The Blockchain And How It Is Transforming The Gambling Industry
Every industry goes through an unavoidable evolution over time. The gambling industry is one of those that have evolved significantly since the early days when bookmaking was an uncommon affair. Today, the world is defined by technology. Technology has therefore found its way into the world of gambling too. Not only is there a proliferation of online gambling sites, but the blockchain technology is also making its way into the industry. But how exactly is the blockchain changing the gambling industry, if at all?
1. Fraud reduction
Fraud is unquestionably a huge issue in the world of gambling. From the small fraud schemes in casinos to the big organized fraud rings, there is no shortage of stories about fraud in the gambling realm. Massive losses are incurred in the industry every time a fraudulent scam hits. But this is set to change with the blockchain. The technology provides a secure way of transacting. The distributed ledger that defines transactions on the platform is characterized by transparency and permanence.
2. Transparency and credibility
Speaking of transparency, the gambling world is not very transparent. There are huge trust issues that exist in the industry in general. Patrons often doubt the intentions of the dealers while the dealers themselves have fears of fraud. It is for some of these reasons that online casinos Canada have recently opted to relook the structure of the gambling sector. The blockchain is one key technology that is said to come with the prospects of increasing trust in the industry because of the transparency that comes with the distributed ledger.
3. Anonymous transaction
The gambling industry is also set to change when it comes to privacy and anonymity. Currently, bureaucracy defines the industry and every party involved in dealings is required to reveal a great deal of information. Many feel that sometimes too much information than necessary is demanded from regulatory authorities. The anonymity of parties is thus expected to change as a result of the simplicity of the blockchain technology. The blockchain allows users to share minimum personal details. In fact, the anonymity provided by the blockchain is so substantial that it ignores much of the current regulatory requirements.
4. Cost reduction
A lot of investment is required to run and operate a casino. All this cost is reflected in the charges that are imposed on patrons. House charges make up a big part of overall charges and when they are compounded with tax, the cost becomes too much for some patrons. Such costs will be reduced greatly as a result of the blockchain. The blockchain infrastructure is one of the most cost-effective. As a technological tool, the blockchain makes efficient use of modern innovation. The unnecessary overhead and running costs are thus reduced. This means that house charges can ultimately reduce and lead to a bigger involvement in the industry by patrons.
There is limited access to gambling sites because of regulation. The poor accessibility is damaging to the industry as enthusiasts are not able to engage when they need to. Poor accessibility is also a key factor that results in the proliferation of illegal bookmakers. The blockchain infrastructure brings along decentralization. With decentralization, accessibility is not an issue as the whole world is connected at all times. The only tools needed to interact with the gambling world is an internet connection. The movement of currency is also easy on the blockchain platform. All these factors contribute to better accessibility and a vibrant industry.
Another huge factor that will change in the gambling world as a result of the blockchain is the value. The decentralized infrastructure will drive up the value of the entire industry because of the increased security, accessibility and immutability issues. Clients in any industry are more excited about products when they can see value in the providers. The gambling industry is already innovating new platforms that allow token holders to receive dividends and where real-time updates are the underlying factor.
Finally, it is fair to say that with the kind of technology that comes with the blockchain, prediction is turning into a very lucrative market. The great thing about the blockchain is that it allows for easy sharing of data in real-time. The availability of data makes the prediction markets very attractive and this is all beneficial for the gambling industry.