New-age technologies like blockchain, artificial intelligence, virtual reality, and augmented reality are expected to affect all industries, including the gambling sector. Of these technologies, blockchain technology has already made steady inroads into the gambling world.
Blockchain technology runs on a decentralized ledger. The peers verify each transaction on the blockchain, and this verification of each transaction on the network makes blockchains highly secure.
Transforming Gambling: 4 Tips For Incorporating Blockchain Technology
Many online casinos have started dispensing payouts in popular cryptocurrencies instead of fiat currencies like the pound and dollar. SatoshiHero is one such online casino that offers payouts in terms of dogecoins (a type of blockchain-based currency).
However, dispensing out payment as cryptos is not the only way in which blockchain technology is useful in casinos. Several blockchain-based innovations have started transforming players’ experience at casinos, and some of these innovations are discussed in this blog post.
1. Incorporate A Digital Contract System
Some blockchain-based currencies, like Ethereum, can execute smart or digital contracts. Digital contracts are digitally coded programs that are incorporated into the blockchain network. Thus, conditions entered into a contract are fulfilled, and the system simultaneously approves the contract. So, in a gambling house, one can use digital contracts based on cryptos to make payouts after a gambling event is over.
Furthermore, these contracts can help a client open his account and make the initial deposits. They can also help check the results of a game from different sources and the players’ credentials. Thus, these contracts can also create trust and confidence between the players and operators.
Many players often doubt the uprightness of the gambling sites or their operators and are unsure whether the just payments have been disbursed to winners. However, using a crypto-based digital contract system at a gambling site can ensure impartiality, and players can deposit money and play without the fear of being cheated.
Implementing digital contracts can ensure the reputation and credibility of a gambling house. However, to date, the complete execution of a digital contract system in a gambling site is far from reality.
One of the main reasons for the delay in creating such contract-based casinos is the time taken to verify contracts. However, with the rapid advancements in technology, in all probability, digital contract-based systems will become a reality in most online gambling sites soon.
Digital contracts are innovative, and once you incorporate them into your gambling system, they will boost the users’ experience.
2. Start Decentralized Finance Programs In Your Gambling Centers
The introduction of blockchain systems in gambling houses has ushered in the development of decentralized finance systems in the gambling world. Decentralized finance works in sharp contrast to conventional centralized finance systems like banks. Incorporating a decentralized finance system at your casino will make the management of payouts at a casino quite easy.
In a decentralized network, each transaction is peer-reviewed at several nodes without any centralized (government) agency intervention. People prefer it when such a decentralized system allows them to invest the money won at a casino without hassle. Furthermore, customers also like that they do not have to worry much about tax authorities with a decentralized financial system.
People can also transfer the cryptocurrencies won at a casino to a crypto exchange to get one kind of crypto, say dogecoin, exchanged for another type (say bitcoin). The most significant advantage is that a decentralized financial system allows people to lend and borrow freely.
Thus, managing the wealth won at a casino becomes easy and flexible by integrating blockchain-based systems in a casino. So, if you are a casino owner, introducing a decentralized financial system is a quick tip to boost your business.
3. Introducing Blockchain-Based Slot Machines
Players frequently doubt the outcomes of games like those on slot machines. However, the inherent transparency of the blockchain system can instill trust in how slot machines operate.
For instance, as every spin of the slot machine, every bet, and every payout is recorded on a decentralized ledger, it becomes difficult to tamper with the results. So, with the incorporation of blockchain networks, casinos are considered all the more reliable, and people enjoy the game without worrying about the outcomes’ trustworthiness.
4. Start Using Blockchain Technology Based Loyalty Programs
Like many business enterprises, gambling establishments offer loyalty programs for their regular customers. As such, these customers keep coming back to the same gambling shop when they are sure that their money is in safe hands.
Moreover, blockchain technology provides openness and security in transactions. So, the blockchain network kind of makes sure that the winnings and the rewards for loyalty programs get distributed in an upright and unbiased manner.
Thus, incorporating blockchain-based systems improves customer retention rates, brand promotion, and business growth for Casinos. Gambling Across Nations Blockchain technology is decentralized, so participants across nations can participate without being hindered by centralized (often national government-regulated) financial entities.
A sweeping change may happen soon in the operation of gambling houses with the advent of blockchain systems in gambling operations. The decentralized and unbiased nature of blockchain technology improves the trust and loyalty between players and the gambling houses and, in turn, expands the casinos’ customer base.
Any popular casino running for years commonly makes transactions worth millions of dollars regularly. Thus, it becomes vital for the casinos to ensure that the player’s and casino owners’ money remains safe from fraud. Blockchain technology is a way to safeguard the trust of depositors, which results in business expansion for the casino.
The flexible nature of transactions through cryptos makes them a good investment instrument. Moreover, blockchain networks protect players’ money and ensure that the payouts are fair and that rewards of loyalty programs are distributed impartially. And finally, introducing blockchain makes it easier to operate cross-border gambling facilities.