by MoonbetHow the blockchain benefits iGaming
Despite its presence for many years as one of the most popular activities among iGaming enthusiasts around the world, it was not too long ago that investing in betting sites still implied a good level of risk for users. Today, blockchain technology guarantees a number of qualities that make online gambling an increasingly secure and transparent activity.
Although the principles of blockchain technology are widely known around the world, it never hurts to give a brief overview of this elementary concept, and how it works. Specifically for online gambling, the feature that makes blockchain fundamental is the detailed, unalterable and transparent record that is made of the transactions made on a blockchain.
Just as in online gambling, the application of blockchain in different sectors has great benefits, including finance, entertainment, commerce and the arts.
Applied within Electronic Gambling, blockchain technology has different qualities that allow breaking the risk taboo that a few years ago permeated everything related to betting. Transparency is the main reason why blockchain is fundamental in the growth of E Gambling.
How blockchain helps regulate online gambling
The main reason that has long made gambling a highly controversial activity is the accounting opacity, which does not allow to know in a transparent way in what proportion “the house always wins”. Currently, transparency is the most important value of Online Casinos, and blockchain technology has contributed in ensuring that this is possible.
Prior to the integration of the blockchain and development of Crypto Casinos like Moonbet, a common claim about online casinos was that they employed all sorts of methods to take advantage of customers, making them lose more than they won. Everything was possible since there was no way to know what the players’ winnings were against the bookmaker, in short: Online gambling was something that in itself implied a gamble.
The integration of the blockchain in online casinos solves the dilemma of origin within the online casino games, offering from the first moment a clear projection of possibilities and profits to be received within each one. Under the Crypto Casino scheme, everything is transparent.
The percentage of winnings, the outcome of a game, the number of bets received and the total value of each bet. The manipulation shield that makes blockchain-based online gambling so interesting is Smart Contracts, which are designed to validate the results of bets and whose structure is public and impossible to manipulate.
Transparency in online gambling is the beginning of a e-gambling revolution, in impacting problems that until recently were considered native to online casinos, such as fraud and anonymity.
The blockchain prevents fraud in online bookmakers.
Online gambling operators are also susceptible to fraud, even more so than you might think. A bookmaker can eventually fall victim to fraudulent players who exploit small loopholes in the security systems, depositing and withdrawing money simultaneously; or hackers who breach the entire system and gain access to administrative or player data.
The blockchain is so important because it offers effective solutions to problems that until recently seemed impossible to solve, such as transaction security. The same principle that is making Decentralised Finance a widely accepted scheme around the world impacts the payment and transaction mechanisms within online bookmakers.
The level of public access in the blockchain ledger is also impossible to alter. On the other hand, the calculation of profits does not go through any kind of intermediary, making this process an automated and fast mechanism depending on the Blockchain where it is developed.
It is important to know what levels anonymity and transparency play within crypto bookmakers such as Moonbet. While transparency impacts on the accounting and operational level, ensuring that all players know in detail the winnings at stake and their distribution, the profile of the players is completely anonymous, and does not compromise at any stage of the game, the personal data of each one but only until the moment when the user decides to withdraw his winnings.
With the resolution of major dilemmas that seemed doomed to accompany online gambling forever, such as transparency and security, thanks to blockchain technology, crypto bookmakers are the most effective alternative to enjoy gambling and betting without risk.