Blockchain technology has taken the online sphere by storm. Revolutionizing the traditional financial system by enabling instant and anonymous transactions of capital, it has forced us to rethink our views on money; its physical manifestation, how we use it, trade it, and even the role it plays in our wider world.
If there is one similarly radical industry in existence, we’d posit that the internet gambling sector might just be it. Experiencing an equally sudden and unexpected growth in popularity, its value is expected to reach $51.96 billion by the close of 2018.
Like blockchain and the cryptocurrencies it spawned, its worth is not the only thing that’s phenomenal, but also its impact – in the sense that online casinos have fundamentally altered the way the gambling industry works – its form, its function, and perhaps most importantly, its accessibility.
So imagine, for a moment, an even more innovative idea; the merging of the two to create the most contemporary of casino experiences…
Understanding blockchain technology and its applications
Those who have followed the industry and its rapid developments will have recognized something important: that blockchain technology has numerous applications beyond those understood by the layman. Representing an online ledger entry, each blockchain – essentially, a virtual record of online transactions – is tamperproof, digitally signed, and ironclad in its integrity.
It’s little wonder, then, that this technology is being put to good use in all sorts of ways. Already used to support and enable a whole host of smart contracts, digital currency transfers, and attempts at information dissemination, it’s little surprise that the online gambling industry has decided to sit up and take notice.
Indeed, there are already lots of casinos which accept crypto such as Ethereum and LiteCoin in existence. Located all around the world, from Canada through to Columbia, these typically implement a decentralized payment system to make expensive transaction fees a thing of the past.
How online casinos benefit from allowing cryptocurrency transactions
One of the main drivers behind the increasing number of online casinos adopting blockchain is the technology’s vast potential. Not only capable of reducing transaction fees, creating provably fair gaming, and ensuring absolute transparency, it is also a notable lure for new clients – largely because of the combined benefits listed above.
Take, for example, a guy who gambled at CasinoRoom. The site prides itself on recognizing player appetites and fulfilling them in any way it can. Offering a range of banking options for those who wish to try their hand at gaming, it is modern and well-thought-out. It’s evident that a variety of payment methods, just like cryptocurrency, is important to players.
This means that for our mystery man, there are numerous boons he simply couldn’t find elsewhere, not least increased choice, improved transactions, greater security, reduced fees, and even unique bonuses and cash-back incentives.
It is, arguably, a match made in online heaven: the blending of two unique industries whose shared focus is on innovation, improvement, and making their respective sectors safer and more streamlined than ever before.