Blockchain continues to spread more and more, especially in the areas related to money and digital identity. Moreover, the advantages of blockchain and smart contracts are also being used by gambling companies.
Advantages of Blockchain in Gambling
Blockchain casinos operate based on smart contracts that guarantee the safety and security of processes. This provides customers with the payment of money in the event of a win. How it works:
- the smart contract is written according to the principle “if, then …” and is executed automatically;
- the conditions under which you can receive a prize are transparent and publicly available;
- in case of winning, a user receives a certain amount to the wallet automatically and without delay.
Another important advantage is that payments are made directly without the involvement of intermediaries. Thus, all transactions are characterized by high speed and minimum commission. Here are the three main problems that blockchain solves:
- Improving the reliability of payments. The specifics of betting and paying out winnings on the blockchain makes the entire process of cash flow in a casino open and leaves customers without doubts about the successful transfer of winnings or that the funds will reach their destination. For cryptocurrencies, the borders between countries and the location of the sender and recipient of the payment do not play the slightest role, which cannot be said about traditional payment systems.
- Increased confidence. The use of smart contracts when making money transactions allows you to get rid of one of the main negative aspects of the gambling industry – the distrust of gamblers to programs fully managed by copyright holders who can tilt the advantage in their favour with one click. Many online gambling establishments work just like this, and gamblers have no way of knowing how honest and conscientious they are. The use of crypto technologies is the reason for the emergence of gaming services, excluding distrust of them from customers.
- Resilience to crashes and attacks. During the use of the blockchain, information is simultaneously saved on the devices of many users. It is not subject to change, which ensures the integrity of the system and reduces the likelihood of deceiving the user. All information is in the access of network participants, and they can get acquainted with it at any moment.
For a short time of its existence, blockchain technology has managed to go from innovation to a mechanism that is actively used by the largest corporations and gambling establishments. This only confirms that the potential of the technology will be revealed even more in the future.