Gambling has become the second industry after the financial one to recognize the significance of blockchain technology and begin implementing it on a substantial scale. The main reason behind this increasing fascination is that blockchain shows the capability to resolve the issues that have been plaguing the betting industry for ages: the lack of transparency, the sloth-like pace of transaction, accompanied by the unjustifiably high fees, and the lack of privacy. Experience has shown that the application of the blockchain technology in the processes of software development and gambling itself may help cut the Gordian knot in one blow. The most essential characteristics of blockchain, namely immutability of records, decentralization, speed and cost-efficiency of transactions, and provision for an advanced, if not total, level of privacy serve as the most popular use cases.

Certainly, the mostimportant one lies in blockchains ability to shatter the widelyaccepted notion that online casinos and betting platforms areinherently unfair. Many are convinced that casinos are deliberatelymanipulating the odds and random number generators to rip the playersoff. Regardless of whether these accusations are justified or not,blockchain delivers an ultimate solution that eliminates the opacityof the gambling process, which is often regarded as the fair playcontrol (FPC). It is usually carried out through the use of SHA-256algorithm that generates the verification code of a hand or a bet,which a player can then compare to the ones in the betting historystored on a blockchain. This way, it is possible for a user to seethe exact RTP and compare it to the one declared on the gamblingplatform.

The second mostimportant use case is the incorporation of cryptocurrencies as themeans of payment, which resolves the issues of high transaction fees,the swiftness of such transaction, and allows players to bypass thebanks and, in some cases, avoid the attention of revenue serviceswhen using the blockchain & crypto-oriented gambling platforms.

There are manyblockchain projects tailored specifically for the gambling industrywith Tron and EOS being the most prominent of them. They havedeveloped ecosystems that facilitate the creation ofblockchain-enabled gambling and betting products, which aredistributed among the casinos and sportsbooks that center theiroperations around the use of this technology and/or cryptocurrency.

Speaking of thegambling platforms, the most notable at the moment are BitCasino.io,VegasCasino.io, Fortune Jack, Bitsratz, Cloudbet, etc. All of themare provably fair, accept crypto, and provide for an easydeposit/withdrawal. However, each of these websites have drawbacks,for instance, Cloudbet accepts only Bitcoin and Bitcoin Cash,Bitstarz doesnt have a sportsbook, and Fortune Jack has toughwagering requirements.

1xBit is in the cohort of the all-for-crypto online gambling platforms thataspires to become one of the most recognizable in the industry. Ithas certain advantages over the mentioned casinos, such as aone-click registration with no email required, which grants totalanonymity; the availability of a sportsbook alongside afully-featured online casino; adequate wagering requirements, and thefact that it accepts more than 20 cryptocurrencies. But 1xBit alsomakes sure to constantly broaden the range of its services andfeatures to stay abreast with the progress in the development of theblockchain technology and cryptocurrencies that are destined tocontinue walking hand-in-hand with the prominent representatives ofthe gambling industry.

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Blockchain as a Problem Solver for the Industry of Gambling - Captain Altcoin