Blockchain and Betting Industry

Blockchain technology is slowly but confidently leaving its mark in different industries, including Finance, Medicine, Data, Analytics, and many others. One of the industries which blockchain is changing is betting.

When gambling online, the biggest concern for players is whether or not the game is fair. They worry about the gaming results because they cannot be 100% sure that their winnings and payouts are completely transparent as the details and mechanism are usually hidden from the public. However, Blockchain aims to solve this problem by using its features.

1. Transparency

Many online Casinos have been accused of the fraud in the past. They have also been often accused of using various tricks and scams to steal from customers. However, Blockchain technology can give customers the confidence to bet with confidence. With the implementation of Blockchain smart contracts which verifies records on a shared ledger that cannot be manipulated, transparency became possible.

2. Fewer Fraud Rates

The hacking frauds were very popular when online games became a thing. The frauds had been most frequent during making a deposit or withdrawing money from the casino. Many casino`s systems had been hacked.

Blockchain technology provides better security and high level of conducting transactions between the player and the company. How is it possible? Blockchain has a distributed ledger which makes it impossible to manipulate or change anything in the system. As a result, the player may be sure to receive his or her winning safely without any chance of hacking. Smart contracts come into play again in this case.

3.Winnings with Cryptocurrency

With Blockchain it is possible to receive the winnings in the forms of cryptocurrency and exchange it later into real money. As a result, there are less regulatory jurisdictions as cryptocurrency does not depend on different regulated payment services. Another advantage of betting with blockchain is that it has much lower fees connected with withdrawals and deposits of the winnings. It also eliminates the need for intermediaries such as banks.

4. Anonymity

With Blockchain technology, players can play anonymously without sharing their personal information. This feature can protect players from hackers who want to access users’ data.

5. Better Accessibility

There are still many countries that prohibit betting. With blockchain, it is possible to play from any country. The betting game becomes much more accessible with less regulations and better security features.

6. Decentralization

Blockchain technology provides a decentralized structure that allows better security and enables everyone to play. The fact that the system is decentralized eliminates the need for a third party. As a result, there is a better connection during the process.

As you can see, there are many advantages to online betting with blockchain. Hilo Lucky EOS is a dice betting game which uses the EOS blockchain to use all the features mentioned above. This casino game offers users incredible experience and a lot of advantages. It also has the certification and it will be distributing EOS tokens soon. EOS blockchain is one of the most innovative and promising blockchain projects out there. Learn about them here https://luckyhilo.io/