Cryptocurrency and blockchain technology is enormous at the moment, and it’s easy to see why. It’s making finance and digital monetary access easier and more secure than ever, so it shouldn’t come as a surprise to learn that this is expected to hugely impact the casino industry.
Whether it’s improving user privacy or making payments in online casinos, the benefits are endless. Today, we’ll be looking at five ways that blockchain technology could impact the casino industry in the future.
A significant issue that’s currently facing casinos is being able to verify the age of those who want to play there. This is an issue for casinos because it’s really easy for visitors to lie about their age, and it’s really difficult for casinos to ensure that the people they’re serving really are who they say they are, especially as fake ID documents become more realistic and accessible online.
This next-gen blockchain technology could help solve this problem by ensuring each player has a digital ID that can be verified and cross-checked with other information sources. This information will then be saved and should streamline the process in the future, creating an online persona that will show business owners that the people they allow onto the premises are who they say they are.
2. It Could Help To Prevent Money Laundering In Casinos
Money laundering is a real issue that casinos face, especially at classic cash-only establishments, and blockchain technology could help solve this issue. In case you’re unaware, money laundering involves criminals cleaning their illegally-obtained money by using it legally and then getting clean money back at the end of the process. This is popular for those in organized crime.
Blockchain technology will help solve this as all transactions will be stored on the digital ledger and will therefore be much more trackable and traceable. This will give criminals nowhere to hide as the money they put into the casino will be attributable to them and, arguably most importantly, be timestamped. Once this has been logged, nobody can remove the data from the blockchain ledger.
Currently, some people have concerns that casino games aren’t fair and are rigged against the player. Whether or not this is true doesn’t matter – many people believe this to be true, and currently, there is no way for players to be sure that they have a good chance of winning. If casinos used blockchain technology, the game data could be visible online and easy to access.
This could be a great addition as it would improve public trust in casinos, and they could be sure that the probability listed online matches what is happening in the real world. This will also help concerning payments as all transactions would be recorded on the blockchain, reducing the likelihood of issues arising from either party having issues about funds being allocated correctly.4. Blockchain’s Decentralized Nature Could Help To Protect Against Hackers
Especially for online casinos, online scamming is a real issue that is faced by gambling institutions as they are centralized and are naturally a target for those looking to make illegal money. This could be averted using blockchain technology as the online ledger makes it much harder for users to be impersonated and for their private details to be accessed by dangerous individuals.
Smart contracts could help in this area as they would boost security and make things much more water-tight for both gamblers and the casinos themselves. These contracts would be purely digital and encrypted using blockchain technology, reducing most opportunities for phishing and false agents using details found online to scam players who think they’re speaking to customer service.
Loyalty programs have been widely adopted across numerous industries and markets, but for casinos, it can be hard to make these transferable even if the gambler stays within the company but changes which location or site they gamble at. It can be really difficult to track gamblers, and because not all locations/sites require strict ID verification, rewarding players is much more complex.
All of this information could be stored in the blockchain instead of having to rely on traditional loyalty cards or apps that are vulnerable to going down or being hacked. It can serve as a digital wallet and be integrated into their phone’s wallet, making it easier than ever for casino users to be rewarded for their loyalty and continued spending.
The post 5 Examples Of How Blockchain Could Transform The Casino Industry In The Future appeared first on CoinChapter.