How Has Blockchain Changed The Online Entertainment Industry?
Blockchain technology has revolutionized many industries, changing how they handle their businesses. The impact has become pervasive, going beyond cryptocurrencies and ICOs. Initiatives such as Agriculture and Art have embraced blockchain technology. The benefits of this innovation are very lucrative, making online gambling desire to have a piece of the cake.
Online gambling generates more than 25% of total gambling revenue. With blockchain technology onboard, the online gambling industry will hit $50 billion by the end of 2021. According to our expert Michelle Thomas, crypto has delivered much-needed solutions to the vast entertainment industry. Please read more on how blockchain changed the online entertainment industry.
Enhanced trust in the industry
All casinos across the world, including those in Canada, deal with a lot of money. Canadians have faced trust issues with top online entertainment platforms for a while. Distrust is penned with underpaid payouts, manipulative odds, unfair play, to mention a few. Before blockchain ventured into the industry, many players fell prey to malicious gambling sites.
Canadian players would wait for days to get paid. There are cases where some platforms would lock out winners from the site after winning. Issues of cybersecurity in casinos were rampant as many players lost their money through rigged systems. Blockchain technology has introduced crypto casinos improving trust among casino players and casino operators.
Through blockchain technology, players can track their financial records, bets, and games, ensuring rigging is an issue of the past. Payments are conducted appropriately and get paid on time.
Fast transactions
Players enjoy fast transactions with Bitcoin. They can now deposit and withdraw money faster than traditional methods of payment. Players no longer wait for long days to get their winnings. Before blockchain technology set its foot in online gambling platforms, players suffered when depositing from their banks while gambling online.
The process could take longer, and bank charges humiliated many as the country’s exchange rates were different. Cryptocurrency is global, and players use it to transact faster anywhere anytime. Earlier, intermediaries affected payouts making them take days to mature.
In addition, crypto casinos have gained momentum due to their provision of lucrative casino bonuses. Canadians can get the best crypto bonuses on sites reviewed at the best online casino bonus in Canada like https://casinocanada.com/. With favourable wagering requirements, gamblers can have an incredible gaming experience. Rewards have helped players turn freebies into profits.
Security
Since the emergence of blockchain technology in the online gambling industry, security has improved tremendously. The great innovation can now check every placed wager. What’s more? Data and transactions can be verified with more than one entity through decentralization. Blockchain decentralized ledger guarantees transparency to players when placing their bets.
Today gaming odds are generated reasonably, producing fair results. In addition, blockchain in casino platforms has reduced cases associated with the misuse of personal data. Personal details are safer than before as gamblers only require a wallet and address to deposit or withdraw cash.
Encouraged user anonymity
The majority of gamblers prefer to hide their identity when gambling. Targeted marketing has become the order of the day, with even NFLs embracing casino advertisements. Blockchain technology has made this possible.
Even in those provinces where gambling is illegal, gamblers can make payments into sites without any trace. Crypto casinos use cryptographic public and private keys. Public keys do not contain personal data and can be shared in the network.
On the other hand, private keys have private data making it difficult to guess another player’s key. The cryptographic system makes it difficult to track who made a specific transaction in an online casino. Cybersecurity morons have a hard time getting players’ personal information.
Low transaction costs
Variety of payments is crucial in ranking an online casino. It is difficult for a player to ignore transaction fees. The main objective of a gambler is to get entertained and earn money through minimal transaction fees. Players look search for alternatives that maximize their returns when they place their bets.
With cryptocurrency, players enjoy low transactions costs. Casino operators have eliminated third parties paving the way for meager transaction fees.
Blockchain technology ironed various challenges that ruled the entertainment industry. Through innovation, users enjoy low transaction costs, fast transactions, security, and transparency. Convenience gaming has popularized the casino industry in Europe and beyond. Blockchain is vast, and we have just begun to see the start of something new.
