Blockchain Revamping the Casinos

Blockchain Revamping the Casinos

Capital Markets CIO Outlook | Friday, June 22, 2018

Blockchain which was originally developed for Bitcoin allows the users to create and verify transactions. It was created to ensure that all cryptocurrency transactions are impossible to remove and can never replicate. However, these types of digital currencies are widely being adopted for its anonymity and independence from banks and governments.

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Today, blockchain technology is also adopted in the gaming industries and casinos. Often, bitcoin investment is considered as the same as gambling. Cryptocurrency’s unpredictable nature makes it nearly impossible to make money on it by using a standard investment strategy. By using Blockchain technology, gamers get an environment for playing where the risk involved limits down only to the game of gambling. Using cryptocurrency also provides a better and efficient way of collecting profits, rather than carrying it as cash. Moreover, even most of the casinos prefer transactions with cryptocurrency to avoid paying commissions and bank charges.

The key reason why cryptocurrency is widely adopted is as it allows the user to gamble anonymously on various platforms, without having to authenticate or hand over any identification documents or even having to create an account. This not only offers flexibility in keeping user identity private but also provides low entry barrier for small-time players. Whereas, for first-time players, it gives them an option to circumvent the various regulations for traditional gambling. Transparency was another serious concern in online gambling as the player, or the gambler cannot be sure if the casino is playing ‘fair.’ But not anymore with the verifiable smart contracts which blockchain brought in. It eliminates such uncertainties and makes the gamer more confident about casino games.

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