Blockchain technology provides a means for funds transfer between two parties without involving any third party. The beauty of crytocurrency goes beyond this to enhance smart contracts that offer trust-less agreements and can be automatically verified without external confirmation. Most business entities, including online casinos, suggest the use of blockchain tech to ensure that online interactions and activities are coded within an incorruptible and automated contract
Transparency and Immutability
Blockchain’s ledger easy viewability and complete transparency make it ideal to keep transactions of both parties fraud-free. iGaming platforms can either use public cryptocurrencies or integrate this technology into their systems to enhance optimum-level transparency to customers. The merits of blockchain technology to sports betting and online casino platforms are for real. They are causing a great extent of positive changes in these industries.
A blockchain ledger that is maintained at the public level is decentralized and immutable in nature. This implies that no transaction can be altered after its recording. This is due to the fact that this ledger is maintained by several different computers spanning all over the world. As such, the blockchain tech is very ideal for the online casino industry, which requires a level of trust.
Anonymity and Security
Being both transparent and anonymous, blockchain technology is quite exciting. Every interaction with the blockchain is recorded through a group of random characters and numbers, ensuring that no personal data, like address and bank details, is recorded. To prove an executed transaction, you can offer evidence of the transaction connected to your e-wallet. This implies that you can anonymously prove that you own a certain asset.
When playing at online casino platforms, you can safeguard your financial and personal details. This can be achieved by using cryptocurrencies such as bitcoin, which are derived from blockchain technology. The fun about cryptocurrency is that you can load it at several gaming platforms without providing your personal or banking information. For cryptocurrencies, you are just required to provide your digital wallet’s address.