Blockchain technology is a fundamentally new approach to storing important data. Today, online gambling is a global market with a capitalization of over $30 billion and an annual growth rate of approximately 10%. The unification of these two spheres leads to immediate success. How can this happen?
Advantages of using blockchain in gambling
Blockchain technology has a multitude of advantages. Its introduction in the gambling industry offers a number of benefits for players and operators:
Transparency. All transactions made in casino games are automatically recorded by the system, ensuring transactions are as transparent as possible.
Decentralization. The blockchain system is decentralized and virtually impossible to hack.
Impossibility of changing data
All data entered into the blockchain cannot be changed retroactively.
Anonymity. The use of cryptocurrencies allows online casino users to deposit and receive winnings anonymously, without having to provide any documents or even create an account.
Advantageous fees. When making payments with cryptocurrencies, fees are usually significantly lower or even waived.
High level of security . The blockchain also enables transactions without intermediaries.
Disadvantages of blockchain technologies in gambling
This primarily concerns scalability. Today, blockchains cannot process large numbers of transactions in a short period of time.
The second difficulty is the problem of storing and synchronizing a database with transactions on every computer bank database on the network . The database volume will grow daily, requiring additional capacity and consuming large amounts of power.
The third disadvantage is the use of cryptocurrencies .
Successful blockchain projects in gambling
Today, more than 100 well-known casino how to promote a b2b business on a budget gaming websites have already switched to blockchain technology. Just a few years ago, the total betting volume was over 1.5 million BTC. Let’s take a look at well-known gambling projects that successfully utilize blockchain technology.
vDice
Some online casinos that operate with various cryptocurrencies allow users to self-finance and profit from the casino’s operations.
A prime example of this use of the blockchain twd directory is the popular vDice.
Which is a variant of the classic SatoshiDICE . The developers have created a system where every player can receive automatic payouts in the form of vSlice tokens generated by the vDice platform.