Blockchain Technology Set to Shake up the Casino Industry in More Ways than One

People who follow the gambling industry closely have known for some time that blockchain technology is creeping in. This has most commonly been seen in online casinos accepting Bitcoin and other blockchain-based cryptocurrencies for transactions. However, there are likely to be many other ways that the technology will shake things up and streamline the online casino experience.

According to a recent report from Fortune Business Insights, blockchain is being increasingly employed by online casinos to upgrade security protocols. There has also been a rise in start-ups creating online casino platforms that are powered by blockchain.

Advanced Technology Could be the New Edge Casinos are Looking for

In saturated gambling markets, online casinos have traditionally found success by trying to outdo their rivals in terms of special offers and bonuses. This method is arguably at the pinnacle of its evolution in Europe, where the online casino industry first originated. For example, the best casino bonuses in Finland have now grown so advanced that new players can find deposit matches and free spins at numerous sites. There are so many offers to choose from that a whole subsector of aggregator sites has grown to help players with their selections.

Because nearly every online casino worth its salt now offers a welcome bonus, operators have had to try to find other ways to steal a march on their rivals and attract players. Recently, this has been achieved by offering a wide range of payment methods to suit as many people as possible. In the future, technology could play a massive part in alluring people to sites. It could soon come down to which online casinos are offering the most efficient experience, involving everything from security to depositing and cashing out. This could all be systematised and tracked using blockchain systems.  

Blockchain Could be Used for Every Aspect of Online Casinos

Cryptocurrency may be the most famous example of blockchain in use, but the technology can be applied in a wider variety of ways. In simple terms, it acts as a ledger to store records and data in a way that can’t be tampered with or changed. Each part of the blockchain contains information that is directly affected by the links in the chain next to it. Therefore, it’s impossible to break the sequence.

There are now several startups seeking to be early pioneers of fully integrated blockchain casino platforms, where every element is governed by the technology. These platforms will offer enhanced security and reliability with payouts, along with a seamless collection of bonuses and other offers. Edgeless and Tombola are two of the first companies to use blockchain in this way and, if they are successful, they could one day grow as big as the first online casino software giants like Microgaming and Playtech.

There is a strong chance that blockchain will be ubiquitous in the next few years, and online casinos are likely to be the initial adopters before it becomes mainstream. It could take the sites to the next level, improving security and the user experience.

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Blockchain Technology Set to Shake up the Casino Industry in More Ways than One was first seen on Casino Life Magazine