There are some challenges currently being faced in the gambling industry. And these challenges can be solved by the application of Blockchain technology. Blockchain is gradually becoming an essential part of our everyday life. Many businesses are already using blockchain to enhance what they do and solve many problems.
Some of the problems being faced by casino players online include high fees when it comes to withdrawing their money, insecurity of their information, and fraudulent practices by operators of casino websites.
In this article, we are going to look at how blockchain can be adopted to solve these issues.
1. Trust Issues
Many online casino players believe that gambling sites are not trustworthy because the gambling site owners have the ability to manipulate the software to change game scores to favour the owner. Blockchain technology can solve this problem and many online casinos are already implementing it to make their transactions more open to players. This minimises the risk of manipulation and fraudulent activities by casino site operators and helps them to win back trust.
2. Exposure of Customers’ Sensitive Information
Casino sites usually require sensitive information from their users before they sign up and play including their name, emails, credit card information, and a means of identification. But online casino operators don’t guarantee that they can keep customers information safe and secure. Several times, casino sites have been hacked and customers’ sensitive information stolen.
So, how does blockchain technology solves and prevents this problem? In the first place, blockchain was created to provide more security and privacy – it is designed in such a way that it is impossible to hack. When blockchain is used in online casino sites, there is usually no need to store players’ credit card information on their servers which is one of the top targets of hackers when they hack gambling sites.
3. Transaction Difficulty
Currently, most online casino sites use traditional forms of payment such as credit cards and banks to process transactions. This presents a serious challenge to players. One, players find it difficult to withdraw their winnings from the bank. Due to financial regulations, some banks are compelled to block money from gambling sites – this prevents players’ earnings from being withdrawn.
Furthermore, banks can charge excessive fees and commissions to process the withdrawal of players’ earnings. And players can find themselves unable to make a play when they want to because their transaction couldn’t go through.
The use of cryptocurrency can solve this problem by adopting it as a means of payment. This will facilitate faster deposit and withdrawal of funds without any third-party interference, delay or exorbitant cost.
In addition, cryptocurrency is more secure and doesn’t expose the player to any security breach. As a player, you need to find an innovative casino already using blockchain for you to enjoy these benefits.
4. Privacy Issues
As stated earlier, before a player can play casino online, they have to part with their personal information which is usually stored on servers that players don’t know if they are secure or not. This leaves users information open to cyber theft. In the wrong hands, it can be very damaging to players.
Cryptocurrency prevents this from happening because blockchain technology is completely anonymous. To make deposit and play casino online, all players need is the gambling site’s cryptocurrency address.
Blockchain Technology Is the Future of Online Gambling
Blockchain is already changing the way online casinos operate. It will bring trust back to an industry perceived to be unfair and fraudulent, it will lower the cost of operations allowing casino site operators to give back to players whether they win or lose to encourage future participation. And very importantly, customers will safe to gamble online.