The Use of Block Chains At Online Casinos
Blockchains are one of the newest aspects of online gambling. It is a fairly new technology that online casinos are using to compete with each other. This new technology has to do with the cryptocurrencies that are also quickly taking over the online casino industry.
When Bitcoin transactions were first introduced to the world, they involved blockchains. A blockchain is simply an online list of each digital currency transaction completed. Individual records are referred to as blocks. When one is added to the list of records it boasts a hash. The way blockchain systems are designed, it is impossible for lists to be changed or altered in any way. This is done to ensure that each financial transaction is done securely. Computers all over the world contain copies of every blockchain ever created. Together, these computers are able to validate the financial transaction records. In addition to using blockchains to keep a record of digital transactions, they are often used to bring two parties together under pre-defined terms.
The multiple uses of blockchains make them a valuable tool for many new online casinos. Blockchain casinos are different than standard online casinos because they build smart contracts and provably fair systems into their games. Though proveably fair online casinos are nothing new, blockchains are making it even safer to gamble online. As far as smart contracts, they ensure that any game will pay out to players when a winning combination is achieved. It is not unheard of for online casinos that don’t use smart contracts in their games to deny players their winnings.
In December of 2017 the first legal blockchain online casino was launched. Edgeless is a revolutionary blockchain casino that started by offering Blackjack, with plans to expand into sports betting as well as poker and dice games. This unique new casino got its name due to the fact that the house edge is 0%. Unheard of in the casino industry until now, it puts the casino miles ahead of its much more established competitors. Another brand new blockchain online casino to hit the Internet is Funfair. It is set to offer a selection of table and slot machine games.
Many new operators are preparing to launch this new type of casino soon. They are funding their casinos by allowing players to purchase the casino’s coins in order to use them as currency for placing real money bets.
With advances in the industry, there is an excellent chance that block chain casinos will become the future of gambling. This is due to the many advantages that casinos will have from using this technology. In addition to keeping costs down, it will give casinos a new selling feature that they can use to attract players who may have been hesitant to try online gambling before. The future of the online casino industry looks to be bright thanks to the discovery and inclusion of blockchain technology in the business models of many operators.