Blockchain technology has evolved over their years to become a versatile and multi-use invention whose applications transcend beyond cryptocurrencies. Its unique attributes have become useful across various sectors helping transform businesses and even entire industries. And now the technology is ready for the gaming industry.
The adoption of blockchain technology in online gaming casinos has the potential to transform the entire industry for good. The key features of the technology such as distributed ledger, decentralisation, and cryptography can help in bolstering security, increasing transparency, and gaming capabilities.
Gambling businesses are seriously considering integrating blockchain technology in their online casinos to significantly raise trust levels amongst their client base.
Online casinos have grown significantly over the past few years to become a key segment for gambling businesses. Unfortunately, the rapid expansion has been accompanied by increased cases of fraud, security breaches, and identity theft at the players’ expense. Fraudsters use tricks such as gnoming, chip dumping, and bonus abuse to beat the system and skew winnings in their favour.
Scammers also use phishing techniques to defraud players while others use fake credentials to create multiple accounts that are then used to commit fraud on the platform. As such, identity theft has become a major pain point for online casinos.
Blockchain offers the perfect solutions to these problems as gaming businesses can leverage the technology to make their platforms very secure. Gaming companies can use blockchain-based identity management systems to combat identity theft by requiring users to sign in cryptographically using their private keys to gain access to the platform. Casinos can also use blockchain-based identity verification systems to eliminate the use of fake credentials and to weed out fraudulent accounts.
Casinos can rely on distributed ledger technology capabilities to lower the risks stemming from fraudulent activities. Each and every transaction is recorded on the distributed ledger and published publicly thus acting as a deterrent for actions such as gnoming, chip dumping, and bonus abuse.
Gaming companies can leverage these unique attributes to significantly boost the level of trust that the players have in their platforms. They can greatly benefit by positioning their online casinos as being more secure and transparent thanks to blockchain integration. The technology greatly reduces the currently high number of fraud attempts to almost zero which could potentially transform the entire industry.
Gaming businesses and their players can also benefit by integrating cryptocurrency as an alternative mode of payment in their online casino. This enables the casinos to bring in more users especially those with a preference for crypto and those from countries whose fiat currencies are not supported. These benefits are already evident as several online casinos have already started supporting cryptocurrency deposits.
Image courtesy of Pixabay
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