Huge transaction fees are super commonplace with online gambling, both worldwide and between different countries. With blockchain casinos, there’s more than one way to deposit and withdraw, for cheaper.
Moreover, payments made through cryptocurrencies can often be confirmed in a matter of seconds, appealing to casino players who are accustomed to waiting for days to cash out from more conventional gambling sites.
Transparency, for instance, is one of the most cited trust drivers from casino patrons, who want to make sure that the games are not tampered with. Blockchain allows every transaction and game result to be verifiable by all players; provably fair gaming algorithms guarantee that game results have not been tempered with by external parties; transparency ensures all games are played fairly between players, encouraging trust and retention.
Increased transparency
They are breaking new ground in areas such as ‘trust’ and ‘fairness’, giving developers the opportunity to create new games that can bring an entertaining experience to players, cutting out the middle-men and the transaction fees that they typically take. As a result, this benefits both the casinos and the player with reduced costs.
They include creating an inviolate record of transactions, which prevents fraud while facilitating regulatory compliance; audit functions, which make processes more efficient and bolster safeguards against data breaches; smart contracts, which could automate monitoring and remediation.
Through blockchain technologies, online casinos can manage withdrawals and deposits almost instantly and without months-long backlogs. That helps the customer service, but it also dramatically increases the market – especially as two-thirds of the world’s population lives in places with one type of restrictive gambling policy or another. And players can use the winnings as cryptocurrency as well, without paying transaction charges.
Innovative gaming experiences
Most online casinos have a central server, making them vulnerable to hacking; the records created with blockchain technology are shared on millions of computers, making it impossible for even large hackers to tamper with any part of it, thereby making gaming more transparent, reducing the transaction cost, and providing a safer gambling experience for its users.
Blockchain-based casinos are also transparent due to their openness and universal access (anyone with an internet connection can play), and player bases are opened up without borders while new markets for the casino operators are revealed.
The biggest advantage to Blockchain gambling is the ease with which it can be checked who made the winning combination of cards or whatever the site has. Obviously, the player wants to be certain they made the payment, and the reverse side of the deal is that the casino has to pay up, so manual processes need to happen which slows down payouts. via PixabayRemoving these verification steps and making the process faster removes a big pain point for gamblers, as well as increasing their confidence in the site – or at least it does when using Non Fungible Tokens (NFTs) from games/ platforms.