Blockchain To Benefit the Online Casino Industry

Priya Khan - 11-03-2020

Blockchain To Benefit the Online Casino IndustryThe biggest known benefit associated with blockchain technology is without a doubt security. The anonymous and digital nature of currencies like Bitcoin has made the technology especially suitable to any industry reliant on the sharing of certain personal information coupled with the necessity of performing online banking transactions. Which really explains in a nutshell why blockchain technology is a perfect fit for the online casino industry.

But not only does blockchain fit the industry like a glove; it also has the capacity to bestow a world of advantages on the competitive global online casino market. The dividing line as it stands at the moment appears to be that of blockchain regulation not yet having caught up to iGaming. But as more and more operators and service providers begin to incorporate cryptocurrencies into their everyday business operations, the dividing line is fast beginning to fade away.

Understanding The Connection

In order to understand why blockchain technology has the capacity to completely overhaul the entire way in which the online casino industry goes about its business, one must first gain insight into exactly how the technology works at its own core.

What blockchain basically brings to the table, thanks to its own independent make-up, is a combination of transparency, speed, privacy/security and compatibility. And just by listing the characteristics/advantages of blockchain technology, it becomes immediately evident exactly why crypto and iGaming is a match made in heaven.

Players Want What Blockchain Has

Transparency has gained a great deal of traction in online casinos during recent years. Players (and regulators for that matter!) are no longer willing to engage without the benefit of a hindsight of sorts. For this reason, most online casino operators have started to make available full player histories, i.e. pay-out histories, total spend over the course of a specified period of time, a history that details game-outcomes, winnings and losses for a specified time-period and also the average of all bets placed. Blockchain technology is especially suitable to this particular culture of disclosure and this transparent approach is a perfect fit for the iGaming industry.

Another very crucial argument for consideration is that of speed. Cryptocurrency transactions are not only much safer, but also a great deal faster, than what is the case with transactions completed via traditional online banking methods. The element of speed, coupled with privacy and absolute online security, is what makes blockchain to be the undisputed future of iGaming.