The Implementation of Blockchain in the Online Gambling Industry
The technological progress is unstoppable. Every single day people invent new and improved high-tech means that ease their working routine and diversify the leisure time. Moreover, some even make the use of combining these two approaches, utilizing entertainment tools in their jobs and vice versa.
One of such incredibly flexible technologies is Blockchain. It found a particularly fantastic application in the gambling business, and it is currently the most prosperous direction in the industry.
Online Casino Market experts have been working with this technology for several years and have already perceived its advantages. Blockchain became a real breakthrough in the sphere of the gaming business, and ignoring it in your operation is just a waste of time.
Make yourself comfortable while you get to know about the essence of the Blockchain technology, its peculiarities, and the reason why it is beneficial to order a turnkey online casino solution on the basis of this innovation.
The operational essence of this technology is hidden in the term itself. Basically, it is a chain of informational blocks, each storing a chunk of data that is impossible to be decrypted without others. Moreover, the chain is hosted by several servers and can be accessed on any device inside the network. It guarantees the main feature of the technology — decentralization of data.
Put another way, the Blockchain technology is a decentralized, encrypted database transferred with the help of independent chains. The inability to read, rewrite, or steal any information is granted by the decentralized implementation that makes the technology so demanded nowadays.
Moreover, the informational chunks are transferred directly from one device to another by a peer-to-peer protocol. They provide total anonymity to both a sender and a receiver. Blocks are built in a way that every subsequent has data about the previous and the transfer history in this particular system. As soon as all chunks are delivered to their destination, they can help each other to decode, displaying the entire message to the receiver.
The operational process of the technology is based on complete transparency of actions and the total anonymity of the performed activities. It allows excluding the slightest opportunity of influence on blocks.
In order to visualize the operational process, it is essential to understand the stages of transmitting information via Blockchain:
- The trigger to make a transition enables the system and starts the encryption process.
- Blocks with data start to form, keeping the information about previous chunks.
- A validation procedure ensures the transfer and closes with the last block about the receiver.
- The updated new chain is recorded in the register and is sent to the destination.
The key peculiarity of the innovative method of transferring information is its safety. With Blockchain, you do not need to store all information on a single server that can be exposed to hacking. In our case, the chunks of data are distributed on thousands or millions of devices.
It guarantees protection from breaking into those computers all at once and finding the necessary piece of information. Apart from that, the decentralization system is famous for several other vivid advantages.
Due to the distribution of informational blocks and the lack of unified storage, it is impossible to control the system and influence the transferring process
Blockchain technology provides each user with access to all transfers that have been completed
And again, a heavily secured encryption eliminates any possibility of having your information stolen, changed, or accessed by the outsiders
The implementation of the Blockchain technology in the gaming sphere became a breakthrough. It brought the operators some undisputed advantages and managed to solve some previously concerning problems.
The most common financial problems that operators face on their platforms are money-laundering and the returning of lost funds:
- when money is deposited to an online casino through MasterCard, Visa, or any other card-related service, a player can apply to the bank for the return of lost funds and get them back;
- when the funds are deposited without proper security measures, they can simply turn out to be of a criminal origin that can eventually impose severe legislation issues regarding fraudulent activity.
A lot of local gaming commissions require the implementation of financial transparency of all commercial operations. In the modern world of frequent money-laundering activities, Blockchain technology became a life-saving tool for a lot of operators.
Another side of the coin is transparency towards players. Some disrespectful gambling platforms care only about their profit and cheat on their clients in various ways. Therefore, the implementation of Blockchain earns you a profound reputation since your clients will be 100% sure that your interaction with their financial operations is transparent.
Considering the influence of transparency, Blockchain-oriented platforms tend to attract more players with their policy. Consequently, their income is higher due to the increased traffic. With the proper promotion and showcasing your secured and transparent Blockchain technology, people will subconsciously trust you more and choose your online casino.
The current gambling market consists of dozens of bookmaker’s stores, lottery operators, and online casinos who work exclusively on this technology, understanding the importance of keeping their reputation high.
The most popular way of using innovative technology in the industry is by combining it with cryptocurrency. Nowadays, hundreds of world-renown gambling platforms work with Bitcoin by implementing it in Blockchain. By the end of 2019, the total capitalization of online casino wagers reached almost 2 million BTC.
One exclusive feature that is available in several Blockchain online casinos is allowing players to finance themselves and benefiting from the gambling content they have. Also known as Initial Coin Offering, this system makes players place their tokens along the entertainment process.
One of the most famous examples of Blockchain implementation is the usage of Ethereum-based cryptographic system Jefrium. A popular vDice online casino utilizes its personal tokens vSlice. By generating these resources, gamblers receive profit on the platform that they can later turn into in-game currency.
After the technology was introduced in the gaming industry, it immediately provided the operators with something previously unavailable, including:
- automated recording of all transactions in the system, making the transferring processes transparent;
- decentralization of the transferring system that is impossible to be hacked;
- cryptocurrency usage that makes all transactions anonymous;
- low commissions if paid with crypto;
- no gambling restrictions with Bitcoin and co.
Meanwhile, no system is perfect, that means certain disadvantages are also existing if building your online gambling platform on a Blockchain basis:
- impossibility to manage a big number of transactions in a short period;
- the network of computers that store the data will increase every hour, meaning the electricity amounts will go up as well;
- the usage of cryptocurrency can limit your number of players since not everybody has access to it on the territory of certain countries.
Since it is a relatively new technology, it is being upgraded continuously. Depending on the demands of the gambling business world, the improvements are being implemented accordingly.
The ability to work with cryptocurrency became a great addition to the gambling industry. Thus, the security measures, the swiftness of operations, and the global usage are only going to become better.
The operators are also widely interested in improving the possibilities of Blockchain technology. Therefore, with the collective effort, new features are going to pop up in occasional places, and the best of them are definitely going to appear massively soon.
Since it is a pretty complicated system to work with, the proper experience is required. New operators may find hard times configuring an optimal functional process. Even with a decent theoretical background of decentralized systems and cryptocurrency, inexperienced casino owners may not get the maximum benefit from working with Blockchain.
Good to know that such professional guide companies as Online Casino Market have plenty of prior configuration cases, all ended up with great success. Our experts will provide you with high-quality assistance on:
- an in-depth explanation of the Blockchain technology;
- the explanatory working process of Blockchain;
- delivering all the benefits of the Blockchain technology;
- underlining the significance of Blockchain in the online gambling industry;
- implementation of Blockchain in online gambling;
- showing the advantages of Blockchain in online gambling;
- forecasting the future of Blockchain.
The next time, we will discuss the mechanism of developing recently popular chatbots and their efficiency. While you are making your final decision on whether to start working with Blockchain or not, we recommend you to call our specialists.
Not only will they give you an informational overview of the particular case, but they also offer a convenient turnkey casino solution based on the protected decentralized system. We are waiting for your orders!
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