Blockchain technology is one of the biggest drivers of the revolution of the iGaming industry. It is among the latest technological advancements that have been adopted in this industry and caused an immediate impact.
This is the foundation of cryptocurrencies, which have provided the magic touch that online gamblers have waited for years. More casinos are embracing this technology, so it is safe to claim that it will be one of the pillars upon which the future of the iGaming industry will be built.
This tech may sound so complex, but it is simply a decentralized ledger system that can record transactions across several computers, making it impossible for the record to be changed by any single user. Every transaction makes a block on the chain with a timestamp that cannot be altered. It has been applied across several industries. Notably, it has been used to create Non-Fungible Tokens (NFTs) in the video gaming industry, thus giving value to virtual items that can be used across various platforms.
Blockchain has affected every aspect of this industry, beginning with the most exciting bit for gamblers, bonuses and promotions. The Vulkan Vegas 50 free spins no deposit bonus and other offers are exciting and simply irresistible. Can you imagine that crypto casinos want to offer more? You can land fantastic offers with favorable terms and conditions. Since there is a bit of novelty, these casinos are willing to go the extra mile to prove their worth. Hence, you can expect so much from them.
Blockchain Impact on iGaming
Let us dig deep into how blockchain will shape the future of the iGaming industry. It is so far from its full application and implementation, so we are looking at a world of endless possibilities. Let us delve into the pros that blockchain has introduced to iGaming.
Guaranteed privacy
Privacy has been a major concern for gamblers. Online casinos offered privacy by saving the ‘closet’ gamblers the agony of being seen walking into a land-based casino. However, they have a paper trail since they need bank and e-wallet information. Hence, privacy and anonymity were not fully realized. The dream can now be achieved with this tech. You only need to provide your crypto wallet info to transact with these casinos. Therefore, there is minimal or no exposure of your private information, thus guaranteeing privacy and anonymity.
Proven security
Blockchain transactions are decentralized, so it is nearly impossible for even the best hackers to interfere with them. The data is kept in a network of computers that cannot be manipulated without interfering with the entire system. It also uses cryptography to verify transactions, ascertaining that only the right people can complete them. These measures make it impossible to breach the security.
Fast transactions
One of the most significant pain points that customers face when dealing with online casinos is slow transactions. The deposits are usually fast, regardless of the payment method. However, withdrawals tend to take several days, even after approval by the casino. The quickest withdrawal methods were e-wallets, but they also required hours to days to complete.
Cryptos have revolutionized this aspect by offering fast withdrawal times even when massive amounts are involved. They also have negligible or no transaction costs. It is the kind of convenience that gamblers have been yearning for decades.
Better access to online casinos
Cryptocurrencies offer relief to gamblers living in countries with legal restrictions. They provide ultimate privacy and anonymity, so it is possible for players to play from across the continents. Blockchain is highly unregulated so there is no central authority that controls it. Hence, it is possible to transact with the casinos from any region. Even though these casinos still have KYC requirements, blockchain offers an extra level of freedom that was lacking.
Proven fairness
Blockchain tech is immutable, so it is impossible to make any changes to it. It also has an indelible history that can be confirmed at any time. The tech has led to the development of efficient random number generators that can guarantee 100% fairness. Fairness was a major cause of scepticism in the online gambling industry, so such a guarantee is certainly impactful.
What does the future hold?
The blockchain technology has been adopted in the iGaming industry. However, it is still in its infancy. We expect the application to be widespread soon. Casinos will realize the value of blockchain tech and the gamers will start demanding for them. Also, the technology will be conjoined with other technologies like Artificial Intelligence to heighten its utility. Hence, there is a lot to expect from the union between blockchain and online gambling.
Blockchain technology is the key to the future of iGaming. It has taken off with a good trajectory, and the trend seems unstoppable. This tech offers guaranteed fairness and security, privacy, fast and cheap transactions, and wider access to casinos. The extent to which it will go to improve the gambling sector is simply unimaginable!
