Sunday, April 14, 2024

The Future Of Blockchain In The Gambling Industry

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

Gambling within the world of cryptocurrency has become a trend that is nowhere near to an end. Rather, this progression and hype is very much at the beginning of its time. The reason for this, comes down to the convenience and benefits that come with the Blockchain ledger, when used in conjunction with online markets. Thanks to the internet, crypto has taken over most gambling platforms, becoming the main form of payment, but also using the ledger as a form of record administration in regard to public data. 

With the gradual introduction of the Metaverse into the world of gambling, live casino games amongst other features of online gambling, have integrated well with the Blockchain ledger. But with such rapid progressions and incorporations of Blockchain, the question of how far it can develop in regard to the gambling sector is speculated every day.

What is Blockchain?

Blockchain is a decentralised ledger, which records all transactions made online, in the form of digital assets e.g., cryptocurrency like Bitcoin. Blockchain is a large database that creates single chronological blocks for every transaction that must be authorised as they are being made. Each block is a fingerprint unique to itself and therefore, cannot be compared or compromised. The purpose and attraction to Blockchain, is the privacy and data protection that coincides with its systems, meaning when you integrate that into the gambling industry, it works so perfectly.

Why gamble with Bitcoin?

Gambling with Bitcoin comes with its perks. Yet such benefits would never exist if it was not for the Blockchain ledger which dictates its efficiency. The most significant pro of using the blockchain payment ledgers, is the encryption that comes with the technology. Due to the extreme unique and singular makeup of each block, it is physically impossible to penetrate and hack. Meaning, for an online system that depends on data from its consumers, individuals can feel safe about the data they are sharing in the process. It can never be compromised, manipulated, or changed, making it the perfect transactional payment method.

Other benefits for the system include the complete anonymity that comes with Blockchain. Users do not have to share personal information such as address, banking details and other attributes of their financial identity. Nothing will be transferred back and forth from purchasing/buying platforms, ultimately reducing the chance of hacking and oversea privacy. Within the mainstream media, data protection leaks happen all the time, even larger institutions such as Meta and so on, have had bad media implications for their data compromise, due to not being able to hide details from external prying sources. Blockchain stops all that and regulates all buying online experiences. 

With so many gambling sites on the market, many perceive the gambling industry becoming extremely dangerous, in terms of trust and reputation. Gambling with cryptocurrency is in the best interest of the buyer and consumer. You are protected from fraud, and it also proves the legitimacy of merchant platforms, due to the contractual nature of the blockchain ledger. 

What is predicted for the future? 

The future holds promising developments where Blockchain technology is concerned. It is believed that cryptocurrency will be pushed now more than ever as a main payment method for most online casinos, due to the consistency and security that comes aligned with it. It is very helpful to ensure seamless administration from both sides of the merchant and selling chain.

Anonymity that comes with Blockchain too, will mean that gambling regulations do need to be tightened as essentially, players can hop on and off multiple sites online, unchecked due to the anonymous power of Blockchain technology. With financial institutions not being involved in the payment processes of cryptocurrency, it will be difficult to track taxation and all the bits in between when it comes to gambling. However, this is just one of the problems that all governments overseas will encounter and need to figure out a way of minimising taxation losses for the economy.  Nevertheless, it is very clear that the power is held in the hands of the consumer when it comes to blockchain.

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