Every online gambler has at some point asked the question: Does the house always win because the casino manipulates game outcomes in its favor? Even sites licensed by reputable regulatory bodies and having Random Number Generators methodically tested by independent organizations haven’t been spared such doubts. For this special, we teamed up with CasinoScout.nl, experts in the field of online gambling, online casinos, and slots.
Players are making their choice based on trust (or lack of) in third parties performing the validation and/or reviews read rather than an effective method which would allow them to verify the online casino reliability themselves. It seems we’ll soon be seeing a solution which can efficiently address problems such as lack of trust and fraudulent activities typically associated with the online gaming industry, and this new approach is based on the ground-breaking blockchain technology.
Players using cryptocurrencies for funding their online casino accounts are well familiar with the term. Bitcoin is already offered either as an alternative to fiat currencies or the only available payment option. Digital currencies deliver numerous advantages to both players and operators, allowing the first to enjoy complete anonymity, small (or no) fees, fast deposits, and withdrawals, etc. Apparently, the same technology – cryptography, can be used to prove gambling platforms are indeed as honest and fair as operators claim, even when playing for example in live casino.
Blockchain records transactions in a way that makes them impossible to alter or tamper with. The Bitcoin model has shown that value creation can be a democratic process, as anybody can become a miner and profit from newly created coins. Online gaming platforms based on blockchain technology would encrypt user data with a private key, thus protecting them from forgery and accidental deletion and at the same ensuring their continued availability.
The amount of money going in and out of the online casino would be recorded in the public ledger and enable us all to access to currently unavailable information. Blockchain technology will allow any individual to become a shareholder and collect a share of the house edge.
The idea is still relatively new but there are already successful blockchain-based projects proving this innovative technology can solve transparency issues, increase security, and allow players to have control over their own assets at all times.
The post Blockchain Might Shake up Online Casino Industry appeared first on Live Bitcoin News.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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