The online gaming and gambling industry is one that is constantly growing at a rapid rate. It’s believed that 2018 will be the year where it’s value surpasses the $50 billion mark and it has received a further boost with the growth in popularity of mobile gambling. It’s grown by an impressive 75% based on the year on year figures and it will be instrumental in taking the industry in a new direction, while it’s value continues to sky rocket.
One thing that has always plagued the industry though are concerns over transparency and safety. A lot of money and details change hands in the online casino world and this has seen it become a target for online criminals and hackers. With online security being a big thing for so many consumers these days, it’s vital that reputable sites find ways to offer a totally secure service, and this can be achieved by using blockchain technology.
A lot has been said about introducing cryptocurrencies as payment methods in the online gaming industry, but it’s the technology that underpins it that looks set to be investigated in 2018. Blockchain technology works by putting a transaction ledger to work which is not only verifiable but unchangeable too. With all parties able to benefit from a copy of the ledger, it would provide complete transparency where transactions are concerned.
What blockchain technology will ultimately do is provide both the operator and players with the ability to know where their money is, and where it’s going, at all times. There could also be the possibility that any middlemen or third parties could be eradicated too, providing further transparency, through the use of “smart contracts.”
Smart contracts would see computers enforce a digital agreement between the relevant parties and with this providing another layer of transparency. The system would work hand in hand with the blockchain technology ensuring that there is no deviation from the rules and that all payouts are instant. In modern day online gambling, the withholding of winnings is a common occurrence and it infuriates players.
With the site or any third parties not involved in governing games and payments, these methods will see payments immediately issued to the player, with absolutely no interference. This will be a very attractive proposition for players who will not only benefit from complete transparency in regard to their gaming activities, but they will never encounter delayed or withheld payments again.
There is no denying that blockchain technology would have a very positive influence on the gaming industry. In a world where there has been concerns over security and transparency for many years, it could be the ideal solution for both operators and players. It also raises the question as to whether cryptocurrency should be adopted by more established online casino brands like Unibet. There are certainly security benefits that come with it, but one suspects the real push will come from the players themselves.