Future of Blockchain in Gambling Space Explored in ASEAN Gaming Summit 2019
March 20, 2019
What is Blockchain? What are its benefits? Who uses it? Day 2 of ASEAN Gaming Summit 2019 puts blockchain's role in the gaming space in the spotlight.
Despite the peace of mind that many online casino payment methods will promise you, not all of them fulfill their claims. After all, there is always the lingering security issue of third parties stealing your information and your funds. And despite the security these banking methods promise, they might end up charging you high fees so that you can enjoy this benefit.
But 2008 saw the birth of the blockchain by Satoshi Nakamoto. Since then, online casinos like Bet it All, FairPlay, FunFair, and more do not require you to deposit and withdraw your funds using bank transfers, credit/debit cards, or e-wallets. You just have to get crypto coins and a crypto wallet, and you can expect transparent, secure, and almost instant transactions.
But what benefits can you expect from transacting via the blockchain? Here are four of them:
One problem with traditional online payment systems is that processing tends to be slow. The minimum processing time for deposits and withdrawals is 24 hours, but other transactions take days to process. Several factors are the reason for this long processing period, but some glaring ones being the lack of capacity to accommodate many transactions and that the transaction has to go through the bank.
A remarkable factor of the blockchain is that the network can accommodate hundreds—even thousands—of transactions per second. So instead of you waiting for 24 hours for your withdrawal, you will find it credited into your account in a matter of minutes.
Traditional banking channels usually refer to a central figure to keep the system going. So when malicious third parties attack the central figure, the rest of the system is affected as well.
This will not be the case on the blockchain as it is a decentralized system. Instead of relying on a central figure, the network is secured by a number of computers called nodes. So if one of these nodes are compromised, this attack will not affect the rest of the nodes.
All transactions on the blockchain are available for public viewing. If you doubted that your transaction went through, you can always check using the transaction ID. All data is consistent and timely, meaning you will be able to verify your transaction as soon as it happens.
One concern with traditional payment methods is the security of your information. Some transactions require you to give your name, contact details, and credit card number. This makes your details prone to be stolen by hackers.
Fortunately, this will not happen on the blockchain network. To deposit and withdraw funds, you just need to transact with your public wallet addresses. Meanwhile, you can keep your funds safe by remembering your private address. Doing so gives you complete ownership of your ownership, saving you the concern of trusting third-party providers of your information.
With the use of blockchain technology in casino transactions, gone are your concerns of security, slowness, and lack of authenticity of transactions. Play in any of the casinos running on decentralized platforms to enjoy the abovementioned benefits, and more.