Ever since Bitcoin was created in 2009, the world has become more familiar with the term Blockchain. Over the last five years, as the crypto space has increased in popularity, this type of technology has been hailed for its innovative security features and decentralized nature. In this article, we explore what role blockchain technology plays in the world of iGaming.
The iGaming industry embraces new technology with open arms. Businesses in this sector are often keen to test the latest payment methods, gaming software, and online systems to streamline operations. This is true for blockchain technology and cryptocurrency. Which is excellent news for casino players, with easier access to high-quality games, faster payouts, and world-class entertainment.
Online casinos started to integrate blockchain technology to offer smoother payments with a layer of privacy, making it easier for players around the globe to get started. In 2022, it's become easier to find safe gaming sites that offer crypto banking options, with fast payouts available in BTC and other leading tokens. Some casinos are powered by Microgaming software which means customers can play the latest online slots for real money. The best Microgaming casinos also feature progressive jackpots that reach over $1,000,000. These prizes can be found on slot games from their Mega Moolah, Major Millions, and WowPot jackpot series.
There are several benefits for both businesses and players at Blockchain casinos. We've outlined the main ways blockchain technology has helped online sites in the iGaming world.
The concept of a Blockchain was actually created in the 1990s by a man named Jean-Jacques Quisquater. He envisioned designing a secure timestamping service with low trust requirements. This was famously quoted as a reference in Satoshi Nakomoto's Bitcoin white paper.
The idea of a blockchain is to provide a shared ledger across a decentralized network. There are many nodes across a blockchain, and each helps store the records, process cryptographic equations, and record new transactions. These are referred to as blocks, and complex mathematical equations ensure the data is stored securely. This type of system is decentralized, meaning the data isn't stored in one central location. This is ideal for security, as the network can't be corrupted.
This example explains how a transaction is recorded on the Bitcoin blockchain. If you hold Bitcoin and make a deposit at a casino, you will receive a transaction ID after sending the funds. This is a random string of numbers, and you can search this on Blockchain.com. The details stored within the transaction include the time of sending, amount of funds sent, transaction cost, sending address, receiving address, and the confirmation process. Both the sender and receiver receive this transaction ID and can verify the payment easily.
Provably fair casino games are a recent development born thanks to increased research in cryptography, and how it can improve casino games. The mathematics involved in the system are complex, but the idea is revolutionary. Players can generate a unique client seed that interacts with a server seed from the casino. This generates a random string of numbers and determines a unique bet result. Players can verify the results are fair by inputting the unhashed seeds in the tester and seeing if it creates the same result.
Provably fair technology has given rise to many exciting and rewarding types of games at crypto casinos. The Return To Player (RTP) rate for these games can reach 99%, offering better value than many traditional online casino games. Some leading provably fair titles to play include Bingo, Crash, Dice, Hi Lo, Keno, Mines, Plinko, Wheel, and 3D Video Slots. Casino players using mobile devices will be happy to hear these games are mobile-friendly and work excellent on smartphones.
As more businesses and people engage in the blockchain space, the role this industry plays in the iGaming world will continue to grow. It's great to see this technology being used to benefit casino sites and players. Cryptocurrency ensures players can make fast deposits and withdrawals, with low fees, higher limits, and extra privacy. While the development industry will continue to be revolutionized with new provably fair titles that allow everyone to easily enjoy fair games online.