4 Ways Blockchain Technology Is Improving the Gambling Industry

People can’t even imagine how lucky they are. Living in the 21st century is an amazing thing because you have access to different types of technology. All the businesses from different industries need to apply technology to their business operations because that is the only way to remain competitive.

We are sure that you have heard so far about blockchain technology many times. However, for those that are unfamiliar with this term, we prepared a short explanation. It is a type of modern system that ensures all the information is hard or even impossible to hack or change. Because of that, many businesses decided to use it and boost the security of information their customers share with them.

In most cases, people that are familiar with this technology will connect it with digital currencies. However, this is not the only place where you can see its presence.

Did you know that blockchain technology is improving the gambling industry as well? This is probably an amazing thing for all the people that are big fans of roulette, poker, slots, and other gambling games. Unfortunately, only a small percentage of people truly understand how blockchain actually impacts their favorite activity. That is something you are about to find out. By describing the influence of blockchain on gambling, there is a big chance your desire to enjoy different games will become even bigger. Let’s go!

The Transparency Level Is Improved


It is not a secret that many people didn’t trust gambling sites. The reason for that is simple – they need to share some personal data with the website, but they are not sure whether their data will be safe or not. However, with the improvement of blockchain technology, the problem of that type no longer exists.

Blockchain technology ensures a higher level of transparency. In other words, all the transactions made between the gambler and the gambling site are immutable. They are recorded forever thanks to that system, and there is no chance they can be hidden.

Let’s make things more clear for the gambling fans. Whenever you want to deposit money or withdraw the money you earned, these transactions are going to be recorded.

Logically, this only counts if you find a casino that accepts crypto-based payments. Both players and gambling sites started to be aware of the benefits they can get. Because of that, you can find a lot of online casinos that will gladly accept this type of payment option. You may want to check to get a closer look at some casinos that may deserve your attention.

On the Other Hand, Users Now Have Privacy


Yes, you probably now think “how is it possible that blockchain technology ensures transparency and anonymity at the same time”. Believe it or not, something like that is possible, and that is probably the main reason why more and more gambling sites are deciding on using blockchain technology.

Let’s say that you decide to gamble on a regular gambling site. Even if you don’t have to provide personal data such as name, address, and other stuff, you will need to provide credit card information and a bank account. However, if the casino is using blockchain technology, that will be completely unnecessary.

We know that many gamblers have a problem with providing sensitive data such as home addresses and financial information. With the newest technology, all you have to do is to provide a username and your crypto wallet. That will be enough to deposit money, withdraw money, and enjoy the games. Doesn’t this seem amazing?

The Security of Gambling Sites Is Better than Ever Before


Of course, the online gambling industry would not experience popularity growth if the gambling sites can’t guarantee safety. Many players are aware of that, but they also know that certain issues can occur. Keep in mind that everything that becomes popular online also becomes a target of different hackers. Indeed, some websites are a complete scam, and you should play gambling games only on those that come with a license and have a lot of positive reviews.

Yet, even if the casino is reliable, raising the level of security can’t be bad. That especially counts when we talk about blockchain technology. Benefits of this technology are available to both, players and gambling site owners. It comes with security features that will protect every transaction. All the details of the transaction that users make are encrypted. That means all the data are only visible to parties involved in the entire procedure.

Despite that, it is good to mention that each transaction comes with a specific code. Whenever someone tries to change some data of the transaction, the code changes, which makes it impossible to hack. Online casinos like this opportunity because it allows them to keep their reputation. On the other hand, players love it because they feel safer.

Everything Functions Pretty Quick


Players that are participating in the gambling industry for many years know how tough it was to verify the identity. People often had to go through a couple of steps to confirm who they are. Despite that, they also had to wait for a decent amount of time to get the money they earned. Plus, even today, there are certain fees people need to pay in order to get the money they honestly earned.

All these problems do not exist if the casino itself is using blockchain technology. Just as we said, providing personal and financial information is no longer necessary. Despite that, when you make a crypto transaction, you can get your money for a couple of minutes (in the worst case for around an hour and a half). With traditional money, you will need to wait for the banks to approve your transactions, and that can last for a couple of days. Keep in mind you can’t get your money during the weekends and holidays.

To make things clear, your overall gambling experience will improve. You won’t have to wait for days to get your money and you can create an account with a couple of clicks for less than a minute. This makes things easier for all the people that don’t want to deal with additional steps.

Written by Philip Goguen

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