Blockchain has finally introduced a new technology that will transform the betting industry for a long time. Since its inception, the gambling industry has been surrounded by many controversies. Different countries have different rules regarding gambling.
Malta has recently legalized gambling in the country. The Malta Gaming Authority (MGA) has vowed to protect the players from money laundering and crime.
Blockchain has come up with a new feature that has ensured transparency in the iGaming industry. Some of the online casinos get their reputation from the fact that people have assumed the gambling industry is not transparent.
Blockchain has come up with a technology that ensures that all the transactions are verified. The technology has allowed people to check their transactions freely unlike the other times where the transactions were hidden. By using the Blockchain technology, the casino has provided a platform where the players can verify all their transactions.
On most occasions, withdrawals from the online casino usually take up to seven days, but the introduction of Blockchain technology has changed everything. The Blockchain technology has incorporated smart contracts, which record the bet details, validate the bet results and automatically pay out the winnings. The whole procedure has been automated, and it doesn’t allow any human error.
The technology also allows cryptocurrency, as a payment method, which has ensured that players can collect all their winnings more securely. The Blockchain technology has also provided the online casinos with a reliable platform to ensure that the players can make safe bets. The new technology from Blockchain technology has allowed all the casinos and online betting companies to grow legally and honestly.