Blockchain Makes Online Casinos Safer

Blockchain Makes Online Casinos Safer

The online gaming industry is expected to surpass CAD $65 billion annually in 2018. Studies and research suggests that mobile gaming is rising more than 75% annually and it now accounts for more than 25% of all gaming worldwide. Despite this, there is a lack of transparency in knowing which online casinos are secure, honest and completely trustworthy. It is estimated that 1.5 million fake websites are being created each-and-every month, and we have personally experienced successful online casinos being copied by hackers looking to take advantage of unsuspecting players.

That’s why we do the hard work for you and recommend only the best and most secure online casinos expressly for Canadians such as Jackpot City, PornHub, Golden Tiger, Gaming Club, Go Wild, 888 Casino, Casino Land, Ruby Fortune, Pots of Luck and others.

However, in the near future, Blockchain Technology will also assist online players to enjoy secure, safe and hassle-free gaming.

What is Blockchain Technology?

Blockchain Technology is an innovative system whereby multiple independent node operate simultaneously by processing the same or similar commands. The single most important advantage that Blockchain provides is the representation of a ‘distributed ledger’.

This innovative structure builds a shared database which is then synchronised across multiple sites. As a result, the main benefit of Blockchain Technology is characterised by its ability to maintain transactions with “public supervision”.

Blockchain Makes Gambling Transparent

Blockchain Technology will thereby provide online casinos with much improved protection from attacks, leaks and hacks.

There are very beneficial outcomes in many ways stemming from preventing cyberattacks with less effort and providing more time and effort in game development and improving online players experience and exponential increases in overall enjoyment and fun.

These Blockchain systems are capable of learning and interpreting within a generalised formula of player behaviour to predict outcomes. To boil it all down and paring it all back, Blockchain Technology’s intuitive and elementary premise governs its operating function by determining quite simply “If this, then that”.

For example, if you land three Aces while spinning the reels in online slots, you’ll hit a jackpot and the casino will pay you out. On the other hand, if you put your money on the red number and the ball stops on black, then casino takes your money.

Such is Blockchain’s protection by powerful cryptography and governed by the above ultimate simplicity it is;

  • Almost entirely protected against human error, editing, tampering, removal and revision.

Each record (or ‘block’) incorporates details of a transaction and it is time-stamped and associated with certain data that links it to the previous ‘block’ in the chain and literally places that information ‘in order’.  Whenever a new transaction takes place, it is authenticated across the network by users known as ‘miners’ (using specialised IT equipment) before being recorded as part of a new ‘block’ and being made available to view by other members of the blockchain.

Blockchain Technology will speed up your payouts!

Fast Payouts

While conventional platforms require excessive amounts of personal data and information for vetting users slowing down the process of creating accounts and playing, using Blockchain Technology has eliminated the need for superfluous data collection, which ensures faster more facilitated access for users and virtually guarantees anonymity to its players.

Moreover, there is currently a disconnect between the lightning fast, cutting-edge online casino games you’re playing. The comparatively slow nature of deposits and withdrawals systems, combined with legislatively imposed limits on flat transfers and deposits, defaulting, and the arduous process of withdrawing funds in case of server shutdown is a drag on the online casinos ability to serve their clients quickly. By relying on a cryptocurrency for deposits and withdrawals, Blockchain resolves these issues.

Benefits of Using Cryptocurrencies in Online Casinos

Benefits of Using Cryptocurrencies in Online Casinos

Keeping in mind the advantages of using cryptocurrencies as payment methods such as no chargebacks, super low maintenance fees and lightning fast transactions, it’s no small wonder that Blockchain Technology is accumulating more fans on a daily basis.

Thanks to the increased transparency, clarity and security, and the essential advantages of cryptocurrencies, the world of digital cash has emerged as a strong and effective alternative to traditional financial mechanisms and ways of conducting everyday money transactions.

The number of online casinos introducing cryptocurrencies as payment methods is continually growing and there’s no apparent slow down on the horizon. In addition, exemplary licensed regulatory bodies such as the Malta Gaming Authority (MGA), the Gibraltar Betting and Gambling Association (GBGA) and the United Kingdom Gambling Commission (UKGC) are only now currently working on promoting blockchain technology and that alone is proof enough that blockchain is yet to reach its maximum potential.

Functional fairness of Blockchain Technology

The fact that Blockchain Technology can put to rest the minds of online players, (that they are not being swindled in online games) that can be controlled by centralised forces is wonderful, however, it needs to be functional too and that made be made possible by future legislative regulation.

In a future world of games built by Blockchain Technology, the games that will be built now will become both fairer and more than capable of working regardless of the number of users or the size of the player transactions.

Being both fair and functional will assist Blockchain Technology disrupt the traditional market.

The Future

The disruptive power of Blockchain Technology is such that it is many times more revolutionary than that of how our world was changed by the introduction of the internet. With Blockchain and cryptocurrencies we are moving towards and environment where players and online casinos can transfer assets and have agreements in place almost instantly.

There is no stopping it and its already starting to happen.

Sit back, enjoy the improvements in your gaming and your customer service interactions and above all, great gaming!