Home /
News /
The Blockchain – For A Better Casino Experience /

The Blockchain – For A Better Casino Experience

Since gambling first appeared on the internet, there has been a huge surge in the number of online players. But because there are always hidden security issues with many scam websites, the casino industry needed to find a new means of making players feel secure, especially when inputting their personal and banking details. As soon a blockchain technology was introduced, casinos were quick to see how they could make use of this decentralized system to improve their own reputation and security.

Rate this news

Introduction: The Blockchain – For A Better Casino Experience

Probably one of the biggest changes in the gambling industry was when everything moved from the real casino to the online one. Suddenly players could play from home to win the jackpot online, and so there was no need to drive hundreds of miles to the nearest casino. With online casinos dealing with so much money it was only a short matter of time before all sorts of banking systems and payment options came to help to secure the player who was depositing and withdrawing funds into his online casino account. One of these new options used more and more today is the use of blockchain technology.

What is Blockchain?

In its easiest description, you should look at blockchain as simply a chain of blocks. It’s a public database on which blocks of data are stored. As such, a single block is nothing more than a piece of digital information. It’s described as a chain because that’s the part that’s a public database. There are three major features to the blockchain and these are:

Blocks store information which can include such things as transaction time and dates and the money most recently used for a purchase
Blocks also can gather information about the participants of the transaction and thereby introduce more clarity. For example, a block may keep a record of a buyer along with the website and where the purchase did place
Each block has a unique code that will distinguish it from all other blocks. This way every block can be identified separately. Up to 1 MB of data can be stored on a single block.

How Does Blockchain Work?

It’s because of the way that blockchain stores transaction histories that it’s revolutionizing many industries, including the casino industry. In some ways, because all transactions are viewable by the public, it forces businesses to be more transparent. The casino blockchain can keep a record of every single bet made by a gambler, along with all the information about transactions and payouts. What we’re really talking about here is “trust”. And of all the industries that are in desperate need of this quality, the online casino gaming industry must be at number one. having said that, we recommend Tangiers Casino. It has a fantastic selection of casino games, including all our favourite live dealer games.

Safety in Blockchain Technology

But the blockchain isn’t just for securing online casino players’ transaction processes. It’s also a perfect means of protecting the players’ banking and personal details. Probably the two major issues that are facing the whole gambling industry in the 21st century, are money transparency and the fact that there are still online casinos that are scamming players. In both of these areas, blockchain technology has been used to help resolve and improve the overall player experience as well as deal with these deep-seated issues of trustworthiness of online casino sites.

Trust in Transparency

Keep in mind that all gambling revenue online makes up over 25% of the total. As of 2020, the online casino industry is worth over 5 billion a year. Blockchain was first introduced to the gambling industry about 5 years ago with the explicit aim of making the casino industry appear more trustworthy to new customers. Because new customers are the lifeblood of any online casino, then the industry had to make huge efforts and try new options to inspire confidence in these new players. One of the main considerations was that the players have always been uncertain as to whether the best online casinos with jackpots and jackpot games are fair or loaded in favour of the land online casino owner.

A Decentralized Processor System

Blockchain has decentralized the whole payment process meaning that there is as such no one entity in charge of everything. This has made all payments and money transactions absolutely transparent as well as much safer. The other issue that plagues the industry is scam websites that relieve players of millions of dollars every year. Blockchain in itself is now used as a form of verification to ensure that the casino being played online is authentic. Nevertheless, when you visit a new online casino website, we suggest that you always look for a reputable licence from a reputable licensing authority. If you’re in Europe, then this should be a gambling licence from the Malta Gaming Authority or the UK Gambling Commission.

Beware The House Edge

One thing many gamblers fail to consider is that though they may win some money in the short-term, in the long-term, the casino will always win. That’s because many gamblers forget that all the casino jackpot games have a built-in house advantage which allows the casino to make money whether the Gambler wins or loses. The house edge is essentially a tiny percentage which the casino takes off every bet and gives it to itself. Thanks to that, and the more you play the more you lose to the casino.

When you play at online casinos the house edge is much smaller than that found in land-based casinos. We always choose Tangiers Casino for the best online casino experience. They also have a bonkers welcome bonus for all new players of 750% up to €7500!

The Zero-Edge Protocol

There are multiple factors that can still benefit the gambler when he’s playing online. These include such incentives as the welcome bonus, jumbo bets, free spins, and gift certificates, along with any number of other incentives. These are specially designed to increase the player’s bankroll and thereby provide you with a longer period of play. Theoretically, this should increase your jackpot winning chances. By using blockchain technology, the player actually can benefit, as it provides a “zero-edge protocol” that increases the transparency in money transfers. This protocol also avoids any delays in deposits or payouts either to or from the casino. It also ensures that the player’s details are kept perfectly safe.

Identifying Bad Actors

Taking a broad overview of the whole casino industry, particularly with regard to online casinos, it’s easy to spot today how much the industry was in need of a saviour. The number of online gamblers appears to be relatively steady. But the status of gambling throughout Western society has undergone a considerable change. With the dawn of the internet came many fake and scam websites designed expressly to make as much money as quickly as possible from the gambling industry as a whole. It’s thanks to blockchain technology that many of today’s less than honest gambling casinos are unable to continue processing players, as blockchain technology is quick to flag them as false and malicious actors.

The Future is Bright

Now that blockchain has made the whole gambling industry a much safer place, along with it also introducing many new protocols for both gameplay and security, we look forward to seeing what revelations and innovations blockchain will bring to the table as it evolves over the coming months and years.