How blockchain technology is disrupting gambling

The concept of blockchain is as old as 1991 but it came into limelight after Satoshi Nakamoto published a whitepaper on it in 2008. As of today, there are as many as 3,000 blockchain companies listed on AngelList, and blockchain and cryptocurrency is one of the 6 most desirable industries for U.S. job seekers.

Given the immense popularity of this technology, still, only 50 million people in the world are using cryptocurrencies. On the other hand, a survey by Deloitte suggests that 26% of companies plan to invest between $1 million and $5 million in blockchain technology. Only 5% of companies are not ready for any blockchain investment, and this clearly shows most of the people can recognize the advantages this technology brings to the table.

Creeping slowly into our lives, the presence of blockchain is deeper in certain industries, and gambling is one of them. Malta, a country known for its gambling sector, is planning to legalize the use of cryptocurrencies in all online casinos. Currently, they are exploring the best options to pursue this idea as blockchain promises to revolutionize this particular industry.

The ease brought by cryptocurrencies

The foremost advantage of using cryptocurrencies is that the user can play anonymously! There is no need to hand over copies of documents or even create an account, but it varies according to the regulations of the platform.

Apart from this, the smaller transaction fee and real-time deposits have also made cryptocurrencies an ideal choice for participants. They have also facilitated the low-entry barrier for novice players encouraging small and medium movements.

Fair and square

We all know that the house wins as the casinos are reluctant to part with their money. That is why casinos are built – to generate immense profits in the long run. There are cases when the winners have to wait for weeks to get their pay-outs, and sometimes, they are blocked if they win really big.

Blockchain technology has provided somewhat a guarantee to the participants that the online casino is indeed playing by the rules. This will not magically transform the entire industry but can help in building trust in it to a certain extent.

Financial security and decentralization

Since it is almost impossible to hack blockchain technology, it provides a high level of security to both the casino and the gambler. The players have complete ownership of their money and this is already registered on the blockchain ledger, so it cannot be changed.

The blockchain technology helps gambling function the way the players would like it to function. The decentralization allows them to liquidate the playable money and enables player-to-player transactions.

The Bottom Line

Complete decentralization of such platforms is not only difficult but may also lead to other problems. The questions of money laundering, as well as licensing, taxation, and legal regulations in individual countries will always prevail.

Simply put, blockchain has come as a life-saver to several inherent problems faced by the society and economy. These problems are strongly present in the gambling sector and blockchain proves to be the only solution right now.

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(Featured image by Pete Linforth from Pixabay)

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