3 Ways Blockchain Revolutionized the Gambling Industry
Despite the undeniably positive changes in gambling industry evoked by online revolution, there are still a lot of mistrust and gambling-related fears. Some players worry about the cooked-up drawings, while others are afraid of never getting their winnings.
In other words, we’re facing the obvious lack of trust and transparency. But one may hardly doubt that blockchain technology is an ideal instrument to turn the gambling industry into a decentralized, trustful, and provably fair system.
The question is — why are we witnessing the new era of gambling and how come the blockchain has become its backbone?
- Guaranteed payouts. Every blockchain-powered transaction is fully transparent and conducted by means of a smart contract platform (for instance, Ethereum). Smart contract is a digital agreement in the form of a program code that compels all of the parties to fulfill their obligations with no intermediary. Thus, winners get their payments automatically and almost instantly.
- Failure to interfere and provably fair games. The game process is now entirely governed by the program code, put out in the open for anybody’s curious eyes. In a nutshell, gambling companies or other parties will no longer be able to interfere in the process or falsify the results of games whatsoever.
- Complete anonymity. Those players who worry about anonymity can be calm with the use of cryptocurrencies. The only available information in cryptocurrency transactions is the IDs of wallets they involve. Nobody can find out who the wallet belongs to, as it is registered under a nickname and doesn’t contain any other identification data.
Until recently, online gambling has been at some point in the mid-stage of its development, meaning the games became available, and the payments were fast, but users still experienced lack of fairness. Meanwhile, it has been a massive step up after years of offline-only interactions, which resulted in a brand-new gaming format and drew lots of opportunities for both players and the industry.
However, blockchain technology not only kicks the gambling industry up a notch — it makes it truly out-of-this-world. The nagging problems that haunt gambling since its inception are no longer relevant when using blockchain. Beyond any doubt, it encapsulates a new stage in the industry development and allows capturing even the previously skeptical consumers.