Published By Mia Gardner : 26 Apr 2018 | Last Updated: 24 Dec 2020
But first, what exactly is blockchain technology? We give you the run-down.
The key advantage of blockchain technology is the concept of the distributed ledger. Most people understand the function of the ledger in basic accounting terms. What makes blockchain unique, and ideal for the iGaming environment, is that the information isn’t stored in a central location, but instead is shared by various ones all over the world. This serves to remove the exclusive and unapproachable nature of financial transactions in general from the entire equation, with the transactions now taking place under the watchful eyes of public interest.
The fact that the information is widely distributed also makes blockchain technology less prone to cyber criminal interference and hostage situations involving financial transactions and information. This having been said, there is still a lot of room for improvement in the way of proper regulation of blockchain technology and cryptocurrencies in general. Once this has been fine-tuned, so to speak, many more businesses are likely to get on board.
There are number of challenges facing operators functioning in the online casino industry. One of the main challenges is payment methods as well as financial integrity and the protection of the financial information of players. This is where blockchain technology really comes into its own. Many online casinos now officially accept cryptocurrencies as acceptable forms of tender, and it’s not at all difficult to see why this is beneficial to the entire gaming landscape.
Blockchain technology is fast, the fees involved are very low and there is no chargebacks. What’s more, the use of cryptocurrencies completely eradicates the charges involved with currency conversions. Blockchain is in effect a financial language that the entire world is able to speak and understand, a standard way of doing finance, if you will.
What’s more, the qualities of transparency, clarity and security are what reputable online casinos are built on, and these correspond perfectly with the very essence of blockchain technology.