Blockchain technology has completely revolutionized online gaming and the digital world. There is one specific niche within the online gaming industry that has been impacted by Blockchain technology rather significantly (and positively) and this is the online casino gambling industry. The online casino gambling industry is no stranger to attention, having received and gained a lot more popularity over the past decade. One contributing factor to this popularity has been the safety and security that has come with Blockchain technology.
This article aims to shed light on what Blockchain technology is and how exactly it has impacted the online casino gambling industry both in a positive and perhaps also challenging way. With every opportunity comes challenges, that’s only normal, which is very much the case in the online casino gambling industry. So, without further ado, it’s time to dive into this topic.
What is Blockchain Technology?
Blockchain technology is an advanced piece of technology or software that honestly came about during the time that crypto was first invented. You may have come across the name Satoshi Nakamoto – yes, exactly him/they/them/she. No one ever really found out who Satoshi Nakamoto is, however, it is said that this is the individual or the group that created Bitcoin. Bitcoin became so popular because of the fact that it was the first safe digital currency and it was based completely on Blockchain technology. Therefore, understanding what Blockchain technology is, is rather crucial in this pursuit.
As you can imagine, Blockchain technology received its name because it kind of looks like a whole bunch of blocks that are connected through a chain however, it is a lot more intricate than this. Data is stored in little blocks and cryptography, and this is then joined by a digital chain. The reason it is known for its safety is that should any block of data be tampered with, the entire chain and blocks will completely become impenetrable. Blockchain technology is essentially a decentralized ledger on which a lot of information is stored, this decentralized ledger has enabled a lot more transparency and trust across all financial methods or payment solutions that use this piece of software. This transparency and trust have come about because Blockchain technology is not regulated by a central authority figure but rather by data and algorithms which are objective parties. This transparency has also allowed government and third-party officials to look into data (obviously without sharing the personal information of the individuals involved in these transactions) which has enabled a lot more transparency than ever before.
Why is Blockchain Technology Important in Online Casinos?
The reason Blockchain technologies are important in online casinos is because online casinos also have a lot to do with storing information and storing data. To be fair, Blockchain technology is used outside of crypto casinos and normal online casinos – it is actually starting to be used at healthcare facilities and voting systems now too, purely due to its reliability and authority. However, in the case of crypto casinos or normal online cash casinos, Blockchain technology has simply offered security and safety that other pieces of technology cannot offer, hence its popularity and wide use.
The reason safety and security, with Blockchain technology, is so important for online casinos is that they are dealing with actual players who are putting down real money. A lot of online casinos deal with many different features, tools and services that they offer their players and a lot of these services involve some form of deposit or withdrawal i.e., some form of money transaction.
One very popular development in online casinos, for example, has been online casino bonuses. These bonuses come with needing to sign up for them, share your personal details such as email addresses or passwords and then actually receive cash deposits or free spins that enter your account that you can then play with. As a player, finding an online bonus site that offers fair and reputable bonuses is the goal, therefore, looking at ones that are supported by Blockchain technology is always a good idea, for example, bonus.net.nz is a trustworthy, reliable and reputable site that offers a lot of information concerning the latest bonuses that are currently out there. It is crucial for you as a player to know that there are many different types of bonuses available, such as welcome bonuses, which allow you to sign up with an online site and then receive a bonus in the form of free spins or free coins in exchange or even deposit match bonuses, which allow you to receive a percentage addition to any deposit that you make. There are plenty of other bonuses out there, that should all be based on Blockchain technology, such as the no-deposit casino bonus match, which allows you to receive free spins, free tokens or even a monetary value that you can use or a loyalty bonus, which rewards players who can play a specific game at a specific time with free spins and free tokens. The reason for this ramble is not to outline so many different online casino bonuses but rather to implore any punter looking to play to double-check that these bonuses are based on secure and safe technology such as Blockchain technology.
Safety With Blockchain Technology At the Helm
Not all payment methods have Blockchain technology running behind them. Typically, it’s usually cryptocurrency payments, such as Bitcoin, Tether and Ethereum that have Blockchain regulating all the backend data. The interesting thing to know about online casino gaming is that there are many different online payment methods that you could use to engage in the games that you’re interested in.
For example, traditional banking methods or another option, may not be supported by Blockchain technology but does come with some security measures in place. Another option is to go through online payment methods, such as a very popular one in New Zealand, known as Poli. This is an online payment method that you can engage with and there are loads of online casinos that accept Poli payment methods. Beyond this, naturally, you can go with cryptocurrency, which will certainly be based on Blockchain technology. However, just because something isn’t based on Blockchain technology or on cryptocurrency, does not mean that it is not safe. Think about all the times you sent EFT payments or online banking transfers before you even knew about Blockchain technology and nothing ever happened to you. The whole point of this article is not to say that Blockchain technology is the best and only way forward, it is just to inform you of this software development so that you can compare it to other payment methods or other technologies that you are using.
Some Challenges That Come With Blockchain Technology
A lot of time has been spent talking about the benefits of chain technology, namely the safety, security, transparency and trust that comes with it. However, to offer you a really fair and transparent overview of this piece of software, it is important to outline some of the challenges that come to mind, particularly two.
The one thing about Blockchain technology is that it is relatively new. Although it has been around for more than a decade, it is still considered one of the new pieces of technology, therefore some challenges come about every year just because things still need to be ironed out with the software. One of them is scalability. Of course, things are on a decentralized ledger, however, when new data is constantly added, this ledger becomes bigger and the problem with ledgers becoming bigger is that more data needs to be processed which obviously takes a longer time. This means that programs and platforms could slow down due to having technology such as Blockchain behind them. In the world of online casinos or crypto casinos where time is of the essence, this is not the best thing.
Another challenge that comes with it is its price implication. For an online business to try to incorporate Blockchain technology into their operation, they need to be able to make hefty investments in the software. Anything that is as reputable and stellar as Blockchain technology, will come with its own big price tag. As an online business whose aim it is to offer its players the safest and most rewarding experience, Blockchain technology may be something that they’re interested in, however, due to the price of this technology and the inconvenience of incorporating it onto your online platform, it might be more challenging than you realize.
Key Takeaways
As you can see from above there are a lot of key takeaways from this article. The first and foremost is understanding what Blockchain technology is, which in a very short and snappy summary is a piece of software whose aim is to keep its users safe through cryptography. Furthermore, it’s interesting to note the impact that Blockchain technology has had on online gaming, crypto casino gaming and normal online gambling. In addition to this is also important to note how safety works when it comes to Blockchain technology. And then of course as with anything, it is important to know some of the challenges that come with technology. Not everything can be ‘rosy’ all the time.
If Blockchain technologies are interesting to you because you’re interested in crypto casino gambling or casino gambling in general then it is important for you to also maintain a sense of responsibility when it comes to this. Blockchain technology can only keep you so safe. It is important that you only play on sites and platforms that are reputable and licensed. You must be responsible for your own actions, for example, maintaining a very strict time and financial budget. Online gambling, no matter how safe, should only ever be a hobby and never become anything more than that. Should you ever find yourself in deeper waters, it is important that you seek out a support group.
Read Also: Bitcoin Could Hit $200,000 by Mid-2025, Says Bitfinex Report
Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.
Image Credits: Unsplash, Shutterstock, Getty Images, Pixabay, Pexels
