BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

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DATE: 07/08/2020

In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has been dying over the past decade. The study showed that the industry is being crippled by unfairness and the trustless manner in which casinos are run. Can the gambling industry be brought back on rails? How can trust be regained?

The development of blockchain technology nods “Yes” to the above questions. The technology is permeating in every aspect of lives such that even big enterprises are implementing the modern blockchain solutions in their businesses. However, there are industries in which blockchain is interacting at a higher level. A good example is gambling and iGaming industry in which blockchain is restoring the lost trust.

The traditional online gambling platforms do not guarantee trust and transparency to their users. The participants always doubt the results of the game, the winning of the customer as well as the security of their personal information. Many believe in the common mantra, “the house always wins”. This is one of the reasons people give in to betting after losing confidence in the betting platforms. Since we have stated that blockchain is restoring trustworthiness and promising to bring back new users, how does it do that?

Regarding the lack of transparency and trust, gambling is viewed as a form of fraud. British Gambling Commission endorses the belief through a study which proves that many players claim that the owners of gambling platforms run special programs which change the result of the game. The software primarily favours the operator or designed individuals. Blockchain technology is solving this problem through the development of decentralized online casinos, making their transactions more transparent and accessible to all players. The technology bridges the gap between the platform owners and gamblers, thus restoring the trust of players to a fair game.

A renowned cryptocurrency enthusiast and founder of Bitcion-Casino-No-Deposit-Bonus.com, Daniel Kay says, “I believe online gambling is inherently unfair. Most of these platforms earn handsomely because gamblers lose more often that they win. It is sad to know that these platforms operate more like black boxes, such that the players have no clue what goes on. They simply lose money. Although blockchain is promising change, this transformation will not happen magically and turn gambling into a heaven for players. However, since blockchain stores records of all games and bets, their results and amount of funds won and paid out, it allows gamers to always access the transaction history. This leaves no room for rigging odds. Indeed, blockchain answers all trust queries in the gambling industry.”

Another aspect of trust to deal with is the possibility of fraud due to the insecurity of personal information used to sign up in the online casinos. Blockchain is the foundation of the security of the information since the data stored in the blocks is difficult to hack and alter. Blockchain also allows the users only to bet and gamble by paying through cryptographic addresses, eliminating the fear of losing their personal information to malicious individuals. In this case, blockchain is shielding gamblers through anonymity.

Mr Kay further says that “Cryptos and blockchain-based technologies are the surest bet to transform the structure and working principle of online casinos. Through blockchain, online gambling is shifting to a new level of transparency and trust.

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