How Blockchain Technology is transforming the online casino industry

London, March 23: Although blockchain originally became known as the technology behind Bitcoin, the world's first and still best-known digital currency, its uses extend far beyond that, which is why business gurus and industry leaders are queuing up to explore ways of developing its potential.

And although there has been a certain amount of mystique attached to blockchain, the underlying concept behind it is simple.

The traditional way of making a transaction, such as an online payment, is to use a trusted middleman such as a bank or payment processor. Blockchain, though, eliminates the middleman, enabling the contracting parties to connect directly.

Blockchain relies on cryptography to ensure that exchanges are secure and private, and it provides a decentralised ledger of transactions that is open to everybody on the network to see. Once a transaction has been approved and entered on the ledger it cannot be amended or altered in any way.

In theory, every transaction needs to be approved by everybody with access to the network, but, as the blockchains - so called because the transactions form a chain of linked data - expand, this has necessarily been replaced by some form of majority approval process.

Why it is so revolutionary is that the technology can be used for almost any type of transaction involving value, including money, goods and services and property. Already it has been used by governments to collect taxes, underpin welfare systems, and to help migrants send money back home to dependents in countries where traditional banking methods are not up to modern standards.

The online casino industry has also been quick to adopt the advantages that Blockchain technology can confer, because it is, in essence, all about transaction.. For example, www.casinobest.in lists the leading Indian online casinos, many of whom are rushing to embrace the benefits that blockchain has to offer.

There are numerous ways that the technology can help both operators and consumers. Most obviously, more and more casinos are offering Bitcoins and some of the other leading alt-currencies as a payment method, so users will be using blockchain, even if they are not conscious of it.

And because transactions over a blockchain happen almost instantaneously, there is no wait for winners to have to wait days for funds to be deposited into their accounts.

And because blockchain is digital, it is not limited to one particular geography. That means a player can reach an online casino and play games there anywhere in the world, without having to play commission or worry about exchange rates.

Blockchain also helps underpin the concept of fairness, because it anonymously records game results and players' actions in a way that cannot be changed. Players know that everything processed on a platform is above board.

One of the main concerns about playing online is security and privacy and blockchain has both covered. Because all transactions must be validated by everybody in the network, then they cannot be manipulated in any way, and, via the use of encryption, and private keys, then the integrity of players is guaranteed.

And, at the same time, users can feel secure knowing that their personal details are protected and they can remain anonymous.

Still there is the feeling that people are only beginning to scratch the surface when it comes to what blockchain technology has to offer. Online casinos are likely to find many more uses for it in the future.

[TINN]

Posted about 2 days ago

How Blockchain Technology is transforming the online casino industry

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