Blockchain is, in most cases, associated with cryptocurrency – and as such, it doesn’t really have a good reputation lately. It is a pity because blockchain can do so much more than keep track of the various coins minted by various startups. Many industries can benefit from its innovative approach to things, including iGaming. This is what we’ll take a look at today.
iGaming is a collective name for everything related to gambling online. It covers everything from online casinos, poker rooms, bingo, sports betting, and virtual gaming, plus security measures, compliance, payment systems, and player support specific to the industry.
There are a variety of companies involved in iGaming, ranging from major international operators like Betway MZ to game developers like Evolution Gaming, service providers like ibd Gaming, payment processors, and platform providers like EveryMatrix.
There are many ways in which blockchain can benefit the iGaming industry as a whole, covering everything from security to compliance.
Security issues like data breaches would affect the players’ trust in an iGaming outlet, so for stakeholders in the industry, security is paramount. Here, blockchain can help: its decentralized architecture and algorithms can reduce the risk of breaches, and nearly eliminate the possibility of fraud and manipulation.
All transactions on the blockchain are recorded on a decentralized digital ledger that can’t be altered, is completely transparent, and is instantly verifiable. Blockchain allows the fairness of the games to be verified by third parties, potentially improving the trust between player and operator.
Cheating in online gambling was already unlikely, but blockchain can make it impossible on both sides. Using blockchain allows operators to provide players with proof of randomness, while on their end, they can demand proof of stake, and verify it against the decentralized ledger.
Blockchain allows players and operators to maintain a completely transparent and secure relationship – and the same is true for the relationship between operators and regulators. By providing a transparent and auditable trail of transactions, it can help operators comply with anti-money-laundering and Know Your Customer (KYC) requirements.
Blockchain technology offers significant advantages for the iGaming industry. It enhances security by reducing the risk of data breaches and manipulation, fosters fairness and transparency through verifiable game outcomes, and ensures compliance with regulations through transparent and auditable transactions. Blockchain’s decentralized nature enables trust between players and operators, eliminates cheating possibilities, and promotes a secure relationship with regulators. By embracing blockchain, the iGaming industry can enhance player trust, improve operational efficiency, and drive innovation, ultimately creating a more secure and transparent online gambling experience.