Whenever people hear the name Blockchain, Bitcoin is the first thing which comes to mind and vice versa. While Bitcoin is a cryptocurrency, Blockchain is a technology used for a variety of purposes. Data is encrypted and secured with blockchain which ensures others can make no further modifications except the owner.
We can win lots of money in a single night via Gambling. We can also lose lots of money in a day too. So far, it is ok but losing money and personal data without notice is not fair. If you are doing Gambling online or offline, the decisions and results are expected to be manipulated. Many people stay away from Gambling due to trust issues.
Blockchain technology in Gambling
Blockchain increases the transaction options while decreasing the trust issues in the transaction. Let’s find out how precisely blockchain-powered platform will work for the gambling industry or change it for betterment.
Trust is needed to believe an industry, company, individuals and anything. With the integration of blockchain, many problems will be eliminated. Transparency will be created where players will win genuinely. Scores, ranks will belong to the ones who achieve it with better play. More trust implies more users in the gambling industry.
- One can remain Anonymous
It is not like entirely playing like a stranger. Traditionally, you need to provide ID proof and related documents to sign in and play gambling. But with blockchain, fewer details will be required and signing up will become a lot faster and easier.
- Pay with cryptocurrencies
You might get into situations where you do not have enough money in the required currency then. Cryptocurrency is a better alternative. It stays online, secured, easy to send, fast to get accepted by companies. This is not implemented yet, but will sure get implemented soon with blockchain technology.
Along with the uses mentioned above, frauds can be controlled using blockchain technology. Gambling platforms can create their own tokens which can be used as digital currencies to use in that specific platform. Those tokens can be bought with your currency and can be used whenever needed.
Gambling industry will be added to the list of industries that use blockchain technology. It will be less expensive to use blockchain, i.e., decentralized money rather than using any one particular currency.