Online betting is the speediest growing industry on the planet in the present scenario. The reason is that its demand has been on the increase since the internet reached masses. The previous seven years, in particular, the betting market grew at a rate of 9%, three times higher than global GDP.
But what if the betting industry adopted a fairly rev tech, blockchain. What would you think? So far, the market is responding positively. Blending blockchain with betting industry brings copious advantages to all the entities involved. Because of matters like fairness, security, or safe and innovative financial transactions, concern individuals involved.
Therefore, the article will totally focus on briefing blockchain adoption in the betting world and what benefits it brings. Also, how it is ‘turning’ the betting world upside down, refining the system, and taking operations to another level.
What makes Blockchain so appealing?
Blockchain first made rounds when Bitcoin gained traction and indeed came into the limelight. The tech powering the first massive cryptocurrency was blockchain.
Blockchain incorporates any digital activity connected through a network that is classified into parts of data aka ‘Blocks,’ which are interconnected like a chain. Bound by protocols is why it is safe. The protocol specifies financial rules, uses cryptographic encryption or hash to verify and validate a transaction over nodes – People around the world who mine cryptocurrency (digital coins). Hence, all the blockchain transactions are mathematically validated and verified over a chain of network.
Years later, an upgrade to blockchain arrived. It transformed how businesses are done. In layman’s term, Smart Contract is a code blockchain incorporated code. These codes have a protocol stored in them for negotiating contract terms and validate it on agreed terms. This incorporation of blockchain and smart contracts keeps the whole transaction process safe, feasible, and fast. So when you’re dealing with people you don’t trust, blockchain or smart contracts diminish any margin of fraudulence.
The benefits coerced different industries to get their hands on this technology and use it to improve their businesses. Many problems were overcome, services improved, and reputation remained intact.
How Casinos and betting Portals can Benefit from Blockchain
A number of scandals shook betting industry pretty bad and Absolute Poker is one such example. The leading cause following their conflicts revolved around fairness in dealings, legal regulations, and money transactions – this happened when user’s account were illegally accessed or if hackers could see other player’s side.
But exactly how and why casinos legitimately adopted this technology.
The answer was simple: Blockchain’s ability to carry out Business to Peer transactions (B2P), safe wallet payment methods, a decentralized database and ease of access.
B2P – With blockchain in force, casinos or betting firms can reduce the waiting time on transactions significantly. Traditionally, using wire transfer or Net banking, either you deal with a direct bank server or a third party which results in delay. The new tech erases any ground of dependencies on third party while transfer goes through a safer and faster medium. Take cryptocurrency for example that uses nodes and blocks to verify the transaction legitimacy. The whole process is automated and removes every sort of third party interference.
Payment Transfers – Casinos and online betting platform witnessed quick and straightforward financial conduct after employing blockchain in their primary operations. The turnaround time for each withdrawals and deposits are lesser than what used to be. A number of betting and casino houses have improvised to maintain their reputation and scale their profits.
Reliable and Accessible – Casinos and Betting sites have tried scamming people multiple times and succeeded stealing right from under their noses. With Blockchain, any possibility of fraud or cheating gets eliminated and people can enjoy leisure time playing cards. Blockchain in combination with smart contracts help verify every record stamped on the ledger, which is next to impossible to tamper with. This way, any betting portal or casino house (if using blockchain) can enjoy transparency and enable a fairer system overall.
Decentralized Platform – Blockchain disrupted the barrier of centralization to introduce decentralized structure into the whole ecosystem. Not only did this increase privacy but it also gave organisation more flexibility and security over user data. Meaning, everyone anyone wishing to play a hand or try their luck at slot machines, won’t be cheated and will get correct winning amount. Betting Portals on the other hand, will enjoy seamless operation without fear of any data tampering or account hijacking for personal benefits.
Betting and Casinos may be illegal in some places but where it’s legal, both users and providers can enjoy multiple benefits. Having blockchain as platform Casinos can expand and users can expect privacy and fairness. The advantages have more casino owners implement blockchain wanting to savour the same pleasure as other blockchain using houses.