Considered as one of the fast-growing markets, gambling has been evolving exponentially with every new technology over the last decade. Today, dozens of gambling startups are targeting the blockchain technology in order to implement it. Some entrepreneurs claim to “disrupt” the gambling market and use all the “crypto buzzword” for just marketing. However, other blockchain gambling startups are eying the distributed ledger technology because it is solving most of the problems in today’s market.
Lack of trust:
One of the biggest problems with online gambling is the fact that no data is provided. In other terms, most of the results, winnings, and payouts are hidden from public scrutiny. Many Online Casinos had been accused of using tricks and scam in order to steal money from customers.
Obviously, this had an effect on trust. This is where blockchain can be the best solution. The introduction of this technology makes the lack of trust issue absent since smart contracts verify records on a shared ledger which cannot be manipulated. Thus, customers can be with confidence because of the full transparency and accountability given.
Bad user experience:
In most cases, submitting individual documents is required. As a consequence, the process of validating an account or even using is quite long and time-consuming.
As an alternative, the blockchain technology has an anonymity feature. Users are not required to give personal information when conducting transactions.
Most Casinos Online are region-restricted. As a matter of fact, you can not be in Tunisia and have access to the Casinos Online. However, through the distributed ledger technology, this is possible almost for everyone. As a consequence, some gambling platforms are now enabling users to pay with different cryptocurrencies. Moreover, this payment method is considered cost savings for casino websites, which can improve profit margins.
Online Casinos are considered as the most targeted websites to hack. As a result, the hacker can have access to important information such as that credit card number. In this case, the blockchain technology is the best fit. It provides the best security due to the high level of encryption and decentralization involved. The information is spread across multiple nodes on the network, and, notably, encrypted on each. Consequently, this makes the network not only secure from a single point of failure but also almost impossible to hack.
Unlikely, most of today’s platform of gambling does not allow you to withdraw money easily. Wins money can take several days to process even if the amount of money is low. The use of high technology is the best tool to make all the withdrawal of winnings is quick and limitless.
One of the majors loses in the online gambling industry is online fraud. The player can defraud the operator when making a deposit or withdrawing money from the casino. Sometimes, it’s even worse. Eventually, through the servers’ hack door, fraudsters can hack the casino’s system through the servers’ back door. Blockchain gambling provides secure ways of transactions thanks to smart contracts. It’s a quite impossible task to manipulate anything in the system. Basically, your winnings are calculated and sent to you automatically.
Blockchain gambling: in a nutshell…
With expectations to surpass $50 Billion, the online gambling industry is one of the most promising industries. However, gamblers are subjects to several issues such that regional-restrictions, time, manipulation and even hack. On the other hand, gambling websites are also under the threat of fraud, hacks and huge monetary transaction fees due to third-parties. Nevertheless, hope is existing! blockchain technology has great potential in order to revolutionize the gambling industry.
From a blockchain enthusiast perspective, the creation of such blockchain gambling platforms will have a huge effect on the adoption of the use of cryptocurrencies.