Gambling is an industry that simply needs blockchain technology more than anything else. There are a lot of things that can be improved by introducing blockchain and some of the big players have already decided to incorporate it into their systems.
Paying with Cryptocurrency
The most obvious use of blockchain in gambling is using cryptocurrency instead of fiat currencies for playing. One of the notorious examples of such gambling is SatoshiDice - a site which at one point saw more Bitcoin transactions than all the other exchange platforms combined.
Although not very popular right now, SatoshiDice is being slowly replaced by Bitcoin casinos and one of the most popular right now is BitStarz. Blockchain technology also made deposits and withdrawals much faster and cheaper in casinos, as no intermediaries such as banks were involved.
The casinos often require the users to hand numerous documents in order to create and verify their accounts. This whole process can be avoided with the amazing level of anonymity that the blockchain technology gives us.
Furthermore, there are many regulations that need to be followed when fiat currency is used and that can be also avoided with the introduction of cryptocurrency.
Transparency and Trust
With the history of scams and tricks that casinos used to steal from the users, there is a proven record of possible frauds that make online casinos untrustworthy. When there is no transparency, all things are possible and the casino can steal in front of our noses.
With the introduction of cryptography, and especially with the introduction of smart contracts, we are given a sort of transparent overview of what happens behind the curtains. The honesty levels increased with the implementation of blockchain and users slowly start to see the difference between the casinos that use this technology and the casinos that don’t.
Token-Holders are Casino Members
Blockchain allows for platforms to have tokens of their own which will serve as a cryptocurrency within the platform. Now, the casinos can create tokens which can also serve as shares that users can buy and act as the shareholders. Some of the casinos have already implemented the system of automatic dividends which are received from the total profit of the casino.
The whole process of decentralization makes the whole system more democratic where the users are actively reshaping the gambling platforms. They do not only become people who deposit and withdraw funds but rather they become active beneficiaries of the platform’s ecosystem.
To sum up, the blockchain technology slowly penetrates all social spheres and the ones that are easily corruptible should be the first ones to be redefined by it.
Luckily, the gambling industry was quick to start accepting blockchain, slowly finding innovative methods to use it in order to improve the functionality and the user experience.
There is one question which is worth discussing when blockchain and gambling are mentioned - what other aspects of gambling industry can blockchain further improve?