Why Use Blockchain in the Online Gambling Industry?
FREMONT,CA: A peek at the features and characteristics of Blockchain reveal undeniable advantages that will follow in the wake of its adoption in the online gambling industry:
The distributed ledger technology (DLT)is wholly transparent, making it impossible to hide a transaction, which prevents both clients and operators from defrauding it. The continuous recording of all interactions in perpetuity on an indisputable ledger is a strong reason to not tamper with transactions. An online casino, which operates by utilizing the transparent Blockchain, is more likely to be trusted by the customers.
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The immutability of the Blockchain is the reason why online gambling is trusted, as it records every single transaction and allows no single entity to change or edit records. It is a public blockchain ledger, which is decentralized and kept secure by thousands of computers. The result of the ledger will be trusted without questions and can potentially be used as legal evidence in case of discrepancies.
Each transaction in the Blockchain is recorded as a transaction address comprising random numbers and characters ensuring no personal details are recorded, making it transparent and anonymous at the same time. To prove the transaction is carried out by the customer, a digital wallet address would suffice.
Certain types of private cryptocurrency are entirely anonymous, while others can be easily traced back to the owner of the transaction, especially by the authorities.
With the use of Blockchain-based cryptocurrency to gamble online, customers’ banking and personal details are protected from data thefts. Customers can easily purchase cryptocurrency at one shot from a trusted source and make payments to various websites using only the digital wallet. By using this method of payments, bank details do not have to be provided at all avenues curbing any cases of fraud or theft.
5. Speed and Affordability
A transaction on Blockchain is automated and does not require a third party, making it cheaper and faster. With the usage of Blockchain technology, cryptocurrency can be transferred to anywhere in the world within no time at zero cost.
In the case of the gambling industry, adopting the technology will cut down the waiting periods at deposit and withdrawals, while also avoiding the exorbitant transaction fees. A simple transfer of Bitcoin from the vendor’s wallet to the customer’s wallet or vis-à-vis will complete any transaction.