The Gambling Sector Is Gaining Trust Back Through Decentralized Blockchain Technology
Governments around the world have all used different policies to attempt to either regulate or ban online gambling. It has been a constant battle between rogue developers and operators to get around regulations. They can do this by hiding information that would validate their claims of legitimacy but things are starting to change. The reason why it that cryptocurrency developers are building new decentralized gambling platforms that are aimed at bringing the ultimate trust and transparency for gambling.
Blockchain Is The Future Of The Gambling Industry
Online casino games outcomes are produced by random generated number software which runs on a central server. Many of the top online casinos use third-parties to check that the RNG is working correctly and paying out the set pay rates. A certificate is provided to show that the games have been audited to provide trust to the users but this system has its flaws. Some rogue operators even create fake certificates or have managed to find a way to manipulate the tests. With blockchain technology this is not possible, which is why it is vital for the future of gambling.
Blockchain Provably Fair Gambling
The reason why operators can’t manipulate the outcome of blockchain provably fair gambling systems is due to the decentralized nature along with the public ledger recording system that is completely secure and can not be altered by any third-party.
How Blockchain Gambling Transactions Work
Blockchain gambling transactions do not run on a single server but instead they are each confirmed by a decentralized network of computers. This makes it impossible to alter the information as a chain of computers need to confirm that the information is correct. The transactions are secured by cryptographic technology with provides the ultimate in securing information. Each transaction that is confirmed on the blockchain is available for all which provides complete transparency and means anyone can audit the results at any time.
Why Blockchain Provides Enhanced Trust
Most of the top online casinos now accept bitcoin along with other popular cryptos which has added to confusion for the average joe as they have been misled into thinking that they are getting the full range of blockchain benefits when in fact they are only getting a payment option. Real cryptocurrency casinos work differently as they are decentralized and use their crypto tokens to create unique ecosystems that reward players. Below are the three factors that make blockchain-based gambling platforms more secure than traditional sites.
- Public Ledgers Provide Provably Fair Games – The blockchain provides peer-to-peer transactions that are available for all to see on a publically available ledger. This information can be checked to verify that the games are provably fair.
- Anonymity And Enhanced Security – Providing any online company with your details including banking information along with proof of identity can be problematic. With many blockchain gambling platforms you can play anonymously which provides complete privacy and security.
- Guaranteed Payouts – One of gamblers biggest fears is that if they land a big win that the casino will refuse to payout. That can not happen at smart contract casinos that are decentralized as the payouts are controlled autonomously by smart code with no human involvement.
Final Thoughts
Online casinos and sports betting sites are recording record profits each year. At present the scales are tilted in the houses favor but blockchain technology could change that by redistributing profits back to the users. Decentralization solves many present issues in the gambling industry and will help put an end to rogue operators who have been taking advantage of gamblers for many years. Just make sure if you do decide to wager real money or cryptocurrency that you are smart as it can lead to addiction problems if you do not act responsibly.
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