What is Gambling on the Blockchain?

In the world of Bitcoin and cryptocurrency, the need for transparency is paramount. The same is true in the gambling world, and there are some elements of cryptocurrency that can be incorporated. As we know, it’s important to ensure that casinos are secure and that players are getting fair treatment. Sure, there are regulations in place, but how do we know they are being adhered to?

Well, if we take a look at the world of cryptocurrency we can see options that might well be applicable. For instance, take the blockchain system that is employed by cryptocurrencies. A blockchain is a digital ledger that records all the transactions and activity involving Bitcoin and records it publicly. This gives everyone access to the information, as well as ensuring that no duplicate Bitcoins are created.

It’s an ingenious format and one that has made cryptocurrency the currency of the future. So, how do we apply this to gambling? Well, if you think about it, blockchaining could well revolutionise the whole online gambling industry. A version of Ethereum blockchain has started being used in online gaming right now. This is a blockchain effect that removes the middleman, as Bitcoin does.

There are so many positive effects a blockchain can have for the gambling world if it is used. Trust, for instance, can play one of the biggest roles in making sure customers choose to gamble online. Without the trust and transparency, people are less likely to be interested in risking their money.

Fairness is another big thing. People hate to feel like they are at a disadvantage, especially when it comes to gambling. And using blockchain can improve fairness because a blockchain ledger can record and verify information. That way people will be able to check how random the gaming truly is. It might even convince a few of the casinos to clean up their acts.

While it’s clear that blockchain gambling is not exactly mainstream yet, it is certainly setting precedents. And, it’s important to look out for this sort of movement in the future. This could become wide-ranging in online casinos in just a few years, and this could change everything.