Blockchain technology remains one of the most impressive innovations of the 21st century, transforming different industries. Technology brings ingenious features that are revolutionizing the online gambling industry. Here are the main benefits that blockchain protocols can offer the industry.
Benefits of Blockchain Technology in Gaming
As a decentralized and immutable public ledger, Blockchain offers many impressive benefits to the gaming industry, including:
Transparency
As public ledgers, blockchain networks record all gaming transactions (wins, losses, and payouts) transparently and immutably. The process eliminates the risk of fraud while providing legitimacy by viewing records and transaction history. Even better, blockchain casinos and sports betting sites are now created using encrypted open source algorithms to eliminate fraud or risk.
Blockchain technology transforms the conversation between player and operator from a trust-based environment into an accountable, trustworthy and verifiable blockchain platform. Regulators can also directly access data logged by on-chain operators and deploy independent on-chain tools to analyze violations of compliance requirements.
Responsible Gaming and Player Protection
Player protection and responsible gaming are more important than ever to Australian Internet Slots and the casino market as a whole, especially with ever-increasing scrutiny from public players. Blockchain transparency improves player protection because stored blocks of data are immutable and public.
Unlike most dirty casino databases, blockchain technology offers open, auditable records of timestamped data, which helps satisfy regulators about an operator’s compliance. It also gives operators proof that they have met their responsibilities, giving them an evidentiary basis for an alleged breach of license terms.
The use of smart contracts and other automated tools helps Blockchain flag problematic gambling behaviors and enforce limits or log player-on-chain operator interactions. It also means that casinos can use Blockchain to encourage players to adopt more responsible gambling behaviors. This leads to improved player returns while keeping casino players within limits and sustainable limits for a win/win outcome for operators and players.
Confidentiality and anonymity
Data Privacy is a major concern in the casino industry because operators need their players’ data. This makes gamers reluctant about where and how their data is stored. Fortunately, Blockchain’s privacy reduces the need for detailed personal information because transactions are quickly validated through a public blockchain. This has reduced the risk of personal data theft.
Instant and economical
Blockchain technology provides efficiency through instant transfers using digital currencies. The technology facilitates rapid cross-border money transfers and reduces transaction costs. This is one of the main reasons why online gamblers choose blockchain casinos.
Reduced house edge costs
The house edge refers to the percentage that operators leave to each other from players’ bets to pay for salaries and casino maintenance expenses. Blockchain technology reduces the need for most of these payments, casinos can increase their prize pool and allow players to win more.
Audience expansion
Blockchain technology helps the gambling industry to be more socially acceptable as problem gambling is greatly reduced. This attracts more players to blockchain-based casinos and sports betting platforms.