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If there is any doubt about the future importance of blockchain technology in society, one only has to consider what is taking place in the online gambling industry. Online gambling is literally exploding all over the planet. So much so that the US has finally seen the light and now allows each state to determine whether it will allow is residents to gamble online legally.

A big part of why opposition countries are moving towards the legalization of online gambling is the industry’s ability to assure security and fairness. It’s notable that top online operators like the friendly casino, Casumo work very hard with software developers and testing labs to make sure customers are protected from cheating and outside bad actors. As good of a job as these principles do, blockchain technology might be able to up the ante.

How Blockchain Will Influence the Industry

While the possibilities might be endless, the online gambling industry has already identified a few ways blockchain technology will benefit customers.

  • Transparency – The best way to represent gaming results are fair and random is by being able to provide proof. Blockchain has the ability to record all gaming results on a registry in real time. Since the registry records are protected against manipulation, any questions a player might have can be answered with technology.
  • Anonymity – For many reasons, gamblers would likely prefer to gamble without having to provide information about their identity. Blockchain technology will allow customers to register and fund their accounts without having to disclose personal information. This will keep hackers and unauthorized people at bay. Of course, government agencies have a vested interest in what customers and operators are doing. That battle will be carried out in government agencies over the coming months.
  • Using Cryptocurrency – As acceptance of cryptocurrencies increases throughout the world, people will be deciding if they want to abandon fiat currencies in favor of cryptocurrencies like Bitcoin. Many people will likely consider the change. With cryptocurrencies already being transacted through blockchains, it’s a natural for online gamblers to consider crypto options. Along with anonymity, gamblers can also benefit from fast transactions with little to no processing fees.
  • Decreasing House Edge – It is possible for blockchain technology to be used to develop games (particularly video slots) with a lower house advantage. Of course, customers would benefit from the lower “take-out.” Online casinos would likely be on board with such changes because of the notion blockchain will eliminate a lot of manual processes and lowering employee costs, which the casino could pass on to customers.

The Current State of Blockchain in Online Casino Gambling

It’s a process that’s going to take time. Blockchain technology is gathering support in a lot of important industries. However, the practical applications from one industry to the next are still getting scrutiny.

The online casino industry seems to be embracing the change. There are a number of blockchain/cryptocurrency online gambling sites currently in operation, a site like Zeroedge being one of them. The early returns are encouraging. However, the industry and its customers still have legitimate concerns about the possibility of government intervention.

It’s very likely even government agencies all over the world will be looking for ways to take advantage of the efficiencies created by blockchain. Just the same, they need time to investigate the nuances of this technology and how it could actually inhibit an agency’s ability to do its job. It’s a good bet some tax agencies aren’t too thrilled about the idea gamblers can make huge sums of money out of view from authorizes.

Blockchain is currently making its way through the online gambling industry. The operators want it, the players want it and even government agencies may want it. The future of blockchain in this industry is just waiting for all concerned parties to figure out to integrate it with current processes.

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