How the blockchain tech influence online gambling industry - Hitecher
How the blockchain tech influence online gambling industry

How the blockchain tech influence online gambling industry

by Digital Corsair

The gambling itself has always been the engaging activity for masses — the stories of people losing...

The gambling itself has always been the engaging activity for masses — the stories of people losing fortunes were perhaps not less significant that the rare winner’s one. In the digital age many platforms appeared on the Internet to provide the new experience.

The digital currency casinos proved to be profitable and within a few last years a lot of project aimed the development in this direction.

The blockchain industry victorious march is out of the question now — the next years will undoubtedly see the prominent technology getting adopted in more and more industries. Banking area, transportation, jurisdiction, logistics, different productions, healthcare, gaming — there is potentially no shortage of segments or fields of current human activity where the blockchain cannot be applied and improve the currently existing solutions. Verifications of the highest possible level, unmatched security&safety options, smart contracts that can ensure payment transactions on the new standard.

Online gambling represents one of the first industries that went on experimenting with the use of blockchain technology, as different Bitcoin casinos represented one of the most widespread use cases of cryptocurrency within the latest years. However, despite the evolution of cryptocurrencies in recent years, the overall impact on gaming has been relatively small so far.

Anyway, despite the cryptocurrency market rapid shifts during the last couple of years, the digital currency casino market has evolved and grew, given the appearance of more game types, features, bonuses, and more.

Nowadays not many even professional online game players and supporters do realize the potential benefits of cryptocurrency casinos when compared to more «traditional,» fiat-currency based online casinos:

  1. The blockchain technology allows achievement of correct game results that cannot be faked or altered and players ratings that cannot be counterfeited. There were different solutions out there in the market even before the blockchain worldwide adoption, though so far nothing is likely to provide better security and privacy in the coming years.
  2. Client’s anonymity of the top level and the best access options. Years before many players had legitimate doubts and concerns regarding their personal information being shared on third-party gambling resources. And of course, it is not a case with the crypto casinos. However, many gambling solutions are so easy-to-use that they automatically register user accounts when accessing the websites, and therefore, do not require personal information such as email, name, or real postal players address. Of course, it is a positive approach as an anonymity level like this also allows users located in countries where online gambling is under a legal ban, still access the resources and play their favorite games.
  3. Unfortunately, some emerging crypto casinos currently suffer from the governmental tightening regulations as they are required to obtain licenses and apply more stricter rules over time.
  4. Astronomically high speed of transaction execution. Before the blockchain stepped into modern tech world, both the deposits and withdrawals in online gambling had never been that fast. Most popular existing casinos require transactions to have one confirmation on the blockchain network, before allowing users to wager their funds. However, the overall process can require no more than a few seconds or a couple of minutes, based on the client’s digital currency of choice. In contrast, the withdrawals are usually processed almost instantly. Users no longer have to wait for days before being able to play their favourite games or withdraw the funds.
  5. Lowest fees within the industry — the modern digital currency casinos undoubtedly have the lowest fees and house edges on the existing market. Most cases show no cost associated with either deposits or withdrawals, and many new startups aim for low maximum indications to be attractive in this market and cope with numerous competitors.

The market for mobile applications and online games shows tremendous growth and an ever-increasing influx of new users over the past few years. According to 2017’s «AppAnnie 2017 Retrospective: A Monumental year for the application economy», the overall market capitalization of mobile applications has reached $ 86 billion and is increasing steadily.

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