Is Blockchain Technology About to Disrupt the Online Casino Industry?

Casinos are considered one of the oldest forms of entertainment in the world. Evidence about casino-like activities date back to ancient Greece, but the first official casino, called a gambling house, was opened in Venice, Italy, back in 1638, and was owned by the government.

Ever since then, casino games became widely popular, but what set things in motion for modern-day casinos, was the opening of one of the oldest casinos in the U.S., back at the beginning of the 1930s. Since then, casinos became more and more popular, evolving to fit the gamers’ needs. 

This is why, shortly after the internet became a mainstream technology, online casinos became available for players, so they could enjoy the same experience from the comfort of their own home. However, the online casino industry left plenty of room for mistrust and fraud, but the games seem to be changing soon, thanks to recent groundbreaking technology – the blockchain. 

Blockchain technology – a short introduction

Blockchain technology promises to tackle a number of issues regarding fairness and transparency in the online world. The main benefit of blockchain technology is that the information is stored on an encrypted digital ledger, all data being publicly available, and with no possibility to alter it. 

In an online casino game, information such as game results and earnings is only stored and made available by the platform owners, being completely hidden for the public. With blockchain technology, the online casino world becomes much more transparent. 

Another key characteristic of the blockchain is that, instead of information being stored in one single place, it is decentralized, meaning it is not controlled by one single entity. 

A whole new level of playing casino games

With all that being said, the integration of blockchain technology into the online casino industry can bring a number of benefits, some of which can solve issues the industry has been dealing with since its very beginning. 

Information becomes more transparent

Unfortunately, finding a casino, or Poker online terpecaya, is getting more and more difficult these days. That is because players have access to very little information about what really happens under the counter. The blockchain has the power to make the collaboration between online casino owners and players more transparent so that everybody gets a fair shot at winning. This will increase trust and put online casinos in a better light. 

Fraud will decrease

Unfortunately, fraud is an issue that every industry confronts with, especially the casino sector. If servers get hacked, not only will players be unable to use their money, but they also risk their sensitive information being exposed. With blockchain technology, particularly smart contracts, users have access to their winnings immediately, and their information is protected. 

Crypto casinos

Cryptocurrencies represent the beginning of the blockchain sector, so no wonder they will play a major role if, and when, the technology gets implemented. Players can use cryptocurrencies to play, making withdrawal and deposits available instantly. Plus, there will be little to no withdrawal and deposit costs, as this technology is a much more efficient one. 

Marcelo Villa

About Marcelo Villa

Marcelo is an associate editor at The Sports Daily, and has covered the San Diego Chargers for Bleacher Report. He also writes for Sportsdirect Inc.