The advent of blockchain technology has introduced efficiency in various sectors. This rise has coincided with the rapid growth of online gambling. Blockchain technology can serve as a provenance layer for live dealer casinos.
Online crypto gambling is gaining popularity fast. However, the prevalence of fraudsters in crypto circles calls for vigilance.
Failing to account for such actors can see your fingers burned. The role of the blockchain is mostly the elimination of human manipulation in systems and transactions. This utility adds security and transparency to all forms of commerce.
About The Blockchain
Blockchain technology entails a digital ledger that records transactions using a cryptographic signature known as a hash. This ledger records transactions that bundle up to form blocks of data. The blocks join the blockchain chronologically and have a timestamp. One cannot retroactively alter any concluded transaction without all the network participants knowing.
Accordingly, this process makes it hard for unilateral manipulation to occur. The technology’s most famous application is cryptocurrencies. They work in a decentralized manner with the coin community, helping to keep the cryptocurrency safe.
Additionally, blockchain technology can contribute to data storage, payment processing, supply chain management, and many other sectors.
Blockchain Technology Providing Provenance Layer for Live Dealer Casinos
Online gambling could undoubtedly benefit from immutability and transparency. Casinos always need to earn the trust of their users. Distrust can arise when the gamblers feel that the casino is not a fair playing environment. The concerns are natural because casinos involve money.
Provenance in systems is a method of verification of the authenticity of data or claims. The gameplay in a casino should be analyzable for manipulation. Blockchain can provide this utility in live dealer casinos.
Gamers need to be sure that an online crypto casino is provably fair. This certainty will prevent situations where a casino rigs games to ensure that players don’t win. Blockchain technology can eliminate rigging in casino games. Having the blockchain record bets and games ensures that the operator does not manipulate scores. Gamblers can access their transaction histories during payouts.
Therefore, the technology can provide an accurate record of every bet or payout. This record is vital for security because both sides can verify transactions and data. The overall effect is to improve the trust between gamblers and online casinos.
Data has provenance when both parties can document it in sufficient detail. The blockchain adds a provenance layer to Live Dealer Casinos. Gamers can, therefore, ascertain the correctness and randomness of every bet they place. In a genuinely fair casino, both should be as high as possible.
Random number generators allow the casino to generate results for bets fairly. Online crypto casinos are leaning on cryptographic hashing to generate these numbers. The cryptographic hash is unique and free of human manipulation. Accordingly, gamers can see the results as a random reflection of the game and their strategy. The provenance of casino systems is good business because it earns customer trust and ensures they keep coming back.
Benefits to Online Gambling Live dealer games
The whole casino experience is better with a blockchain provenance layer for Live dealer games.
Gamers in a live dealer game are inherently better off than digital games. This advantage is because they can see the dealer in front of them taking their bets. Nonetheless, the recording of these bets and running of their wagers should be above board.
The blockchain can provide an accurate record of all the activities of the live dealer. The live dealer is often from a software provider in a remote location. Notably, this record allows both the online casino and the players to evaluate their activities.
Accordingly, the players can be confident that any round of Blackjack, for instance, is above board. This level of transparency is essential in earning the trust of customers.
Live dealer games have many experienced players. These gamers will often have a sophisticated understanding of how casino games work. They are more likely to conduct due diligence on casino systems and how the number generators work.
This situation calls for systems that provide the verifiability and accountability that such gamers need.
To Wrap it Up
Online crypto gambling has come a long way. The convenience and accessibility of the internet are excellent for gamers looking to wager from their homes. Additionally, cryptocurrencies make payment systems more efficient by eliminating bureaucratic bottlenecks.
That said, trust is at the center of online gambling considerations. Players need to give any online casino the benefit of the doubt. Gambling in itself involves taking up some risk. Gamers need to be sure that they don’t unwillingly take up the chance of wagering in a rigged platform.
Therefore, blockchain technology has a decisive role in the future of online gambling. Its contributions to transparency and verifiability deserve plaudits. Online crypto casinos that get their act together gain a competitive edge in the market.