What is Blockchain?
As the video has explained the basics of blockchain, how exactly can it be used in online casino transactions? The first thing the casino would have to do is transfer all of the casino’s financial documents to the cloud server or ledger, which can be accessed anywhere with an internet connection. Next is a custom app that has to be designed for the players that work like a virtual wallet. Lastly is a custom cryptocurrency to be developed and used as the medium of currency anywhere in the casino franchise. Players can then trade, or use it to gamble at any casino owned by the brand.
How Does It Work?
Everything will be stored with only access to the management board. The management board will also determine which of the workers will be allowed to handle the transaction. The liable staff would then have a safe but restricted access to all of the player’s accounts to allow for any transactions during the gaming process. Same thing happens when a transaction is being done by players to players, they would have unlimited access to their account so they can trade whatever they want, but the process will be secure and safe.
What would a player have to do if they want to trade their cryptocurrency into cash, the casino can create a custom barcode or simply have fingerprints installed in the system. Then the players just have to scan the code or use their fingerprint at the counter’s tablet or smartphone device, which is integrated in the system itself. All of this will be managed in a matter of seconds and will not require any actions from the users involved. All transactions and user identities, shared by all the casinos in the chain, will be saved to the blockchain ledger.
Blockchain system brings a lot of advantages to the casino that uses it than those that did not. The system is literally not possible to be breached thus giving guarantee on the security system.The transaction will also be fast and nothing will be lost during transferring the fees. Registered users will also have full access to their own account and money, and not even the casino can meddle with it without permission. Wager became easy to manage with the cryptocurrency without worrying of losing or dropping the chips somewhere. Players are also free to trade with each other which provides tremendous experience.