There was a lot of hype about Bitcoin taking over the financial system but that has not happened yet but it has certainly had a major impact on the sector. The limits of blockchain technology do not stop at the monetary system as it is going to transform most. In the gambling industry, there are lots of new concepts taking place using cryptocurrency tech which if achieve their set out goals will transform one of the world’s favorite past-time for the better. There have been a lot of promises by iGaming companies and if they come to fruition the hype is very much justified.
Blockchain Not Enough On Its Own
The blockchain on its own is not enough to revolutionize the gaming industry but with the added layers of smart contracts, it can create the next generation of casino gambling games. These two working in conjunction with each other present the possibility of creating a fully autonomous decentralized platform which is transparent. That concept alone will have major consequences in the sector as it means laws and regulations can be bypassed so that all can place a bet. With 100% certainty that the odds of winning are genuine and can be proven via independently check via the public ledger.
Blockchain Gambling Regulation
The blockchain will make regulation obsolete as due to the fact that each bet is independently checked via blocks on the public ledger, no manipulation is possible. It will create an honest gambling environment which has been lacking since the arrival of online casinos. The regulations and checks can be carried out by smart contracts which will provide the regulatory framework needed for the industry moving forward.
The Decentralization Of The Gambling Industry
There are many major problems in the gambling industry that can be solved through decentralization and cryptocurrency. The main aspect is to trust as when a platform runs on the blockchain it is completely independent, therefore, any transactions that pass through it such as bets can not be altered or manipulated in any way. Presently in the traditional casino marketplace, there are many examples of operators managing to get away with altering results due to being centralized and non-independent.
Full Transparency Of Funds And Guaranteed Payouts
The failure to payout jackpot and large wins has happened countless times online which is due to the operator been able to operate in the dark. This is not possible with cryptocurrency casinos that run smart contracts on the decentralized ETH or EOS blockchains as all data including the amount of crypto is available. There can be no none-payment of winnings due to the independence of smart contract protocol that can not be influenced in any way. Some traditional casinos are insolvent but still try to tempt gamblers to play even though it is not possible to pay out any winnings which blockchain tech would put an end to.
Smart Contract Gambling Bankroll
Smart contracts are the perfect solution for managing casino and betting bankroll. Presently players are restricted to certain payment systems depending on where they are based and in many cases are not allowed to place bets due to these restrictions in place. Cryptocurrency allows for payments to take place no matter which country the user is based so alleviates any problems due to restrictions.
It also means a protocol can be set up to reward investors of the token that has been created to power the site. Smart contracts are able to do complex administration tasks which means that they are even able to pay dividends or profit share autonomously. This means that holders of the tokens will be rewarded with free crypto over a set period of time. Wagerr and EOSBet both have this system in place to reward investor in their cryptocurrency.
Casino Games That Prove Their Fairness
A common theme of what is wrong with the present traditional online casino sector is transparency and this is a major concern for gamblers. They know that if they are not able to carry out checks that they are putting complete trust in the operator which in some cases has led to losing money through manipulation. Blockchain casino games work differently to RNG software titles as instead of the processes working in the background they are displayed via a ledger or all bets. No longer trusts an issue as due to this transparency all betting transactions can be checked to work out if the fairness of house edge is as stated.
As you can see from the above points that they hype is very much justified. With so many groundbreaking benefits that will go a long way to resolving trust and eliminating bad players from the industry altogether. There will be problems along the way, however, as with any new technology it takes time to perfect but one thing is certain that developers are well on the way to creating the perfect gambling platform. The speed of taking up will depend on how long it takes for crypto to become mainstream as it is still only small at $200 billion compared with other currencies. Many believe that the present financial system is on its way to complete collapse which will see a transformation onto the blockchain or war. Hopefully, it is the first option but history has shown us whenever a currency collapses there is a deadly conflict that follows.
The future of casinos and betting looks bright thanks to blockchain technology. Decentralization and complete independence through the use of a smart contract are where the sector is heading. The speed of development is extremely fast and over the next decade, as more users make the switch to crypto, the industry will make the switch from real money to cryptocurrencies. Make sure to stay informed by bookmarking our website and do not forget to check out the latest Ethereum casino reviews online.