The online casino world has come a long way from the days of pop-up scammers running off with deposits. Today there are strict regulations in place for online casinos to abide by, and should they step out of the laws set by their respective governing body they’ll be subject to what could be a fine that leads to bankruptcy. However, this still hasn’t quelled the fears of many people out there that still make the long drives to land-based casinos due to the fact that they just don’t trust their online counterparts. Discerning gamblers will then be excited by the introduction of blockchain technology to the online gaming industry, mainly because of the heightened security this new tech offers.
Depositing and Withdrawing
Many gamblers are concerned about having to add Credit Card or Debit Card details to casino sites in order to deposit and withdrawal. With blockchain technology, this will no longer be necessary as gamers will now be able to deposit using Bitcoin. The anonymity that cryptocurrencies offer means that the need for personal details will not be in place and people will also likely receive withdrawals in a swifter manner.
This is because withdrawals take an excruciatingly long time to process, but a transfer of cryptocurrency will be instantaneous. Most importantly, players will rest easy knowing that their banking details are safe. Casinos also act like bank accounts, as player winnings and general funds lie in their accounts stored by the casino. If a casino is using blockchain then it’ll add considerable security to the funds lying in player accounts.
The shared ledger of blockchain means that information previously hidden by the casino will now be available to the public, such as software errors in the games. Smart contracts mean that casinos trying to trick players or get away with something dodgy just won’t be possible. More transparency from online gaming sites will go a long way to boost the industry, as gamers still often feel that the house takes their money too easily.
There also won’t be the ability by the casino to rig any software if it sits on blockchain technology, as casinos have on occasion been caught releasing gambling bots into the software of the game to manipulate it.
Fraudsters Prove Problematic
People feel uneasy with fraudsters around, and the casino industry has always proven a happy hunting ground for these unsavory types. Whether they are hacking into the casino to steal your funds, or attempting to rip the casino off with dodgy tactics, blockchain technology will make it near impossible for these crafty beings to operate.
Data is now also a valuable commodity, and casinos require various details of your life, including address, a copy of identification and occupation, when you sign up. All this information will be safe and sound in a blockchain casino, eliminating any possible data breaches that an online casino might suffer.
So the future looks bright in terms of personal security. Personal details, banking details, casino honesty – it will all be kept entirely safe by blockchain technology. Now it’s just a matter of waiting for the transition to happen, and with blockchain casinos popping up and attracting a considerable amount of players, their traditional online counterparts might have no choice but to follow suit, and quickly.