Blockchain is a distributed accounting technology that excels in immutability and transparency.
Online casinos are undergoing a technological transformation that is changing the way players interact with the platforms. Blockchain is one of the main technologies driving such transformation, as it not only ensures secure cryptocurrency transactions, but it also fosters transparency and fairness in online casinos.
This technology stands out for its invariability and transparency. All transactions are recorded in linked blocks and can no longer be changed or deleted when added. This makes it possible to create an unalterable fraud-proof record that is visible to all players in the network. As such, this technology is ideally suited to address the challenges faced by online casinos. One of the biggest concerns of traditional online casino players is the lack of transparency.
Other contributions of blockchain in online casinos
This technology also allows the use of smart contracts, which are self-executing computer protocols with pre-established terms. These smart contracts guarantee the randomness and fairness of the games mathematically and can be verified at any time.
Another benefit of this technology is the ease and security of financial transactions. Cryptocurrency transactions are faster than traditional ones. Likewise, blockchain’s encryption and inherent security make transactions secure; it protects players’ funds against fraud and theft.
Security is not only limited to transactions, but it also protects the privacy of players’ personal information. Players have no need to disclose personal information such as credit card numbers or addresses by using cryptocurrencies and blockchain. At the same time, these measures improve players’ experiences as they can enjoy the games more.
Finally, the Universidad Internacional Iberoamericana (International Iberoamerican University) (UNIB) offers the Master in Strategic Management with a Specialty in Information Technology.
Source: Blockchain and online casinos: the revolution in gambling transparency and security
