SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCnet FEATURE

TMCNET eNEWSLETTER SIGNUP

January 25, 2018

How Technology Intends to Make Gambling Safe and Transparent

A lot has happened in the gambling ecosystem in the past decade. For starters, casino games have become better with great sound and near-perfect graphics. Then, numerous innovations, such as mobile gaming, face and voice recognition and AI have had multiple applications that have made the games even more exciting. However, one modernization that is going to transform the gaming environment immensely is blockchain technology.



Many players can now use cryptocurrencies to fund their gaming accounts in online casinos. But, that is just the beginning; the technology has many other applications. Safety, transparency, and reliability are critically lacking in a huge segment of the gambling industry, and blockchain technology provides solutions to these problems. The technology is now the sure way of aligning the $500 billion online casino industry.

Overhauling the Online Casino Industry

The online gambling industry has recorded astounding growth for the three decades it has existed and there are no signs of that trajectory changing anytime soon. However, the industry has several apparent problems that are in urgent need of correction. Insecurity, unreliability, long transaction periods, slow loading speed and player discernment are just a few of these issues affecting most casino sites. The situation paints a gloomy picture, but not anything that the blockchain technology can’t fix.

Security

Currently, casinos store their data in centralized servers and, though the latest encryption technologies in place help keep such data safe, the information still isn’t impregnable. In fact, several cases of hacking have been recorded in the past three years. However, all this can be rectified by decentralization. The architecture of decentralized ledgers makes it almost impossible to lose funds or private information to cybercriminals.

Slow verification

Vetting personal information, a single case at a time slows down the process of setting up accounts and playing casino games. However, using blockchain technology to power such procedures eliminates the need to collect unnecessary data. Such a move ensures that users access the site faster and anonymously.

Slow transaction speeds

Most users experience delays when processing deposits or withdrawals. Also, some authorities or regulatory bodies often set limits on the amount of money (fiat currency) that a customer can either deposit or withdraw. Moreover, cases of server shutdown almost always complicate the process of taking funds out of the account. Such issues can be eliminated by using a native cryptocurrency in a betting platform and using smart contracts to inform operations in the network.

Many issues plague the online gambling platforms. Luckily, some problems that can be eliminated using appropriate technology. Many platforms are now adopting blockchain technology to make online casinos more responsive and with an enhanced online user experience. Customers can now expect better, faster and cheaper services.




Edited by Erik Linask
» More TMCnet Feature Articles

SHARE THIS ARTICLE

LATEST TMCNET ARTICLES

» More TMCnet Feature Articles






Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy