“Blockchain Gambling Industry: Incredible Use Cases” – Content:
- Decentralized Payment Methods
- Payment URLs
- Digital Identities
- Gambling DAO
- Decentralized Giftcards
- Data ownership
Decentralized Payment Methods
A big problem of gambling sites are high transaction costs. These must be borne by players. As a result, the enjoyment of gambling decreases when you see how many fees have to be paid.
There are some sites exclusively accepting cryptocurrencies. Therefore, you have reduced fees and there are no transactions associated with gambling. For example, you can reduce transaction costs, licensing fees, regulatory compliance costs, payment to merchants, and taxes. As a result, you can make more profit because your costs getting lower.
If you win at gambling these days, the money is kept in a player account for the time being. It will take a few days before you have the money in your bank account. So this carries the risk that you will not get the money after all.
With Blockchain, we can eliminate the use of player accounts. We will have unique URLs, and we can use them to deposit funds. Therefore, you will receive payouts immediately after you won, rather than deposit into an online gambling account. Because of not keeping the funds in an online gambling account, you do not have the risk that the site will be hacked. In addition, the gambling operator doesn’t need to manage and protect your funds and account.
If you want to play on a new gambling site, you will always have to re-register. But identifying yourself each time is an inefficient process. It is also a boring process for new users. That is why they do not register in the first place.
With Blockchain you can save your personal data once. If you have to register somewhere, you can use this universal identity. To do so, you just have to link your Blockchain-ID. Nobody else has your data. Therefore you can decide who you want to share your data with.
Gambling websites have many complex processes like user authentication. As a result, there are inefficient processes and therefore high costs. In addition, they also pose a security risk, as security holes can be exploited.
So with Blockchain you can now gamble on a decentralized platform like Ethereum that runs Smart Contacts. It works like a digital contract that contains a few lines of code. The Smart Contract is not changeable and doesn’t need a third party. As a result, nobody can change the agreement or the outcome. This allows the entire website to work fully automatically and independently.
Not everyone in the world has access to traditional banking systems. Or the same currency is not accepted everywhere. Therefore, it is not possible for these people to gamble online.
So you could use cryptocurrencies as vouchers from retail markets, similar to a prepaid gift card. You can then use them to gamble on online platforms. This creates a completely new market for the gambling industry.
If you want to register on a gambling website, you have to provide personal information. Companies use your information to promote other products. So, there is not much you can do about that today.
With Blockchain, we can use a universal identity for authentication. This way we keep our data to ourselves. It also only needs to share the most necessary information.
The gambling industry has to deal with many fraud attempts, Blockchain offers a good opportunity with many use cases. So blockchain can ensure that processes can be made more efficient. In addition, not only can new business models be developed, but also security can be brought to a whole new level.