June 24, 2020

Blockchain’s impact on the online gambling industry

Blockchain’s impact on the online gambling industry

Online gambling and blockchain are emerging technologies in the 21st century. We’re witnessing enhanced participation in online gambling every day, while the blockchain technology is discovering new areas of growth across industries. As a matter of fact, the use of blockchain technology in online gambling is also on the rise. In this article, we will be exploring the potential benefits that the online gambling industry can get from adopting blockchain technology.

Blockchain technology and online gambling

Trust, transparency, and fairness are very important when it comes to online gambling. Gamblers remain wary with regards to these issues, and blockchain technology can prove instrumental in taking away doubts from the minds of current and potential bettors. Blockchain technology has earned the reputation of being the tempering-proof thanks to the security and safety measures it has adopted.

Providing personal information could also lead to legal complications for gamblers. Considering the fact that with blockchain technology transactions remain anonymous, giving punters a breath of relief. The adoption of blockchain technology not only benefits bettors but online casinos by building up their name, credibility and reputation among bettors.

Blockchain technology and sports betting

Sports betting based on blockchain technology is easily verifiable. Anybody can verify the transaction, so there will be no doubts raised about the bet’s authenticity. It has often been said that bookmakers tend to hide behind information secretly kept in private databases. These data sources are beyond the bettors’ access scope. But the use of blockchain technology will completely eliminate any issue related to this kind of obscure behavior—simply put, there is NO hiding with blockchain.

Blockchain technology will make sure that betting happens in a free and transparent manner. Players will always have the option of revisiting blocks of information in order to confirm the data and information. This easily sorts out the important components related to trust, fairness and transparency.

Bettors are not the only ones that benefit from the incorporation of blockchain technology. Bookmakers also benefit from it. The use of blockchain technology will add to the reputation of bookmakers, and bettors can establish more trust in the betting process as well. Using blockchain technology will also make sure that general mistakes done by staff and employees can be avoided. Blockchain technology will ensure that bets are verified through a network of systems.

Conclusion

The adoption of blockchain technology can result to a win-win situation for both bookmakers and punters. It is a technology anyone can depend on, and its high safety aspect can guarantee that the crucial trust deficit can be bridged between key stakeholders in the betting process. Maintaining the privacy of your identity between transactions is also one of the most useful features that blockchain offers. Bookmakers can easily use this feature to help spread the adoption of betting among potential bettors.

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