Online gambling is a flourishing industry with its own set of bottlenecks. Trust has always been a key issue in the gambling and online casinos sector. Certain details like the payouts, winning frequencies, calculation of odds, lack of transparency in funds received, and flows in the protection of personal data are often subjects of apprehension. Furthermore, issues regarding anonymity, House Edge costs, payout processes, and security are adding up to the ambiguity of the players’ desire to participate.
Benefits of Blockchain for Gambling Industry
As a distributed database, a blockchain-based system can be used to verify and secure all sorts of digital data, including in-game history, digital items, and tokenized assets. Elimination of intermediaries like banks and the introduction of smart contracts, has sorted out issues related to delays in the processing time of payments and withdrawal.
Additionally, Blockchain ensures transparency, because it is a decentralized system and solves the trust problems as it provides full coverage of the action records. Another great benefit is the insurance of privacy and anonymity. Players can now transact without diverging their personal information.
Blockchain Use Cases in Gambling:
- Decentralized Payment Methods – The ability to gamble with cryptocurrencies solves most problems associated with the online usage of traditional currencies as blockchain tokens are cheap and are performed extremely fast.
- Digital Identity – If you have to register somewhere, you can save your personal data once and use this universal identity.
- Provable fairness – The fairness of the games is guaranteed by smart contracts.
- Protection of personal data – Blockchain technology provides the best security currently available in the digital world due to high levels of encryption and decentralization.