How will Blockchain affect the Online Casino Business?

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Over the last years the online gaming world has seen lots of developments.

Some of them include mobile compatibility, 3D Slots and live dealer gaming.

In the meantime, you can find the best online casino bonuses at various bitcoin casinos

Blockchain was developed by Satoshi Nakamoto for the electronic currency Bitcoin, a currency system that is completely detached from government controls.

The idea behind the technology is the decentralized database, which is managed via many different computers. This includes completely transparent monitoring that can be viewed and checked by everyone. The blockchain code is part of Bitcoin technology, which makes the electronic currency one of the safest payment methods on the Internet. A blockchain is the code that is generated with every transaction. In the case of Bitcoin, these blocks are strung together chronologically and can be checked at any time. Each process is stored in a block that is linked to the next block, hence the name Blockchain. All blocks are stored in a permanent database, in linear chronological form, accessible to everyone. The processes can be read exactly, how many Bitcoins were transferred from which address to which address, however, the owners remain anonymous, since only the key of the Bitcoin account is used.

More security for casinos?

The Blockchain technology should be available for all online casinos. All games and transactions would then be verifiable at any time and could no longer be manipulated.

At Bitcoin, thousands of computers work on the transactions and generate new bitcoins until the sum of 21 million units has been generated. The generation of new bitcoins, the so-called mining, costs more and more computing power. So it uses more and more energy. This is one of the biggest disadvantages of the electronic currency as it is not necessarily environmentally friendly. This technology would be ideal for the casino industry, as the customer data protection and safe gaming processes can be guaranteed.

What is the advantage for the casino industry?

The casino industry turned over approximately $ 47.11 billion in 2017. Up to $ 60 billion is expected to be generated by 2020, an industry that still produces good growth rates. With the large sums, trust in online casinos is an important factor for customers. Blockchain technology guarantees customers absolutely non-manipulable game processes, absolutely anonymous payment processes and completely verifiable processes.

If casinos run their games and processes on a blockchain platform, you should no longer need your own computing power and a system administrator is also no longer required. This makes computing-intensive offers, such as live games, much faster and more realistic. The costs for this can be saved and the customer could be offered better conditions.

For customers, a blockchain casino would be a double win. You can rely on a tamper-proof game environment and on favorable terms. At the moment, nine games are in development at Funfair, which are based entirely on blockchain technology. The nine games that are available to customers in a short time can already be tried out in the preview.

The Benefits of Blockchain Technology

Straightforwardness for clients of online gambling sites is, without question, the most grounded single advantage of blockchain innovation.

Since betting sites need to enlist clients with a great deal of individual information, so this should be put away safely. With a blockchain approach, this is not the case.

You can be completely mysterious on the off chance that you need to, a significant factor for gamblers who need to confine the measure of information they share online even with brands they may trust.