Talk about blockchain and the first thing that comes up is“cryptocurrency”. But the effects of blockchain technology are not limited tothe crypto sphere only. Rather the state of the art technology has pervadedmultiple other industries like banking, energy education and so on. Casino is amajor industry which will also benefit from blockchain and cryptocurrencies.

Theblockchain technology assures the convenience of anonymity of public ledger foridentity and for funds. Players here won’t require to showcase private dataglobally to perform risk-based activities. Besides, blockchain also assuresfast noticeable payments. To top it, crypto transactions are relieved oftaxation hassles.

Convenience of anonymity

At times casinos ask the players to submit documents andpersonal information during creation and verification of accounts. And, thatbecomes a cause of concern for many players who are hesitant to offer personaldetails randomly. But, as mentioned earlier, one of the most importantattributes of blockchain technology is “anonymity”. It doesn’t compel users toprovide personal details while carrying transactions which eventually preventshackers from accessing users’ confidential data.

Reduced fees for players

A major reason why many players are apprehensive about onlinecasinos is high withdrawal and deposit fees. Such an attitude deters manyland-based casinos to expand online given the fear of losing out on players.Moreover, online casinos also can’t promise fast withdrawals.

Crypto-based payments can solve the problem to a greatextent.

“Crypto-payment protocols allow minimal fees for withdrawalsand deposits in online casinos”, stated rising blockchain crypto-based gamingplatform Pbet. The portal is aimed to integrate land-based casinos and onlinecasinos together - whilst incorporating instantcryptocurrency payments.

“Our crypto-based payment method also ensures quasi-immediatewithdrawals and direct deposit of the fund in player’s crypto wallet.”

Transparency & credibility

Online casino frauds are not uncommon. There have beenreports of casino sites stealing from players unbeknownst to their knowledge.Such instances have made many players apprehensive of casinos which hasnaturally been a huge blow for the entire casino industry. Players are theblood and soul of casinos. If they choose to stay away, the entire industrywould be in utter loss.

But, blockchain technology carries the infrastructure to change this scenario by boosting trust among players and enabling them to play with confidence. The smart contracts of blockchain can verify records on shared ledger that can’t be manipulated by anyone. This kind of environment creates transparency and increases the credibility quotient for players which eventually direct them to casinos again.