There is no doubt that online gambling is a vital part of the gambling industry. Around 25% of the industry's revenue is now made at online sites. This means that the industry has to do its best to secure a healthy future for online casinos and sportsbooks. The problem is that people often have a mistrust of casino and betting websites. They believe that there is a lack of transparency and that information is hidden from them.
Using blockchain technology can help improve the level of transparency at online casinos. The technology makes it impossible for data to be manipulated, so players know that they are not being scammed by the casino. Some of the most respected and established sites that have already embraced bitcoin, and other cryptocurrencies are listed here. The benefits of blockchain technology do not end with the use of cryptocurrencies though.
How Can Blockchain Technology Help?
Distributed ledger technology is used in a blockchain system. This means that stored information is shared with everyone in the group. The benefits of this for an online casino is that all information is shared with players and transparent. This means that there is no opportunity for manipulation of information. It also means that smart contracts between the casino and the player can be created in real time; there can be no unexpected surprises for either party.
The Future for Blockchain in Online Gambling
The use of blockchain technology in the online gambling industry is still new. It's not possible to tell exacly what will happen in the future, but there are certainly some exciting possibilities that could revolutionize online gambling. Malta is at the center of Europe's Igaming and it's here that three pieces if legislation have recently been agreed upon. The new legislation opens the way for the regulation and certification of casinos that utilize cryptocurrencies and blockchain technology.
Another step towards a future of increased use of this technology in online casinos is the creation of Zero Edge, a platform which enables the use of a cryptocurrency, Zerocoin, that is specifically intended to be used in an online gambling environment. Zero Edge also embraces a new protocol which means that the house has no edge. The player stands on an even setting with the casino. This is totally different to what is the established norm. The pooling together of everyone who holds Zerocoin also means that there is no further authorization or disclosure of information required. All a player needs to do to start gambling is deposit some Zerocoins. It's a simply and fast process that could be truly revolutionary in the world of online gambling.
It's still too early to say what the future holds for the use of blockchain technology in the gambling industry. Exciting changes have started but whether the full revolution will ever take place is unknown. We may have to wait a few years to find out for certain.