Blockchain technology has changed the way people perform transactions. And for this reason, Bitcoin has skyrocketed in value in 2017 almost reaching $20,000. Though blockchain technology is still relatively new, there are many industries that have benefited from the tech. Could Blockchain be used by casinos in order to address some of its pressing concerns?
The truth is that blockchain casinos are fast becoming popular online. If it is your first time to ever hear about this term, blockchain is a public ledger. Its main purpose is to serve as a place where all transactions are listed. And also, cryptocurrencies and not your regular money is being used.
What blockchain technology offers to the table is transparency. And of course, along with transparency comes credibility. What exactly are the things that blockchain technology can solve among casinos?
Benefits of Blockchain Tech on Casinos
One of the biggest problems that some casinos have is that data such as winnings and gaming results aren’t transparent. These are deliberately hidden or at least partially obscured from the public. However, what blockchain technology can do is to provide users and online casinos a high level of transparency by being able to see every transaction that took place and this includes winnings, gaming results, and payouts.
In addition to this, blockchain technology can remove intermediaries that are involved in processing transactions. For casinos, this could mean that the cost of transactions could be significantly lessened.
Zeroedge is an example of a new-age blockchain casino. This cryptocurrency-based casino offers a platform wherein a cryptocurrency that is known as ZeroCoin is used. This is the only digital currency that is accepted to play the games in the casino. What it offers is a true 0% house edge on its gaming experience. This means that everything is random and you have more chances of winning. This means that slots, blackjack, and other games are actually transparent with the house not having any advantage whatsoever. Even for this reason alone, ZeroEdge could capture the interest of a good number of people.
Currently, the conventional casinos are quite different. Players face up to 10% house edge in casino games. This is the only way that some casinos could actually get profits.
As for Zeroedge, what they do is that they don’t take profits from the losses of the players. Instead, what Zeroedge is profiting from is actually based on the increasing value of their cryptocurrency. And because of the 0% edge games, it has the potential to increase in terms of demand.
It is, therefore, creating a closed loop-economy using the cryptocurrency. With a limited supply of the cryptocurrency, players can expect that its value will increase through time given the fact that its demand will also go up. And because of this business model, it becomes possible for an online casino to come up with a 0% house edge game.
Cryptocurrencies have changed the way people transact. Pre-ICO has been set on February 28, 2018. Could this concept be embraced in the future? Will blockchain technology bring the necessary changes to the online casino business?