Blockchain technology is diversifying its reach beyond the financial industry and slowly being experimented in healthcare, education sector, automotive, esports, entertainment industry and many more. It is growing up as a promising technology with its decentralization model of operation having the consensus mechanism to validate the information stored in the chain. The gaming industry is also booming with the deployment of Blockchain-based DApps, smart contracts and many more services. The convenience of casino games with the comfort of your home was first introduced in 1994 when a platform for online casinos was launched that year. More technologies, superior graphics, impressive animations and many more features, started accelerating the pace of the online gambling industry. According to some researchers, the online gambling industry is supposed to surpass $81.71 billion in 2022. But as the industry is expanding, the number of challenges are also increasing with it related to security, transparency, data manipulation, corrupt practices and many more. Recently, some of the giants have introduced the Blockchain technology, and also blockchain-based Decentralised Apps to resolve the issues and aiding the industry to maintain credibility. In this article, the intervention of Blockchain in gambling industry along with the best gambling DApps will be mentioned.
How Blockchain Technology Is Reinventing The Gambling Industry?
Blockchain or distributed ledger on the internet and the applications deploying this technology is trying to reinvent the gambling industry in the following ways:
- Transparency: Gambling industry always faced issues related to transparency. Blockchain, being a decentralised technology can remove the centralized control, bringing legitimacy in industry. With no hidden secrets, transparency of the online gambling network can be maintained.
- Server Issues: As online gaming is performed through a centralised platform, players face the problems leading to freezing of wrong options and loss of money due to the failure of the server. Theoretically, the problem of a server failure can be sorted out by Blockchain which has no single point of failure as it is a network controlled by thousands of nodes.
- Trustless: Blockchain can assure the 100% trustless network as every node connected to the network verifies transactions maintaining the distributed record system. Also, records cannot be altered without the consensus among the users.
- Transactions: Issue of delayed clearance of rewards or payouts is most commonly faced in the online gambling industry. With the help of Blockchain technology-based DApps, the money will be transferred as soon the game completes and with zero transaction fees. Also, the feature of escrow can be deployed for the clearance of payments with online gambling sites.
- Safety and Security: In the regular casinos, someone just needs to guess the username and password to hack the servers and steal the money of users involved. But, in the gambling based Blockchain platform, the server cannot be hacked easily until 51% of the network is controlled by a single group. Any unauthorized change is virtually impossible to make. Thus, the chances of fraud and corruption get reduced due to the elimination of middlemen or decentralised network.
- Anonymity: Some of the players do not want to reveal their identity while gambling online but they have to share the personal details at the time of payment. With the help of Blockchain and cryptocurrency, personal details can be replaced with the address of the crypto wallet, thereby maintaining the anonymity of the network along with reducing the transaction costs.
- Accessibility: Elimination of huge infrastructure, delay in withdrawal of money, playing from all across the world and many more issues related to accessibility can be minimised with the help of Blockchain technology.
Thus, Blockchain technology has the potential to eliminate the challenges of the online gambling industry and reinvent the industry.
Best Gambling DApps In 2020 | Blockchain In Gambling
DApps or Decentralised Applications are like the regular apps except they are decentralised and distributed maintaining the transparency, security and trustless network. With DApps, devices can communicate with other computers on other networks and assure the improvement in the already existing network of online gambling. There are some of the best gambling DApps based on ETH, EOS, NEO and many more platform (eos gambling Dapps, eth gambling Dapps) that must be looked upon in 2020:
- Playtowin.io: It is a decentralised casino app which utilises the process of “randomisation” to generate the numbers of Ethereum Blockchain to choose the winners of a game. Metamask browser extension is utilised to deposit ETH with an exchangeable rate of GAME coins (gambling blockchain coins) which will be distributed after the game.
- BetHash: BetHash is built on EOS Blockchain and available on both Ethereum and Tron networks also. Games are limited to Lottery, Blackjack and Dice. Results are based on randomly determined numbers present within latest blockchain blocks.
- Dice2.win: Dice rolling, coin flipping and Etheroll are some of the games which can be played on Dice2.win app. On this platform, outcomes are the result of a combination of Ethereum block hashes and house inputs, thus non-immutable.
- CasinoFair: The platform allows the create Ethereum powered casino with five-shot games, four poker games, roulette, dice and others. It is a Blockchain-based platform revolutionising the gambling industry.
- BETRbet: It is a dedicated sports betting platform on the list covering a variety of major sports and a number of Blockchain-based betting platforms.
As the Blockchain industry is diversifying in all the sectors, the number of industries are revamping by minimising the issues associated with their operations ensuring the maximum transparency, security, privacy and integrity of the industry. Gaming and entertainment sector is facing the issues related to the centralised network, hampering the spirit of players by delaying the transaction of payments, manipulating the results of the games, heavy withdrawal fees and the corrupt practices. Challenges can be reduced by deploying the Blockchain-based DApps, smart contracts and various other services and products. The community involved with the gambling industry can be increased if the Blockchain-based Apps are adopted by the majority of platforms providing services of online gaming. Thus, Blockchain technology-based Apps is one of the trends which can be set in the future of the gambling industry.