Blockchain Tech in IGaming: Booting Transparency & Integrity The Hype Magazine: Unveiling the Pulse of Urban … – The Hype Magazine

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Published on January 30th, 2024 | by Dr. Jerry Doby

Once renowned as a niche concept, blockchain technology has transcended many industries, leaving behind significant progress in the wake of its game-changing technology. One of the most prominent applications of this epic technology has been in the kasyno internetowe sector.

With the gambling industrys constant growth, the demand for transparency and openness has also increased significantly. Thats where blockchain comes in in a world where the internet has become murkier due to rampant cybercrime activity. Today, we take a look at how this technology can be used to boost integrity in the Internet gambling scene right from the basics of how the technology works. Heres how it all goes down.

The traditional method through which online casinos operate is prone to manipulation, however minimal, by players seeking to gain an edge over the casino or fraudulent operators looking to swindle gamblers. This isnt to say that non-blockchain e-gaming platforms arent secure. No, in fact, thanks to tightly regulated RNG procedures in gambling games, it is practically impossible to manipulate the games outcomes.

Well, however minute the chance is, if successful, the said manipulation incredibly waters down player experience and how the industry is viewed overall. Thats because integrity, or rather fairness, is the cornerstone of gambling; without it, the industry will essentially implode.

Its no wonder why implementing this technology in e-gaming is considered revolutionary, as it eliminates any potential for manipulation whatsoever. By nature, blockchain employs ingenious functionalities that keep casino records secure, authentic, and anonymous. This also ties into the security aspect of players financial and personal information.

Through its smart contracts approach, the technology has dealt with some of the most pertinent e-gaming issues of our time. They include, but are not limited to:

This is just a scratch on the surface of blockchain is evolution to the internet gambling sector. The sections below dive deeper into the details of how it all happens.

Blockchain technology uses an unalterable ledger that records every transaction a player conducts on an iGaming platform. To avoid doubt on transparency, this ledger is available to the public, and you can verify your transactions if you want to. It is vital to note that the casino does not control this verifiable ledger; hence, it will not have the means to tamper with the results even if it wants to. You can confirm your previous wagers, payouts, and more.

Another fundamental aspect of blockchain-based e-gaming platforms is the decentralized nature of the system. Traditional online casino platforms store their data on centralized servers. These servers are prone to manipulation and are also sometimes prone to hacking.

In stark contrast, platforms that build their storage on blockchain have a distributed ledger system where every transaction is stored across various nodes in the network. As such, a centralized point of failure is eliminated. Transparency and fairness are fostered, with no single entity holding all the powers over the platforms.

As mentioned, blockchain systems are powered by smart contracts. In a nutshell, smart contracts are programs stored on blockchains that function when specific conditions are met. In blockchain context, they are used to effect agreements. They do so by keeping all the parties involved in the loop and eliminating the need for an intermediary in the entire transaction.

Concerning online gambling, theres no party involved in the drafting of the smart contracts. Additionally, given that the encrypted transactions of the agreement are verifiable by both parties, you wont have to question the integrity of the outcome of the process.

This also ties into many blockchain-based casinos employing provably fair algorithms that enable the parties involved to verify the gambling process independently. As such, players get to ascertain that the outcomes are impartial, and this will, in turn, build trust in the casino.

DAOs are organizations that operate under the guidelines of blockchain technology. The rules they abide by are bonded into the smart contracts that are core to the functionality of blockchains. With DAOs, players have a say in how their favorite games are developed, how the various blockchain-based platforms are run, the regulation, the payouts, and the addition of new games. This process, which is both transparent and inclusive, massively builds up the trust that players place in blockchain-centered online gambling platforms.

Many iGaming platforms are usually subjected to various auditory checks by their regulators to ensure compliance with tight regulations set up in the interest of player safety. Due to the openness showcased by blockchain-based platforms, the audit process becomes quite open and seamless as the platforms provide the regulators with easy-to-access and unalterable ledgers. This can also be used to facilitate responsible gambling practices that can be enforced through smart contracts.

As the adoption of blockchain technology in the industry continues, the online gambling scene will experience massive changes that will completely transform the industry from the ground up. Ultimately, operators and players will benefit from the online gambling industry being more open and harmonious. Heres to a more blockchain-friendly feature on the online gambling scene where players will enjoy unquestionable fairness and have a say through DAOs.

Featured Image: Blockchain (Photo by Shubham Dhage on Unsplash)

Tags: blockchain, Integrity, Internet, transparency

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.

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Blockchain Tech in IGaming: Booting Transparency & Integrity The Hype Magazine: Unveiling the Pulse of Urban ... - The Hype Magazine