There are many that believe the iGaming industry, can harness the power of blockchain technology to tremendous effect. The iGaming space faces a string of hurdles that it continues to overcome, most notably gaming fairness and the transparency of payouts from slots, lotteries, table games and many more iGaming avenues.
First and foremost, it’s important to recognise that blockchain could play a key role in addressing these concerns, creating increased trust and confidence in the iGaming sector. These results are stored inside an enormous decentralized database, with copies of the results saved on thousands of computers. Gradually, new informational blocks with data are created making a chain.
Let’s look deeper as to how actually a blockchain transaction flow looks like.
Each owner of an electronic device can post the information on the Web, and then other people from all around the globe can access it. Chains of blocks make international money transfers possible anywhere in the world where the blockchain file is available. However, you have to be an owner of a private key, generated with a cryptographic algorithm to allow you access only those blocks that belong directly to you. By providing someone with your personal key, you permanently grant him access to a particular amount of money stored in a certain section of the blockchain.
What problems does blockchain solve?
Thanks to decentralization, the blockchain can solve quite a few of the major issues users of iGaming platforms may face and offers many advantages.
• The high-rate of trust
Since blockchain provides open access to the winning amount, any user can check this information. Thus, iGamers can be sure that the game providers are not fraudsters, and they will get their winnings.
• Security and Anonymity
One of the significant advantages is that you are free to play anonymously. Users are not obliged to enter their data, provide documents, credit card numbers to play. However, these details are still necessary in case the player decides to transfer the winning amount to his personal bank account.
You don’t need to be afraid that the casino will block your wallet anymore, so iGamers are sure of the safety of the platform they are playing on.
The bottom line
Internet expansion to the new markets has brought more profit to iGaming associates and bookmakers. Blockchain technology resolves the majority of the crucial issues in the area of iGaming, such as transparency, anonymity, and data security.
Smart contracts used to operate blockchain wallets, allow you to achieve the maximum security of the game. You reach a unique level of fairness in the online casino game.
Thanks to emerging of cryptocurrency payments through decentralized systems, the players get a chance to save money on transfer fees. Also, they obtain the ability to minimize dependence on centralized banking systems and their limitations.