Blockchain technology is a truly revolutionary concept, and it’s one that looks set to leave its mark on the world of online gambling – if not the world at large. Undoubtedly capable of making the industry fairer, more transparent, and more trustworthy than ever before, it could well do great things for internet-based enterprises and those who use them…
What is blockchain technology?
Source: Max Pixel
In the world of business, one word that we’re stumbling across with ever increasing frequency is blockchain, yet a concerning number of us still fail to grasp what this means. Essentially, blockchain is a continually growing list of records – or “blocks” – which are linked together and secured using cryptography.
Capable of impacting a huge number of industries, blockchain has a great degree of potential within the online gambling sphere. Enabling vastly increased transaction speeds, it means that traditional deposits and withdrawals, which typically take between three and five days, can be replaced by much quicker processes, hugely benefitting the average player.
More than this, blockchain could make the internet gambling sphere a much more trustworthy place for those who want games that are provably fair, which is why an increasing number of sites such as Gamble.io are springing up to accommodate this demand. Ensuring unfailingly fair operation and complete transparency – on the part of both the casinos themselves and potentially malicious actors – blockchain technology might just be exactly what clued-up players are looking for.
Opening online gambling up to everyone
Source: Max Pixel
Blockchain has numerous technical benefits for those who enjoy a spot of online gambling, but its boons go beyond improved safety and ease of use right through to increasing access for all. Unlike the old school banking industry, which has a way of limiting participation, cryptocurrencies ensure that anybody with access to the internet can play.
Not only can play, but do. Removing the need for middlemen who push up costs and add additional charges at every opportunity, this new technology guarantees both efficient and direct transfers, which is arguably better for all.
The result is that an increasing number of blockchain friendly platforms are springing up in the gambling arena, with many reputable operators taking the plunge and developing systems that facilitate cryptocurrency payments.
This is a trend that is only expected to strengthen as time passes, with an ever-growing number of tokens that can be utilised across more than one platform being developed in response. Making it quicker, easier, and safer to play, these will likely have a huge impact on cryptocurrency uptake within the gambling sphere in the months and years to come.
Moving forwards
It’s fair to say that the online gambling industry has grown exponentially in recent years, due to the ongoing transference of traditional sectors onto internet platforms and the increased ease of use this has facilitated.
Despite this, certain problems have remained – ones that have created a degree of suspicion whilst also barring entry to many. Could a way around these have now presented itself in the form of blockchain technology? In our informed opinion, the answer must surely be “yes”.
