The gaming andentertainment industry is a multibillion-dollar business with an endlessappetite for the adoption of new trends and technologies. With digitaltransformation, one key trend that is slowly disrupting the space is the casinoonline which has much lower costoverheads compared to land-based casinos.
A number of onlinegaming sites have risen to prominence in recent years and provide gamblers withattractive deals and bonuses while providing immersive content online.
Recently, live casinoshave surged in popularity where players can wager their money on games such asroulette and poker which are hosted by real dealers and streamed into theircomputer screens. This happens in real-time. This demonstrates how casinobrands have become early adopters of many technologies and how severalplatforms have adopted this live-streaming option. Another popular trend thatonline casinos and gambling sites have adopted is that of using block chaintechnology.
Blockchain is basicallya digital, decentralized ledger system that helps solve a lot of problems facedwhen carrying out transactions online.
This is particularlyuseful in the gambling industry as bettors and gamblers can play freely owingto the trust and transparency inherent to blockchain. Blockchain-based onlinegambling platforms are totally decentralized and free of external, third-partyinvolvement. Punters are therefore fully aware of what is going on. The fundsare deposited directly into smart contracts with zero concerns about middlemenor security lapses. Moreover, players can be rest assured that they will gettheir winnings.
Blockchain is basicallyan online, distributed ledger system that no one person controls. It is builtaround a P2P system that enables storing data globally on thousands of serverswhile allowing anyone on this network to see others entries in real-time.There is no single authority that controls Bitcoin and the system is fullytransparent and trustworthy.
The reason whyblockchain is ideal for online gambling is transparency. Transactions donttake place in a black box. All gaming transactions like wins, losses andpayouts are recorded permanently on the blockchain ledger.
This benefits both usersand casino operators. There are instant payouts and since the transaction usesdigital tokens rather than fiat, it eliminates the use of sensitive credit cardinformation or bank details online. Additionally, operators can also bake inregulatory compliance. For instance, if there is an upper limit on the valuethat the resident of a particular country user is allowed to gamble on, thenthis can be coded in.
One highlight of blockchainfor casinos is provably fair games as well as immutability and transparency.Players can check the payout of a game. Additionally, the transaction speed isextraordinary.
If you take a close lookat dApp numbers, you will find that some of the most popular dApps are gamblinggames. dApps or decentralized apps are self-executed open-source software thatare built to use blockchain technology with a series of trustless protocols.
Additionally,blockchain-based gambling sites can enable a reduction in transaction-relatedcharges. A large portion of the overhead cost involved with starting andmaintaining an online casino is quite expensive. One has to factor in licensingfees, transaction costs, merchant payments, compliance costs and taxes.
Using Blockchainsautomated functions previously carried out manually, it reduces many of theoverheads associated with transactions.
Blockchain is slowlymoving the world towards an environment where businesses and consumers cantransfer any assets and have agreements in place without the need of athird-party auditor.
There are multipleapplications of blockchain across sectors but gambling is one where it willhave a revolutionary impact. In future, it will disrupt the gambling and casinobusiness in a huge way.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.
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How Blockchain is taking over the internet gaming industry - Omega Underground
