Advances in blockchain technology in online casinos

Advances in blockchain technology in online casinos

The cryptocurrency industry and the gaming sector have several points of contact. One of them is the implementation of blockchain systems, which represent a leap in quality in terms of security and transparency. Blockchain opens up new possibilities for casinos in particular.

Decentralized casinos: an emerging trend

Electronic payment methods are essential for online casinos to function. In this respect, cryptocurrencies are extremely useful. The virtual nature of these assets makes them highly compatible with electronic gaming platforms, and their decentralized architecture is very useful for this market.

Numerous gaming operators have started to incorporate blockchain and cryptocurrency options for their users, and some even go so far as to encourage users to opt for cryptocurrencies above traditional payment methods by providing better bonuses and more attractive reward options.

The most marked advantage of blockchain technology is that transfers are highly transparent. Every time a transaction is made, the details are recorded on a public ledger, which cannot be modified or adulterated by anyone - not even the people involved in the transaction. Thus, the blockchain provides a detailed ledger that ensures anybody can see what transfers have taken place.

This bumps up the security as well; it’s almost impossible to hack blockchain technology, and bitcoin, the biggest cryptocurrency, has never been hacked, despite many attempts and the fact that it has been in existence for almost two decades now. 

Security is a huge feature for online casinos, who want their players to feel safe, and thus, implementing blockchain technology and crypto payments is a very attractive proposition. Other less critical but still important advantages include speed: crypto transactions tend to happen more quickly, so if a person is playing at a bitcoin casino, they can withdraw their winnings faster than they might be able to using fiat currency.

Provably Fair, transparency guarantees

Casinos working with cryptocurrencies usually make use of a randomization checking system called Provably Fair. This is an algorithm that guarantees the integrity of games and allows players to check it for themselves by recording the relevant information on the blockchain’s public ledger.

This technology is perfectly suited to bitcoin casino platforms, as all data is recorded on the blockchain. In traditional gaming, customers have no way to access the underlying code and mechanisms that the casino is using, and therefore can’t verify the fairness for themselves. With Provably Fair technology, players can check game outcomes and ascertain that everything worked correctly.

What has Provably Fair changed?

In a nutshell, Provably Fair is a technology designed to instill trust between online gaming platforms and their players. Implementing cryptographic algorithms has changed the dynamic between casino provider and player, creating inherent trust rather than depending on external bodies to verify it. Crypto casinos put their players’ happiness first when they include this kind of technology in the gaming experience.

The future of the “Provably Fair” technology in the electronic gaming sector is bright. Looking ahead, we can expect a growing acceptance of Provably Fair among players and industry stakeholders, which will undoubtedly increase trust in iGaming platforms.

Meanwhile, the technological landscape is evolving with emerging innovations such as Web3. One of the main philosophical tenets behind Web3 technology has always been to create inherent trust in systems by demonstrating that no individual has the ability to modify outcomes. This means that Provably Fair technologies fit perfectly into the design approach and thus these algorithms are becoming an inherent and indispensable part of the Web3 ecosystem. In turn, the symbiotic relationship between this randomization checking system and a Web3 approach should help to further encourage its use in a wide variety of systems, not just casinos.

Crypto land-based casinos: the example of El Salvador

The rise of cryptocurrencies is not only reflected in bitcoin casinos but also land casinos. The pioneer case in this field is El Salvador, which is very friendly to crypto casinos and other crypto-based projects, such as NFTs.

It is worth remembering that El Salvador is the only country in the world where bitcoin is the official currency, and its use is encouraged as an electronic payment method in businesses. Thus, this may be a trend-setting phenomenon in the entertainment sector going forward.

Casinos in the metaverse: the next step

The development of the metaverse has created speculation in all related industries. Casinos, as well as other entertainment industries, would benefit greatly from the launch of a 3D virtual space that would enhance leisure activities. This would take the bitcoin casino experience to a revolutionary plane.

Above all, decentralized casinos would take a leading role, since the natural currency of the metaverse seems to be cryptocurrencies. The companies that are working on the metaverse imagine it with different functionalities. We don’t know exactly what form the Metaverse will take yet - there seem to be lots of different ideas. However, it’s clear that it’s going to be an exciting space for games of all kinds, and casino games in particular.

SOURCE: AI

SOURCE: AI