Blockchain has revolutionized the casino world. Many of the online casinos featured on Winvio work with blockchain. They provide the customers the ability to instantly withdraw funds and offer products from iGaming developers. In addition, blockchain casinos have secured payment services, inaccessible to third parties. The widespread acceptance of cryptocurrencies in online casinos has made it easier for gamers to bet freely and securely.
Blockchain doesn’t need an introduction to online games. It’s a decade-old invention that has penetrated the market with its innovative and decentralized influence. However, trust on gambling sites has been the hardest pill to swallow for many gamblers. With blockchain integration, the procedure concerning user bet reports and custody of wallets has been resolved with a user-only function in every service. Here are some more things to know about blockchain in casino:
Secure Gateway for gambling sites
As for money withdrawal, this has generally been a classic method of scamming a player. Fraudsters refuse to payout players but continue accepting bets and deposits. But thanks to the blockchain, it became possible to conduct millions of secure transactions between online sites and players. This means eliminating intermediaries like banks and also solves the problems of payment delay.
The long procedure that demanded sensitive information and credentials has gone out of time. The extra information that was conditioned to users because of the centralized function of flat money has also been dissolved with the rise of blockchain. As a result, the value and ease of exchanging cryptocurrency has drastically increased.
The popular notion says that using blockchain transfer is 70% faster than traditional wallets and transfer modes. Also, it saves gamblers from the extra bank charges and tenacious currency exchange rates that gave a big way for geo-economical factors to play a role in gambling.
Efficient and Trustworthy
In a blockchain casino, the actions of the players and casino are registered in an unchangeable public registry. Thanks to smart contracts, payments are made automatically, and casino owners will not be able to prevent this.
In addition, the player can check the real solvency of the casino at any minute. Let’s explain how an honest algorithm on the blockchain looks like. In an example, a sequence of pseudo-random numbers is generated. It will set the outcome in the upcoming game. The sequence ends up in a temporary storage where the program generates a hash of the entire sequence and writes it to the blockchain.
When the game begins, the algorithm retrieves the results from the repository and enters the game. So the player sees how the ball gets into a certain slot of the roulette table. At the end of the game, you can double-check all the pre-generated results. That is why blockchain is a sign of quality and a good reputation for any casino.
Blockchain: The Advanced Future
However, undeniable advantages come with disadvantages, meaning everything isn’t fine and dandy. The first problem is scalability, and the second is storing and synchronizing the transaction database on each computer on the network. The base volume will increase daily requiring additional capacity and consuming a large amount of electricity.
And there are many risks because of the very high volatility and legislative restrictions in many countries. Today, all online casinos use blockchain technology in their activities to demonstrate their transparency and accountability to prove their honesty towards the players.
One more point in favour of blockchain is anonymity. While traditional financial institutions require a large amount of personal data, blockchain transactions use a much smaller amount of this information. Note that blockchain networks are decentralized and operate on equal footing. As players pay more and more attention to confidentiality and anonymity, the use of cryptocurrencies for payments is designed to increase the attractiveness of the platform.
Post source: Blockchain is Changing the Casino Industry