How Blockchain continues to Revolutionise Online Gambling

While Blockchain may be best known as the driving force behind Bitcoin (and other cryptocurrencies), it actually boasts a large and diverse range of applications in the digital age.

This is reflected by the value of the Blockchain marketplace, which has seen its value more than double from $210.2 million to $548.2 million between 2016 and 2018. Incredibly, this industry will be worth an estimated $2.3 billion by the year 2021, as developers uncover new applications and realise the full potential of Blockchain's decentralised ledger technology.

Make no mistake; however, it's in the iGaming market where Blockchain is poised to have the biggest impact. Here's why:

1. Embracing New Payment Methods

Given Blockchain's status as the key innovation behind cryptocurrencies, it stands to reason that this technology should be changing the way in which online operators process payments.

More specifically, a growing number of websites are now accepting cryptocurrency as a viable form of payment, while some are choosing to process deposits and withdrawals exclusively using this method.

This offers a number of advantages to gamblers and operators alike, with currencies such as Bitcoin offering complete financial transparency and full payment histories.

Similarly, cryptocurrencies can eliminate the application of third-party processing fees, enabling both parties to keep more of their hard-earned cash.

2. Driving Anonymity Among Players

Rightly or wrongly, some gamblers feel as though there is a social stigma attached to their activities. Of course, there is little weight to this assertion in the modern age, but it's important that players are able to maintain their privacy when gambling online.

Blockchain can help to provide this to players, as while it maintains total transparency and a comprehensive transaction history with one hand, it also protects each individual gambler's identity with another.

Sure, Blockchain's decentralised ledger will feature data including the value of individual transactions and the account number that they're associated with, but they won't include information such as a player's name or payment details.

Similarly, it will not offer any kind of personal information that is associated with your accounts, so you can maintain your anonymity for as long as you desire.

3. The Rise of Decentralised Gambling Platforms

One of the most exciting Blockchain breakthroughs in recent times came with the development of Ethereum, which is far more than a standard cryptocurrency. In fact, this technology is being advanced as the future of iGaming, as it may yet be leveraged to create the world's first decentralised casino platform.

This new and innovative platform is being marketed as being a “zero house edge” casino, which provided total transparency in terms of gameplay and eliminates the competitive advantage typically boasted by online and offline operators alike.

This unique application of Blockchain would also help to cultivate trust and eliminate concerns about fixed outcomes, by building on the integration of RNG (Random Number Generator) software.

This is a key consideration, and one that will create a more open gambling experience that complies with the UKGC's vision for the future and encourages new players to the fold.
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