As society becomes more and more intertwined with the internet, it is becoming increasingly apparent that the industry needs to be updated. One area of particular concern in this respect is online casinos.
You can enjoy an incredible array of games at online casinos such as Free Spins Review. While there are secure online payment methods in place in the casino, there is still a lot of room for improvement when it comes to transparency and security.
Blockchain technology has recently come onto the scene as a means by which these issues can be resolved. It will be interesting to see how blockchain impacts online casino gaming in the near future.
Here are five ways by which blockchain can improve the transparency and security of online casinos:
- Provable fairness
Provably fair gaming is a concept by which online casinos can prove to players that they are not manipulating the odds in their favor. This way, users can verify if the casino is playing fair or not, and this also allows them to better understand what constitutes a winning bet.
Blockchain will allow for this ‘fairness’ verification process to be automated and made public, for each game on each site. In other words, it would not be possible for an operator to pick and choose which games they want to make provably fair – all their games would have to follow the same legal guidelines.
- Improved privacy
Blockchain technology would allow for the automation of personal privacy policies between players and casinos, as well as improving transparency in terms of how player information is stored and used by operators. This automation would prevent the need to review complex legal documents before starting a play session as it can be all done automatically on the blockchain network.
- Identification verification
In the current situation, identification verification is a cumbersome process that requires time and effort from both casino operators and players. Blockchain could automate this process as well through smart contract-powered Know Your Customer (KYC) protocols which will benefit both parties involved – users will be able to manage their own identities right from their smartphones or computers, while operators will no longer have to waste resources and time confirming the information that users submit.
- Improved security
All bets on blockchain casinos would be irrefutably linked to a unique public address which is associated with the odds of each game, any player deposits, and payouts. This feature will not only eliminate fraud but will also allow developers to program smart contracts for future functions such as social betting, escrow services, and tokenized in-game assets.
- Transparent accounting systems
Using blockchain technology in casinos will allow for accounting to become both automated and completely transparent – players can always access their account activity history along with financial reports in real-time. This means that there would no longer be a need for user accounts and casino wallets to be managed by different people, or for there to be any kind of latency during the payouts process.
The changes that blockchain technology is bringing about will revolutionize online casino games much in the same way as it is already revolutionizing other sectors. The transparency and automation aspects are just some of the ways in which this new technology will change things.