Blockchain is having a major influence on online gambling. The technology behind bitcoin allows people to share data in a secure system. Since 2008, blockchain has been adopted in many different industries. It was first created by Satoshi Nakamoto whose real identity is still unknown, and the technology provides an efficient way to make a digital transaction without the need for a third-party.
Many online casinos now accept a range of different payment providers, and it’s easy to see the positive impact of alternative payment methods when it comes to gambling games online. Platforms such as Paddy Power offer different payment methods, such as through Skrill and Neteller, both of who have begun to move in on the cryptocurrency and blockchain sphere, with advice and assistance on buying and selling the digital ‘coins’. With blockchain on the rise in online gambling, and presenting a new era for online casinos, let’s explore how this technology has the potential to re-shape the industry for the better.
The Benefits of Blockchain for Online Gambling
Blockchain technology is a disruptive innovation. In the online gambling industry, one of the key benefits that blockchain offers is security and safety. Blockchain has an append-only data structure, so it cannot be altered, giving players a piece of mind when sharing information online. With blockchain, online casinos can improve the overall experience for their customers.
When people play games like online blackjack and poker, cryptocurrencies like bitcoin make for an added level of convenience. They give transparency to transactions and allow the near-instantaneous transfer of funds. In the online gambling world, everything is about speed, and blockchain can help bettors and companies play with and work at that speed. The key benefit of blockchain is that the technology passes information across a range of parties, all of which must be agreed upon before being processed. In effect, this could give online casinos a much more interconnected system.
Looking to the future
The future of blockchain will likely impact every business, but it could very well take the gambling industry to the next level. However, there are still potential challenges when it comes to the widespread adoption of blockchain. For example, online casinos may need to introduce systems to monitor different parts of how people are using blockchain through their websites. It’s the same challenge that every company faces in an age where digital technology is becoming more and more powerful. However, in the future, as people gain a better understanding of blockchain and the potential of cryptocurrencies, there will be more strategies in place to take advantage of this technology.
Blockchain offers online casino businesses a lot of opportunities to grow and attract new customers. Today, it’s all the more important that businesses are agile and can respond to the changing climate. It’s fair to say that the future looks bright for online gambling companies, and blockchain promises to bring several positive changes to the iGaming market.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!