Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
The online casino industry has long been at the forefront of technological innovation. From the earliest days of the Internet, a casino website could be opened with a few clicks. Over time, online casinos had to evolve to keep up with the times. They need to improve in terms of the complexity of their games and the security of their services.
What technologies will affect online casinos in the near future?
In recent years, online casinos have begun to master a number of new technologies. VR (Virtual reality) & AR (Augmented reality) are now available for gamblers. Almost all the newest online casinos develop mobile apps so that users can play on the go. However, the most significant technology on the horizon that could disrupt the entire online gambling industry is cryptocurrencies, as well as their underlying blockchain technology.
How can this technology affect the online gambling industry?
Online security and transparency
One of the problems that blockchain can solve is trust between online casinos and gamblers. A centralized database, such as the one used by your bank to record all transactions, must be reliable. Decentralized blockchain has no central authority; there is no “master copy” of the logbook, it is distributed over the network. Every transaction on the blockchain is recorded and can be viewed by anyone, but cannot be edited after it has been recorded.
Online casinos may soon realize that they must use the blockchain to record all the transactions in which they participate in order to prove that they are paying out winnings appropriately and that they are honest with their customers.
Global coverage
As more casinos start to allow users to play using cryptocurrencies, it becomes more and more difficult to ensure the locality of gambling sites. Depositing or withdrawing money at an online casino using a regular payment card can incur additional commissions and fees, all of which “eat up” your precious winnings.
Some cryptocurrencies charge a usage fee, but others are completely free. For example, “nano” is a cryptocurrency that offers instant payments at no cost. Cryptocurrencies are changing the rules of the game for online casinos. We may even see the emergence of blockchain-based cryptocurrencies or tokens, which all online casinos mutually accept.
Smart Contracts
This is one of the most interesting aspects of blockchain technology. These are immutable conventions in the form of computer code. When certain conditions are met, the smart contract is executed.
In online casinos, this allows games that are provably fair, open-source, and verifiable. Anyone can look at the smart contract and make sure it is fair, while otherwise, they must fully trust the game developers and the casino they use to pay properly and play fair.
The online casino industry has traditionally been very efficient at handling innovations and finding ways to incorporate them into their services. Virtual reality and augmented reality are making online gambling more interactive, but the most significant is the potential impact of blockchain on the online casino industry. Blockchain could solve the lingering reputation issues that online casinos have, proving once and for all that they are fair to the players.
