Blockchain in Gambling: Features and Benefits for Online Casinos
The main features of blockchain are transparency and high data security. These advantages are extensively used in finance, document management, and even government control. Gambling also benefits from the technology application. How does it work?
Blockchain technology in gambling
The blockchain hype has long quieted down, but the technology keeps extending, especially in sectors related to money and digital identification. The advantages of blockchain and smart contracts have already moved beyond fintech: they are successfully used in other industries. Gambling companies are interested in blockchain key features as well. What is the potential of this technology? What issues can it solve?
- Safety and fair game assurance. The technology allows to record anonymously user actions and game results, while it is impossible to falsify or change data.
- Anonymous access to gambling resources. Blockchain-based crypto casinos guarantee that player personal information won’t be disseminated.
- Transaction speed. Clients of blockchain-based resources can withdraw or deposit funds without waiting for several days.
- Low fees. The majority of blockchain casinos have the lowest withdrawal and deposit fees.
The above-mentioned benefits make casinos more attractive for customers and platform operations faster and fully protected from potential hacker attacks or fraud. Blockchain is able to solve such gambling problems as the absence of transparency, the payment speed, and the high entry barrier for newcomers.
Blockchain casino concept
A blockchain or crypto casino is a gambling platform based on decentralized technologies. This resource clearly controls all financial transactions, including withdrawals and deposits as well as bets and winnings. Data cannot be counterfeited because of the blockchain specific nature. Therefore, players obtain guarantees that they won’t be cheated.
Gambling resources can apply blockchain in different ways. For example, to integrate slots entirely built on the technology or add a cryptocurrency transaction option. Each scenario is appealing to clients and is able to enhance the level of credibility for online casinos.
Blockchain advantages in online casinos
Blockchain casinos are based on smart contracts assuring process security and protection. It guarantees that customers will receive money in case of winning. It functions as follows:
- a smart contract is prescribed according to the “if … then” concept and is fulfilled automatically;
- terms and conditions for obtaining the winning are transparent and generally available;
- in case of winning, users get a certain sum of money on their wallets automatically and immediately.
Another crucial benefit is the fact that payments are conducted directly, without third parties. Thus, all transactions are extremely quick and cheap.
The major advantage of the decentralized system is obvious: data is stored on a variety of resources at the same time and is unable to be corrected, providing clients with fair game guarantees because all the information is publicly accessible and can be freely checked (e.g. gamblers can calculate whether a casino pays a promised percentage of winnings).
Blockchain gambling projects
Blockchain-based gambling resources are no longer a new phenomenon in this industry. Let’s examine case studies of the most popular platforms and the most intriguing similar projects.
BitCasino.io. The platform deals with bitcoin and allows clients to withdraw funds immediately. Players can select from 1300 slots, including poker, blackjack, and roulettes. It is the first blockchain casino offering Microgaming’s products.
The resource features a low entry barrier for new players: the minimum deposit is 0.001 BTC. The platform is multi-language. Russian and English are available as well. BitCasino is the world’s first licensed bitcoin casino.
FairPlay is the first licensed crypto casino integrating the fair gaming control using blockchain. Players can enjoy slots, roulette, lotteries, and card games of maximum transparency.
The casino carries out instant pay-offs and deposits. It supports such cryptocurrencies as BTC and ETH as well as offers English and Russian interfaces. It is based on TruePlay, a platform developing a special module that allows operators to prevent fraud operations.
TruePlay Affiliate Program. Not only can the blockchain technology make the interaction between players and casinos transparent, but it also can ensure honesty in cooperation with affiliates. The first blockchain affiliate program follows the principle of offering webmasters actual statistics and information availability. All the data and figures are recorded in the system using smart contracts. The affiliate program applies the Revenue Share system and gives 60% of income to affiliates.
Blockchain allows gambling to rapidly advance and enter the new level of trust-based customer relations. The technology is able to guarantee fair gaming, which is quite important to online casinos that take care of their reputation among gamblers.