Blockchain technology is a fundamentally new approach to storing important data. Today online gambling is a global market with a capitalization of over $ 30 billion and an annual growth rate of around 10%. The union of these two spheres leads immediately to success. With Blockchain technology, it is possible to play without the need to deposit cash.
Benefits of using blockchain in gambling
Blockchain technology has a number of advantages. With its introduction in the gaming sector, there are a number of advantages for players and operators:
Transparency. All transactions you make in casino games are automatically recorded by the system so that the transactions are as transparent as possible.
Decentralization. They decentralize the blockchain system and thus it is almost impossible to hack.
Impossibility to change dates. You cannot change all data that goes into the blockchain retrospectively.
Anonymity. The use of cryptocurrencies enables the user of online casino games to deposit anonymously and receive winnings without having to present documents or even create an account.
Favourable fees. For payment transactions with cryptocurrencies, the fees are usually significantly lower or do not apply at all.
High level of security. The blockchain also enables transactions without intermediaries, and the data of each block is automatically encrypted.
Disadvantages of blockchain technologies in gambling
However, the undeniable advantages of online casino games are also offset by significant disadvantages. This primarily affects scalability. Today, the blockchain cannot process a large number of transactions in a short period of time.
The second difficulty is the problem of storing and synchronizing a database of transactions on every computer on the network. The size of the database will increase daily, which will require additional capacity and consume large amounts of electricity.
The third disadvantage is the use of cryptocurrencies. Today, using them as a means of payment is very risky because of the very high volatility and legal restrictions in many countries.
Successful blockchain projects in gambling
Today, more than a hundred well-known casino gaming websites decided to switch to blockchain technology. Just a few years ago, the total betting volume was over 1.5 million BTC.
Some online casinos that work with different cryptocurrencies allow users to finance themselves and benefit from the operation of the casinos.