How blockchain technology can make casinos more secured?September 14, 2019
Blockchain technology is fast making its presence felt in diverse industries today, stretching beyond the crypto space. One of the major industries which are poised to benefit vastly from this state of the art technology is the casino industry. Security is a major concern in the casino space of late. Players are increasingly complaining of getting defrauded by casinos. To top it, there is the apprehension of being scammed or hacked during electronic money transfer. But the adoption of blockchain technology is estimated to eliminate these security glitches and enhance the trust quotient in gambling industry.
Fraudulent tactics by casino houses are mostly abetted by lack of transparency in their operations. In a traditional casino environment, players never get to know what is actually happening with their winnings. They have to believe whatever manipulated details the casino provides before them since the players don’t have access to the actual information.
But a blockchain-based casino system can change the whole scenario for better. Blockchain technology is based on a decentralized infrastructure where data are reserved in an encrypted electronic ledger- and are made available to public. Thus, blockchain helps to make the entire process absolutely transparent. Moreover, the encrypted electronic ledger is immutable which means the data kept there can’t be altered or changed. As a result, it eliminates the risk of data manipulation by the casinos and assures fairness for players.
In a conventional casino, players are bound to submit vast amount of personal information that make them vulnerable to online credit card hacks. But, a blockchain-based casino would not need its players to submit all such personal details which eventually makes the entire process safer.
Facilitation of crypto payments
Blockchain adoption would enable casinos to introduce crypto payments for players which will further level up the security quotient of casinos a notch higher. Crypto payments are any day safer than physical money. Unlike physical money, you don’t carry crypto coins in your pocket wallet. These coins or tokens are stored in wallets that keep them safe from thieves and burglars. Yes, news of crypto wallet thefts is not uncommon. But if a crypto platform stores coins in an offline cold wallet, hackers can’t ever get to access to them.
Pbet is a unique crypto gaming platform which is aimed to introduce a seamless convergence of land-based and online casinos to create a Unified Gaming Platform. The platform will introduce crypto payments for the Unified Gaming environment to ensure safe payments, affordable payments and faster withdrawals for players.