Blockchain is one of the hottest topics in tech today. It promises to revolutionise a range of different industries and sectors and usher in a new dawn for online payment processing, internet security, and digital ownership.
The online gambling industry has always been at the forefront of emerging technology – innovation is what makes big names like 32 red mobile casino stand out, but do they really need to tackle blockchain to continue to do so?
The sector at largehas been tipped to be one of the most suitable for blockchain integration. Let’s take a closer look at what blockchain is and discuss what it could mean for the future of online casinos.
What is Blockchain?
Before we can discuss how blockchain will shape the future of online casinos, we first need to define what exactly blockchain is.
Blockchain platforms are digital ledgers where actions can be stored and recorded. The platforms are decentralised, which means they are not controlled by an overseeing body, actions are instead conducted peer-to-peer through a network of interconnected computers.
The most common use for blockchain is for cryptocurrency payments, where transactions made using these digital assets are stored on the blockchain and secured by cryptography. While crypto is certainly the most popular use for blockchain, the platforms can be used to store any kind of digital information, such as legal contracts or inventory logs.
Actions are stored as blocks, which are then validated by other users on the platform. After verification, blocks are added to a long chain of all previous actions. Blockchains are transparent and visible, making them perfect for reducing the risk of fraud and cybercrime.
Blockchain technology has been adopted by a number of different businesses from a wide range of industries, including fintech, ecommerce, and insurance. How is blockchain technology changing and shaping the future of online casinos? Find out below.
New Casino Games
Perhaps the biggest advantage online casinos have over their traditional physical counterparts is that they can offer players a significantly larger selection of different games. In the past, players were limited to the games present at a particular casino. Now, online casinos can have hundreds, if not thousands of different titles, from live dealer poker to the best online casino table games.
For an online casino to stand out amongst the competition, it must be constantly updating and adding to its portfolio of titles. Blockchain technology has given rise to a number of new and exciting casino games that are unlike any we have seen before. Blockchain games can have innovative mechanics and unique prizes, with players able to wager in and win things like crypto or even NFTs.
As the technology continues to improve, we can certainly expect to see more blockchain-based casino games appearing in the future.
Additional Payment Methods
Online gambling is all about convenience. Players want to be able to enjoy their favourite games from the comfort of their homes. Accessibility is key, and operators must strive to ensure that there are no barriers that could prevent a player from accessing and enjoying their platform of choice.
Players will usually use things like debit cards, credit cards, or bank transfers to add balance to their accounts. However, these can often incur transaction fees and may take several days to process, particularly for withdrawals. This can discourage players and break the sense of immersion and engagement.
By using blockchain technology, online casinos can offer players additional payment options that have a number of advantages over more traditional alternatives. Crypto payments, for example, are conducted over the blockchain and have reduced transaction speed and near-instant processing times.
Improved Security Benefits
Security is crucial for online casinos. If your platform is not secured and your players are not adequately safeguarded, you could leave them vulnerable to attack from hackers and cybercriminals. This will severely impact the reputation of your brand and could even result in you facing legal and regulatory penalties.
When players create an account to deposit and withdraw funds using traditional means, they will have to divulge sensitive personal information such as bank and contact details. This information is an attractive target for scammers, who will attempt to compromise systems and steal customer details, a situation known as a data breach.
By using blockchain technology, online casinos can provide players with significant security benefits. The tech’s anti-fraud capabilities make it perfect for companies that deal with a high volume of customer transactions, and the added safety will only improve the reputation and image of your brand in the eyes of your players.
Conclusion
Few technological developments have captured our attention and imagination as much as blockchain. These advanced, decentralised platforms are set to change the face of a range of different industries, with the online gambling sector being no exception.
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