Blockchain Technology to Change the Gambling Industry
The introduction of blockchain technology to the gambling industry would give much needed verified records on a shared ledger that cannot be manipulated, increasing transparency and boosting trust among customers. Blockchain technology’s qualities can resolve the most significant problems that online gamblers and online gambling companies have been battling since the extension of the gambling industry to the internet.
Judging by the fact that online gambling comprises over 25% of total gambling revenue, with the gambling industry anticipated hitting $50bn in revenue this year, solving the critical problems faced by online gamblers and legitimate online gambling companies would undoubtedly see online revenues start to catch the lion’s share of the pot.
One of the essential benefits in using blockchain’s decentralized ledger is that players will be able to place bets fortified with the confidence that all bets are placed on shared ledger and that company has no tools whatsoever to manipulate the outcome of the bet.
Zero Edge, which is one of the leading players in the industry has created a digital currency, Zerocoin, directed mainly towards the online gambling industry. Zero Edge’s protocol gives gamblers 0% house edge casino games, sports betting and a platform for developing online games in the future. The technology greatly reduces the odds for the company but increases the player’s odds of winning against the house. In addition, the technology is likely to attract more players to the industry which would further increase demand for Zerocoin significantly increasing the profit of Zerocoin holders.
Zero Edge tackles the main problems online gamblers face. Zero Edge not only gives transparency with the use of Ethereum smart contracts but also guarantees that there are no delays or fees in the deposit and withdrawal of funds while incorporating a random number fairness check, with all games being verifiable on Ethereum blockchain.