How Blockchain Technology Is Changing The Online Gambling Industry
Now and then, new technologies keep emerging that threaten to disrupt the existing status quo continually. One of the best illustrations of this disruption is the Blockchain technology. Other agents of disruption are autonomous systems and artificial intelligence.
Blockchain is an immutable internet-based ledger system that serves to keep records of data/transactions. This is possible with a series of interconnected computers that make the entire system decentralized.
In the gambling industry, a lot of sites like http://gmblsites.com is utilizing the blockchain to its full potential and making it easier to place and cashout from a bet more than before. The newer function of blockchain-like improved ID verification is also one to reckon with.
The Benefits of Blockchain Gambling Technology
The coming of the distributed ledger technology (DLT) and blockchain have a huge role to play in altering many defective thought patterns about the technology. Let us look into some of the reasons why this technology is indispensable to online gamblers:
Blockchain is a very transparent system that records all the actions you take on its platform. So you can be sure of always seeing the payout of your casino, outcome of a game, the amount of money you won, and the amount of bet that you placed. Indeed it is a highly transparent system.
Provably Fair Games
Blockchain also features provably fair games in addition to its immutability and transparency. This means that you can check the payout of a game. It is indeed a plus for online gamers playing online slots Canada because it makes gambling smooth and exciting.
speed at which blockchain carries out its transaction can be likened to the speed of light. But then, the precise rate you’ll be dealing with is a function of the cryptocurrency. It is a common knowledge among online gamblers who are familiar with Blockchain that Bitcoin casinos are slower than Tron and Ripple XRP casino.
One other reason to use blockchain when gambling is the ability it affords you to hide your identity. This function is possible in blockchain because it provides you with a wallet address that you’ll use to fund your wallet. Particular websites give you this service.
For the last five years, the internet continually witnesses the steady growth of online casino games that use bitcoin in their transactions with their customers. Many of these companies are now adopting holistic methods for developing and using blockchain technology for gambling. They include:
TruePlay has built her business-to-business distributed ledger technology platform that would offer you games that you cannot fake as a result of small contracts and blockchain technology. This company has earned an excellent reputation because of its transparency. It is transparent to everyone that makes use of the platform. All parties involved in a transaction can see the transaction results.
Funfair is another company that has a similar modus operandi with TruePlay. It provides its players with a white label casino elucidation with the aid of the blockchain technology. True to its name, it is fair and transparent. The company also has its token that controls all parts of the platform. You can utilize this token to play games when you are on the platform.
Augur is one big innovative platform that incorporates high-end blockchain technology to drive gambling activities. This platform is entirely decentralized, and it depends on Ethereum as its cryptocurrency. It is typically a betting exchange system, but you can create market predictions with it.
No doubt blockchain is the future of transactions. Even though this technology is still very nascent, we already see its ripple effect.
It is our own opinion that some obstacles still need to be overcome. One of them is the worldwide regulation of cryptocurrency. Most governments are still undecided about them, and hence the delay in its implementation.