Blockchain technology is one of the most groundbreaking innovations of the 21st century. It’s a decentralized digital ledger that records transactions across a network of computers. Once data is recorded, it cannot be altered without the network consensus.
In the iGaming industry, blockchain works to promote transparency and fairness. That’s why top gaming sites like Vulkan Bet employ it for games and payments, making sure your every Vulkan Bet logowanie will bring you only positive emotions and experience.
However, there’s a rising curiosity about whether the trend will endure for long or only be temporary. To provide answers, we discuss the impact of blockchain in iGaming and prospects in this post.
Overview of Blockchain and Online Casinos
Usually, when you join an online casino or sports betting site, you rely on third-party auditors to ensure the platform is fair. Also, you need licensing details to verify that the operators abide by strict gambling laws. With blockchain, you have an added advantage.
You don’t necessarily need assurance from anyone that the online casino games and sports betting options are fair. Instead, you can verify by yourself with the records of every transaction you make and the outcomes of your bet.
As a result, blockchain is setting new standards for the iGaming industry. To give you a better picture, we’ll subsequently explain its impact in specific areas.
When Did Blockchain Enter the iGaming Space?
The mid-2000s saw the advent of blockchain in the online gambling industry. Based on our research, this started with the popularity of Bitcoin. Many sites began adding cryptocurrency to their platforms for players to deposit and withdraw.
With time, the trend caught up with other digital coins as well. However, it wasn’t until 2014 that SatoshiDice, the first Bitcoin-based online casino, launched. In subsequent years, more and more operators followed suit.
Then, when ETH became famous in 2017, iGaming platforms started exploring new possibilities with smart contracts. That has been the state of things to date.
Impacts of Blockchain on the iGaming Industry
The numerous impacts of Blockchain in the iGaming sector cannot be over-emphasized. However, two main areas stand out, which we’ve highlighted below:
- Provably fair gaming. Fairness is now guaranteed in the iGaming industry, thanks to blockchain technology. Blockchain has made random number generators more efficient and transparent, ensuring outcomes are 100% unbiased. Simply put, you can confirm first-hand whether the results are random using Provably Fair technology. This works most especially in online slots and RNG table games. However, Provably Fair is yet to kick off for live casino games. The main reason is that live casino gambling uses real dealers, and RNGs do not impact the outcomes. So, you’ll still have to verify such games by third-party auditors for fairness.
- Secure online transactions. All your transactions on crypto gambling sites are decentralized. This means you get better security, reducing the chances of anyone intercepting your transactions. Your deposits and withdrawals are processed and recorded on the blockchain and are not controlled by any banking institution. Blockchain also eliminates the risk of fraud, as network nodes verify every action. Additionally, the technology’s encryption mechanism protects your data to maintain privacy. Besides, you only need a wallet address for payments, which doesn’t reveal any sensitive information. Another essential advantage is the lower transaction fees when you withdraw funds or make a deposit using cryptocurrencies.
Future of Blockchain and Online Casinos
Beyond serving as a means of transparency, blockchain technology holds the potential to reshape various aspects of online gambling. Before now, it was all about payments. However, blockchain integration in online casinos currently surpasses mere currency transactions.
It’s safe to say the technology’s use cases keep expanding. So, it’s not a passing trend but one that has come to stay. The exciting part is that we still have yet to witness blockchain’s full power in iGaming. According to experts, there are still a lot of possibilities.
The outlook in the next few years is on the launch of 100% decentralized gaming platforms. As a player, such sites will allow peer-to-peer interactions, free from the limits of traditional intermediaries. The online gambling industry will continue to embrace blockchain innovations, so the future promises something dynamic and thrilling.
Blockchain Keeps Pushing Boundaries in iGaming
As we’ve explained, blockchain technology has various advantages at crypto gambling betting sites. All transactions are verified on a transparent ledger, guaranteeing that results can’t be tampered with. This eliminates the chances of fraud.
Additionally, the technology is decentralized, which minimizes transaction fees as you deposit and withdraw. So, blockchain is genuinely revolutionizing the iGaming industry and not just a passing trend. Its advantages enable players and bettors to enjoy a more transparent gaming experience.
