Blockchain technology is infiltrating every facet of everyday life, this includes breaching the world of iGaming. Online casinos all over the world are using blockchain technology to ensure that game outcomes are provably fair, with it also helping to further secure player data. At the World Crypto Conference this October in Las Vegas, the two industries will merge once again for an action packed 3-day event. Leading poker names such as Antonio Esfandiari, Phil Hellmuth, and Daniel Negreanu are rumored to be attending the event, making it the biggest blockchain and poker event of the year.
Blockchain Verifying Game Results
Blockchain technology is being used by online casino sites around the globe. Players are now showing favoritism towards online casinos that are provably fair, forcing many to implement the technology. To make a game provably fair, it requires a widget whereby it shows the house settings, the player then selects their own setting adjustments – such as spin speed of a roulette wheel or cut height of a card deck. Following this, as soon as the game begins, this data is taken, combined, turned into a hash, of which the outcome is generated – first being revealed to the casino. This then allows the casino game to display the result via an on-screen graphic.
Once the game is over, the hash will be given to the player. This can then be checked on any hash checker website to ensure that the result contains the inputs that were set at the beginning of a game. Finally, these hashes are stored on an immutable blockchain to be recorded forever.
Keeping Player Data Safe
When it comes to keeping a player’s information safe and secure, nothing does the job better than a blockchain. This immutable record can be used to ensure that the information of high-rollers can’t be lost or stolen in a server breach – great news for players winning thousands on a daily basis. This immutable record will allow online casino operators to ensure a player has not been self-excluded. It also gives them the ability to ensure that players are only creating one account – not multiples.
AML and KYC Needed
In the past, casinos were the money laundering avenues of choice for criminals, but blockchain is eradicating this age-old issue. A large portion of the world is concerned that blockchain and cryptocurrencies will be used for money laundering, so stringent know your customer and anti-money laundering processes are being put in place. These same checks can then be implemented into casinos – both virtually and physically. While it will make the process of going to a physical casino a bit lengthier and more frustrating, once you are registered you’re in for life.
Casinos are slowly integrating blockchain technology, largely to great effect. It’s making the experience for players safer and more enjoyable as a result. Blockchain has the ability to change the way the casino industry works for the better, and players are welcoming it with open arms. Given the rise of Blockchain technology within the casino industry, the World Crypto Conference is likely to be a can’t miss event for anyone within the growing sector.