It’s fair to say that over the last decade or so, online gambling has really come into its own. Whether this is in the form of sports betting or more traditional offerings such as blackjack and roulette, online gambling is big business. According to https://www.statista.com/, the total value of the global online gambling market will reach $94.4 billion by 2024. However, in the age of cybercrime and sensitive information transfer, there are still rumblings surrounding the safety, security, and fairness of gambling online from the neutral observer. To that end, betting firms are now introducing new technology, namely blockchain and bitcoin, in an attempt to once and for all address the lingering image problems of online casinos.
Increased Peace of Mind
The sheer volume of online casinos can, on the surface, make navigating the online gambling landscape seem like a daunting task. With so many providers now offering a similar product, ensuring that you’re giving your money to someone you trust online has never been more important. In this vein, sites such as https://www.bonus.co.uk/ help customers choose which online casinos offer the best deals and, most importantly, are safe and secure. This is where cryptocurrencies such as Bitcoin also come in – with Bitcoin, there’s no need to hand over any details, and customers can operate safely knowing that their details aren’t being stored and can’t be accessed by third parties.
Blockchain and a Timeline of Events
Those who regularly gamble online will be well aware that there are industry safeguards in place and that gaming online is already extremely secure and regulated. However, there still appears to be a perception among neutral onlookers that online casinos aren’t as fair as they appear to be. The introduction of blockchain technology aims to sort this problem once and for all. Blockchain records every single transaction on an encrypted digital ledger that cannot be changed or altered by anyone. In simple terms, this transparency means that no parties can cheat the system – customers can see that the system isn’t rigged, which in turn benefits casinos as they have complete provability as to the fairness of their games.
Smart contracts are arguably the most important aspect of blockchain technology when it comes to the governance of online casinos. Smart contracts (or crypto-contracts) are programmes that directly control the transfer of digital currency between parties. Anyone can review these contracts which, in the context of online gambling, makes for a provably fair experience.
Online Gambling and Cryptocurrency Are a Match Made In Heaven
As can be seen at https://pc-tablet.com/, cryptocurrencies, and blockchain technology are currently working within a number of different industries, from the smartphone market to even the regeneration of deserted cities. However, the relationship between blockchain and online gambling appears to be one of the most mutually beneficial in the current business climate and has helped online casino cement its place as one of the most rapidly growing and evolving industries around.