One of the main sources of frustration for online casino players is to deal with unreliable game results. Blockchain technology has the capability to transform industries that have been begging for a change for a long time. The gaming industry is one of those. Since the very beginning, the online betting market has been known as an untrustworthy space, mostly because of the controversy around the legality of gambling. Most countries have different regulations from one another, in terms of gambling. Malta, is one country that has recently announced implementations to regulate and legalize crypto gambling. The Malta Gaming Authority (MGA) issued a document with guidelines for distributed ledger technology and virtual currencies. With this document, the MGA seeks to protect customers and prevent crime and money laundering as some of its goals. So, how can blockchain provide a trustworthy structure for online betting?
Blockchain brings transparency back to the game
One of the most celebrated features related to blockchain technology is the possibility of bringing transparency to those industries in need. Online casinos get their bad reputation from a lack of transparency. Meaning, that these same casinos are basing their wins on players who make the highest bets, rather than pure, unadulterated odds. As a result many potentials players refrain from using online games. Blockchain open source technology makes it possible to provide a platform where every transaction can be verified. By using the technology, all these transactions are open and available to each person involved, and not hidden in one central place. By incorporating blockchain into casino games, companies give players the chance to verify whether or not their winnings are being distributed fairly, and confirm payments at the end of the game.
Blockchain allows faster and secure transactions
Traditionally, a withdrawal from an online casino may take several days, but blockchain technology incorporates smart contracts into online transactions. Smart contracts record the bet’s details, validate the bet’s results and automatically pay out the winnings. The whole process is automatic which eliminates the possibility of human manipulation. It is also impossible to modify since it is registered on the blockchain. Blockchain transactions automatically create a record that cannot be changed, copied or deleted. Cryptocurrency, as a payment method, is an excellent alternative for players who can collect their winnings in a more secure way, and it allows them to bet anonymously without creating an account or handing over documentation.
Blockchain-based games can introduce features to online gaming such as trading and collecting digital assets. It can also change the whole business model for the better, creating a more decentralized system allowing independent developers to build games and be compensated. But most importantly, blockchain technology has the capability to provide online games and casinos with a trustworthy platform where players can make safe bets and secure transactions. The online casino market has struggled with a bad reputation for a long time. Lack of transparency, payment frauds, and pre-arranged game results are some of the problems most players face when playing online. The transparency of blockchain’s open source features, plus its ability to process real-time transactions, is an opportunity for online casino companies, game developers, players and governments to push forward an industry that has huge potential for growing in a legal and honest way.
Stanislav Makarchuk is the CTO of TruePlay. He is one of the pioneers of gaming development in CIS countries. First gaming project developed in 2002. In 2008 became a co-founder of a software company.