Ever since the introduction of the blockchain, the online casino industry has seen a great deal of development as more people shifted towards the online casino due to its strengthened authentication.
What is Blockchain?
As the name suggests, blockchain is literally the chain of blocks. That is the blocks of digital information stored in the chain of a public database. A block is nothing but a piece of digital information, and the chain is the public database. The blockchain has three main features of functioning. Here they are.
- Blocks have the job to store information about transactions such as date, time and amount of money of your most recent purchase.
- Blocks also gather information about who is participating in transactions to introduce more clarity. A block keeps the records of the buyer, for example, a block will record the name of the buyer along with a website where the purchase. So instead of using the actual name of the buyer, a block will register the buyer’s signature name with the website’s name which is a kind of website username.
- Blocks store information that other online record books usually don’t have. Each block has a unique code which distinguishes it from all other blocks. We have names blocks that have unique codes that help to identify them separately. A single block has the ability to store up to 1 MB of data.
How Blockchain works?
The blockchain is so popular for its attempt to revolutionize several industries. Various blockchain applications are doing great in order to make the online casino industry much more trustworthy. Blockchain keeps a record of every single bet initiated by the player, all the information of payouts, transactions and all these aspects are kept in the record book of blockchain.
Trust has been one of the main issues of the gambling industry which needed to be looked at. Gambling sites quickly understand the need of the hour, and thus, blockchains have become a trend in the online casino industry.
Blockchains don’t just secure payments and transaction processes; it also protects the players’ personal data.
Blockchain technology also resolves two of the major issues that the online casino industry used to face worldwide. Online gambling makes up 25% of all gambling revenue, and now when this online casino industry has become a 5 billion industry, blockchain was introduced to resolve issues that online gambling was facing. The two main issues were money transparency and scammed online casinos.
Money transparency meant to make the online casino industry much more trustworthy for the player, so when a player puts his money on the line, he or she must believe it is a fair game. Blockchain decentralized the game which made transactions and payments much safer as data is always kept safe under blockchain applications.
The other major issue that online gambling was facing was multiple scam websites; most of them were parody versions of verified websites. Blockchain provided a great solution to all the scam issues. Casino sites use blockchain applications to prove their authentication and legacy.
Many gamblers overlook the fact that playing at a casino is a type of major mathematical disadvantage and they have very little chance of winning in the casino in the long run. There is a term “house edge” which states the percentage of money that players consume while playing and this fixed percentage of money is what casino take from players. The more you play, the more you lose at a casino; however, that is not really the case in the short term, this is where playing smart at a casino comes handy.
There are multiple factors that can benefit you while gambling online such as promotional offers, jumbo bets, gift certificates etc. Blockchain makes the entire process of online gambling much more subtle which reduces the chance of losing in the long term. Blockchain provides “zero edges” protocol which increases the transparency in the money transfer, and it also avoids delays the fee deposit or payouts to the players and casinos. The “Zero edge” protocol allows players to keep their private information secure while paying and this makes the whole process extremely safe. Zero edge technology is one of the most used features of blockchain and without a doubt, it is one to look forward to in the coming future. Blockchain has made the experience of playing online casino games very safe to play with the constant innovations in blockchain applications. It is safe to say blockchain has come as the messiah for the online casino industry.
