(GLOUCESTERCITYNEWS.NET)(JUNE 6, 2020)--Blockchain is a growing list of records which are commonly called as blocks and linked using cryptography. It consists of a cryptocurrency wallet that supports currencies like bitcoin and Ethereum. When bitcoin was introduced, nobody could even imagine how this digital currency can change the rules and regulations of the whole world. Blockchain is the new emerging technology in the gambling business that covered several fields of life with such a rapid speed that no one knew the future of blockchain in the gambling and betting business would be superb. The use of the blockchain is increasing day by day in casinos as well as in every field of life such that you can even play snooker and many other different games only by sitting at your home and you will be amazed to know that there is no need of your physical appearance in the casino just because of blockchain. This chain is going to cover every sector, and every business of this world similarly in this evolving world, the business of casinos through the blockchain is totally revolutionaries.
Blockchain in casinos:
The implementation of blockchain in the casinos would not be an easy step for the players as well as for the casinos' owners. But the increasing interest of the people to play through the home, diversely increase the use of blockchain in the casinos. Many casinos in the world initially take the step to introduce blockchain in the casino, and King Billy Casino in Australia is also one of those casinos. The best thing that attracts the casino players towards the blockchain is transparency as it’s a transparent process. However, there are some problems that are being faced by casinos, and today, they are facing the issue of trust between the player and the house. The player does not know what is behind the interface, no matter how much the casino is reputed the chances of some fraud always there, depending on the casino's rules and regulations. Furthermore, we are going to discuss here some of the effects of the evolution of blockchain in the gambling industry, which are as follows:
1- Transparency and Trust
One of the main impacts of blockchain in the casinos and gambling industry is transparency and trust. You don't know how the casino houses do fraud with the players through different methods to make money, and this is the point where blockchain brought changes. Yes, blockchain not only boosts the trust but also creates confidence in the customer so that they can bet by knowing that there is transparency in bet. As blockchain smart contracts verify records on share ledger.
2- Reduce Fraud
Another problem that is being faced by the gambling industry is the Fraud that causes a significant loss for the customers. Hackers can hack the casino system and resultantly cause enormous damages to the customer as well as to the casino owners. Well, with the advent of blockchain, that is no more an issue for the casinos as the blockchain distributed ledger makes it an impossible task for the fraudsters as the winning amount would automatically be calculated and sent to your blockchain wallet.
3- Reduce House Edge Cost
Blockchain not only reduces frauds and provides transparency, but it also lowers your expenses. Yes, you are reading right, the house edge is the percentage amount that casinos take from the players for the survival of the casinos. Because of the advent of the Blockchain, some of the tasks that are being done by humans are now fully automated. It will significantly reduce charges associated with gambling transactions, hence enabling consumers to maximize their profits.
Blockchain is a technology that provides a decentralized structure to ensure security as well as consistency and also allows anyone to become a member of the casino. Moreover, Blockchain casinos enable users to fund casinos against the percentage of the profits they gained.
In the past, casinos were very strict in terms of registering yourself as they ask several things from you like documents and several verifications. That would become a lengthy and headache process for the customers. But with the invention of the blockchain and the anonymity of the blockchain, there is no need to share personal information when doing transactions. This aspect prevents customers from hackers and frauds.