It’s now more perspicuous than ever that Blockchain technology is progressively creeping into every industry and in a few years to come, industries will not be able to conceptualize how the economy held up without the use of Blockchain technology. This sounds far-fetched but take a moment and look at how much the banking and payment industry has changed just a few years after Blockchain surfaced.
It’s equivocal but one thing’s clear, in a few years to come more industries will have to conform with Blockchain, if not disrupted. From cybersecurity to the Internet of Things and networking, the effect will be equivalent to how the internet affected media. However, amidst all these changes that are yet to come and the ones already taking shape, there are some industries where Blockchain has already become rooted on a deeper level, the gambling industries are one of them.
Why is the alliance important?
To fully understand why each hinge on the other, let’s recap the constituents of Blockchain. The technology provides a channel for the transfer of data in a safe auditable and transparent manner. All this is possible because it is a technology ledger that mutually depends on cryptocurrencies like Ethereum and Bitcoin. While the future looks bright for this symbiosis, some countries such as Malta, one of the major pioneers of the gambling industry, is now legalizing the use of cryptocurrencies in online casinos and the results are impeccable.
Generally, the all-inclusive complication in online gambling is that data such as winnings, payouts, and gaming results are intentionally concealed from public scrutiny. The integration of the Blockchain technology is expected to fully resolve these concerns among other issues online gambling has been facing since it premiered on the internet, there are some key benchmarks that show how Blockchain technology has affected the industry, and they include:
Accessibility, privacy and security
The list of advantages that come with using cryptocurrency as a means of transaction is a plethora. The flexibility of these cryptocurrencies has made it easier access to them. More people are leaning into gambling using cryptocurrency since they offer fast settlements, lower transaction fee and most importantly the transactions are private especially for medium transactions. The hassles of providing documents to create an account are completely checked by Blockchain technology. As a result, you can open conveniently gamble online without even registering an account. This basically means Blockchain is opening up online gambling to everyone.
Fairness and transparency
The house always wins, a saying as old as dirt. Be it as it may, it always stings when you lose your money without any ‘ups’ but some lose might not be from your unrelenting ‘bad luck.’ Online gambling platforms have been accused of using tricks and cheats to scam money right under their customer’s noses. Some online scams cases have even gone as far as being proved in courts of law which has consequently made online gambling intimidating. With the introduction of Blockchain, the verified records and publicly accessible ledger cannot be manipulated therefore increasing trust and transparency.
The traditional rules and regulations that come with traditional casino can be frustrating. The documents required and the time it takes to get verified to participate can get to you. Not to mention the limits such as the number of players and maximum stake.
Blockchain ensures you never have to provide your personal details when conducting transactions. You are probably wondering why you should protect your privacy and you haven’t done anything wrong. Well, the government isn’t the only entity that’s snooping on you. There are unsavory hackers out there trying to collect as much information as they can about you, plus most governments are not trustworthy. Lack of privacy can be used to monitor your patterns, the thought itself makes you frigid, online platforms might use them against you in online gambling.
What does the future hold for Blockchain technology in respect to gambling?
Fundamentally, it is impossible to predict the future, but we can make an almost impeachable prediction using the patterns exhibited by the industry. Blockchain has already affected many industries both positively and negatively, at its core, the technology eliminates the need to assume everything will be fine and place your trust in a third party that handles your transactions. As with many online gambling platforms, there is always a third party handling the transactions and Blockchain threatens to get rid of the later.
It sounds like an understated proposition since some of the largest corporations exist because of handling third-party transactions for a casino and other monetary organizations, a classic example is SWIFT. The current landscape for transfer of money in online gambling platforms demands an intricate web of countless small transaction fee, title investigation, and even insurance. These only exist because, historically, transfer of money has always been treated with utmost care.
Blockchain is likely to eliminate these concerns by treating each transaction as a separate entity, therefore, minimizing the need for organizations in this case casinos to provide risk and contingencies services. Consequently, the insurance sector with respect to gambling will be shaken up by the Blockchain technology.
Blockchain has already made tremendous improvements in the gambling sector by and large. The improvement is profound, but is it ready for prime time? There are obviously limitations linked with the full exploitation of the hyped tech, Jeff Stollman a renowned futurist in Blockchain tech commented saying it is still too immature to support transaction volumes enterprises like gambling platforms make. Additionally, the rules and regulations governing the technology will take years to negotiate. Other factors such as transactions per second and the governance (since members need to agree to the governance under which it operates) still need significant progress.
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