Online Gambling Benefiting From Blockchain Technology
The online gambling industry is one of the largest and fastest growing industry in the world. More and more individuals every day are hopping online to have fun and potentially win some money, and there is an ever-increasing number of online gambling sites ready to help those individuals. However, there are still some serious concerns and trust issues with online gambling that leave many hesitant to trust their sensitive financial information with an online gambling institution that can be poorly regulated and offer little in the way of consumer protection should something go wrong.
Gambling online at casino sites requires an enormous amount of trust from the user. First, they are generally handing over extremely sensitive personal and financial information to a company with no real way to ensure that information is being protected adequately. Second, while it can sometimes be a quick process to get your money into online gambling websites, it can take several days to have the money returned back to you. And third, many financial institutions block online gambling transactions or charge exorbitant fees to both deposits and withdrawals of your money.
Enter the blockchain, the revolutionary technology underlying the exploding cryptocurrency market. The blockchain is a largely anonymous but fully public financial ledger that records all transactions made with whatever cryptocurrency it is underlining. Because all of the transactions are publicly verifiable, there is an incredible amount of transparency involved with all of the financial transactions, while still protecting the identity of the end user.
The blockchain provides substantial benefits to both the online gambling companies themselves, as well the end consumer. While traditional banking transactions can take several days, generally so the consumer, the bank, and the online casino can fully verify that the funds are actually there or on the way; the blockchain allows for near instantaneous verification that the funds are available or have been received. This greatly speeds up transaction times and greatly reduces the risk to both ends of the transaction.
Additionally, with the middleman that is a traditional financial institution out of the way, there will no longer be expensive fees charged to move your own money around. The online casino and the consumer will both have full access to the blockchain to verify deposits and withdraws, no longer at the mercy of big banks. This will lead to greater profitability and speed for all parties involved.
Finally, one of the largest benefits of the adoption of blockchain by online casinos is the trust factor. Because blockchain transactions and crypto-wallets can be anonymous, the user no longer has to worry about turning over so much personal and financial information. The online casino also no longer has to worry about how best to protect such sensitive information. The public nature of the blockchain also ensures that it is nearly impossible for either party to defraud the other since any transactions that were made will be able to be verified as having actually occurred.
The online casino industry will continue to grow by leaps and bounds, and with the incorporation of cutting-edge technologies like the blockchain and cryptocurrencies, it can do so in safe and trustworthy. As more and more gambling sites continue to adopt the blockchain as their standard of doing business, it is only a matter of time before this is being demanded by the consumer.