The internet made possible the boom of online casinos that provide players with 24/7 access to casino games in the comfort of their home. But what online casinos fail to assure its players are security and safety. This, on the other hand, is exactly what blockchain technology brings to the iGaming industry.
As if like a magical gem that transforms any industries to an improved version, blockchain technology also does wonders for online casinos. This is evident in the increasing number of online casinos that now use blockchain and promise to give players better security and an enhanced casino gaming experience.
Like with cryptocurrency, blockchain technology is a perfect match for iGaming, which is currently plagued with issues that only blockchain can address. These include false advertising, lack of random results, spamming the inbox of players, and more. But more than fixing said problems, blockchain in casinos simply create the ideal environment for players.
Transparency and Trust
The core feature of blockchain technology is transparency, and this is what all non-blockchain-based casinos lack. With blockchain, everything is transparent, including the fairness of the games and even the nature of the casinos themselves. By providing the transparency other online casinos cannot provide, blockchain casinos easily earn the trust of the players.
Provably Fair Gaming
Trust is often taken for granted by online casinos because players must simply believe that the casinos do not cheat them. Here is where provably fair gaming comes in. Thanks to blockchain technology, players can manually verify the authenticity of every dice roll or any casino game result. Compared to what online casinos call ‘completely fair’ games, provably fair games have more value and credibility as every game action is recorded on the blockchain and can be checked by practically anyone.
Quick Payment Transfers
Also benefiting from the transparency that blockchain creates is the payment system. Blockchain gives players full control over their payments. How? By skipping the middleman. Remember that blockchain casinos are decentralized, which means that the casino does not need to have the deposits and withdrawals go through a middleman – a process that only delays payment transfers. With blockchain, the transaction is between the player and the casino only. Players can then be sure that they will receive their withdrawals in a prompt manner.
To further ensure the security of players, blockchain guarantees that all data collected from them are stored in the most secure way possible. Blockchain achieves this through its decentralized nature. This means that all data are not stored in one location but across its network of nodes connected to multiple computers. This, in effect, makes hacking for information painfully difficult.
It can be recalled that an online casino group early last year leaked data of more than 108 million bets, along with personal and financial details of customers. There was also the incident when a group of professional Chinese hackers called DRBControl hacked gambling companies in Southeast Asia.
Effective Player Restriction
More importantly, blockchain technology promises new measures that online casinos and regulators can take to further create a safer environment for everyone involved in the online casino sector. For instance, blockchain can effectively restrict players based on their region and gambling behavior.
Country restrictions imposed by the gambling license and the countries’ laws are sometimes not enough to prevent some players from accessing online gambling services. Players can simply create accounts in offshore casinos or use VPN to gain access to restricted online casinos. With blockchain paired with artificial intelligence, the data of players stored on the blockchain can be used to determine whether or not they are allowed to play in certain online casinos.
Universal KYC Protocol
Additionally, blockchain can implement a one-time KYC for all casino players. This process would be safe as all data will be securely kept on the blockchain and will be similar with how people can simply use their Facebook account or Google account to sign up and log in. Then all casinos operating legally within that jurisdiction will gain access to these data and will be used as a means to determine the eligibility of the players to access and to become a member of certain casinos.
Blockchain has indeed begun reshaping the iGaming industry. With the rise of blockchain casinos, players begin to experience what safe and secure online gambling is like.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.