Why the gambling industry needs blockchain?
Looking closely at the gambling industry development, we are able to notice a continually growing market. According to statistics, this kind of entertainment’s enthusiasts, in the following year alone, will spend nearly 130 billion dollars in casinos around the world. It’s 15 billion dollars more than in 2016.
As we can see, the stake is very high. Unfortunately, increasing amounts flowing into this market have not work well for the benefits of users. Software used by casinos allows their owners to manipulate the game regarding their own interests. In such cases, players are in a losing position.
However, where the big problem is, there also has to be a solution. Blockchain technology, for the first time in the history allowing users to have full insight into the course of the game, comes in handy. Thanks to fully transparent digital register and widely available block explorer, everyone can be sure that the game is following the rules.
One of the key aspects of gambling, is randomness. Centralized casinos’ systems are being programmed in a way that make randomness practically non-existent. Casino users who believe in their luck might be disappointed knowing that in the systems controlled from above, fluke is completely meaningless.
Blockchain restores reliance in casinos
When the system is based on blockchain, there is no longer a need to trust an unknown casino owner and believe his honorable intentions. Open source available on the Github website is one of the advantages of BlockStamp blockchain on which Chain Casino is based. Such a transparent solution can finally be trustworthy.
Just as everyone has an insight into the Bitcoin code and can learn the rules of its functioning, so everyone can verify online casino system based on the decentralized ledger. Considering technical issues, BlockStamp is BTC’s hard fork and works on a similar terms. Own, separate blockchain enables greater scalability. Detailed informations on this subject can be found in the project’s whitepaper.
In addition, the distributed system offers its users a much greater level of security. When we make a casino deposit, we hand-over the control over our money to its owner or the payment intermediary. Even if the casino is fair, one central point means attack vulnerability. In the case of blockchain, all funds are stored in a digital wallet, accessible only to its user. Therefore, when we deal with decentralization, the risk of attack is eliminated completely.
From the user’s point of view, anonymity is also an important matter. Traditional casinos require advanced user verification in most cases. They often demand document scans (such as IDs or passports) and disclosing other sensitive data, reasoning it with arbitrary regulations. Despite extending the registration process and being burdensome for players, it also creates additional danger.
Documents and data stored by casino administrators are not always secured properly which often leads to stealing them. In a distributed network, where there is no single, attack-susceptible central point, we maintain much greater level of security and we can remain anonymous.
Users participation can provide platform a solid advantage over competitive solutions. Due to the fact that Chain Casino operates in an open source model, everyone can run their own node and share their own game. This is likely to encourage other people to use the platform.
Blockchain enhances the availability of casinos
What is also worth paying attention while considering the use of blockchain in the gambling industry, is government introduced regulations. Renowned online casinos which have gained multitude users over the years, are currently facing serious limitations. In many regions, they are simply illegal.
Unfortunately, in the light of these changes, dishonest people see their chances in operating the black market games. Players who use such solutions can’t be sure if their funds will ever be paid out. Blockchain gives a full control and enhances casinos’ availability everywhere, where it would normally be impossible.
According the fact that in most cases casinos use payment intermediaries, transactions are often significantly delayed. At a time when saying ‘time is money’ is more accurate than ever, the speed of deposits and withdrawals is of great importance to users.
Blockchain is a better transaction system
Using the casino based on blockchain and operating in accordance with its own cryptocurrency, transactions are immediate. Lack of brokers also means lower fees, therefore the greater part of the funds goes to the players’ wallets.
When we look closely at the benefits of applying blockchain technology, we clearly see that gambling is the industry that needs it most.
We invite you to test the Chain Casino platform, currently available in the desktop version. Soon there will be browser version launched, which we will also inform about in our channels. We encourage you to participate in the discussion and share your insights about the first online casino operating its own blockchain.
