Launched in 2008, the blockchain technology is already showing the impact on the iGaming sector. The cryptocurrency payment method option is helping to improve a better experience, both for gaming operators and their customers.
Cryptocurrency Payment Solution
The option to gamble with crypto solves most problems associated with the online usage of traditional currencies. Unlike trades involving FIAT, cryptocurrency transactions are incredibly cheap and are performed extremely fast. It should also be noted that failed transactions in a blockchain environment are basically unheard of. As long as the user plays by the rules, there’s no way a deposit or a withdrawal can be turned down by the platform.
Moreover, collecting winnings could be performed in several ways. You can transfer funds directly to your wallet or you can also send them to other gambling platforms that accept cryptocurrencies in a matter of seconds. You can even trade your tokens for other types of cryptocurrencies or even tokenized real-world assets.
Security
The blockchain technology helps the iGaming industry to enhanced security due to the way in which the chains are linked, it can be very difficult for anyone to intercept information when it comes to blockchain. Security is of major importance in the iGaming industry as there are millions of people around the world offering both their payment and personal details to organisations. Blockchain uses smart contracts to ensure cyber criminals are kept out. With this additional security, operators can reassure their players that any details are in safe hands.
Trust & Transparency
The blockchain technology improves trust and transparency as all interactions can be permanently and immutably recorded on chain, timestamped and auditable by regulators as required. This means in essence that blockchain tech can prove operators are adhering to the laws around responsible gaming, and discharging their obligations to players and regulators in the appropriate manner.
Blockchain technology moves the conversation between operator and player from a disparate, trust-based environment to a trusted, verifiable, accountable platform on chain, which anyone with access can view and analyse. Regulators can even get access directly to the data collected and recorded by operators on-chain, and can deploy their own on-chain tools to analyse and respond to breaches of compliance requirements. Regulators can take an immediate overview in real-time, with access to timestamped data that they know to be accurate and immutable, helping improve the regulatory process, as well as improving processes for operators and their players.
The blockchain technology across the iGaming sector means greater protection for operators and players. The iGaming sector has an environment of escalating compliance requirements, ever increasing fines, and ever more aggressive regulators intent on ever tighter restrictions, this is a degree of protection operators are going to find becomes much more attractive as time moves on.
Paul Collins is a freelance journalist from Newport, Wales. Paul has worked within the Gaming Industry since 2009. Paul focuses mainly on sports but also covers regulatory and compliance news pieces.