Blockchain is a technology that people have been talking about for a while now. The idea is that it can be used to let two parties complete a transaction without having to rely on a third-party intermediary such as a bank or credit card company. Bitcoin, for example, is a cryptocurrency with a blockchain. Basically, this technology is so secure that it makes it possible for people to complete transactions without the involvement of a bank or government.
Blockchain and cryptocurrency have recently gained a lot of attention in the media because of their growing popularity and the amount of hype they’ve received. However, the technology dates back to 2008, when it was first used to store information regarding the Bitcoin digital currency. This is why blockchain has been described as the “next internet.” Blockchain is gaining traction in many areas where it has never been used before. This has proven more convenient and easier for business owners and customers. While many industries are aware of the benefits of using blockchain for transactions, the gaming world is way ahead in adopting the technology. People are embracing digital technology, keeping financial records, reporting on them, and storing them more securely than ever before. When it comes to casinos, land-based are still well known and reliable.
In today’s digital age of mobile apps, we have seen the takeover by online casino gaming providers with better graphics that make them comparable or even more entertaining than being at an establishment for gambling. Nowadays, there’s also a full array of online casinos and review sites that provide all the information you need to gamble safely, so the experience is even more enjoyable. For example, you can use Casino Reviews as a guide to online gambling in New Zealand, to make sure you make the right choice when choosing an online casino. A lot of them offer simple, smart technologies that provide a fast gaming experience. But do you think the gaming industry should embrace blockchain? Read more.
Casino billing process
Accounting is essential to the operation of a casino. Funnily enough, some land-based casinos have accounting software to handle their financial affairs and manage deposits and withdrawals. Most casinos ignore the need for such software for various reasons. Traditionally, casinos use a system where your money is manually checked by a few employees, with no digital record of transactions. This method can be advantageous when large sums of money are involved, but can also be difficult when a particular room is heavily used and there are many mistakes made by staff.
While there are so many casinos that have switched to digital accounting software, the truth is there are other casinos that are far behind. Here are some examples of when customers were frustrated and asked for improvement:
- If a player is from another country and wins a large amount of money, there is no obvious way to transfer the money safely through the country to his bank account. .
- Players cannot officially take out a cash loan, and even if they do, the transaction cannot be traced because it is cash.
How can blockchain help?
Since blockchain is an unmodified and untraceable digital scale, it can be useful in providing stability to the casino industry. Here’s how blockchain can help you.
- When a new player registers at a casino and wants to play, their financial information is transferred to a blockchain that can be accessed from anywhere in the world.
- A crypto wallet keeps track of losses and gains. You can convert cryptocurrencies into fiat currency if you wish. All software works only on the basis of unique code. This is a series of pre-programmed actions that are automated, reducing the number of times employees have to access data, thus improving transparency.
- The whole process cannot be manipulated and is protected by predefined rules.
- Players must scan a QR code to withdraw and deposit money, and verify each transaction with their fingerprint or facial identification in the app.
- No manual intervention, the whole process is digital.
In short, casinos can realize significant savings by using blockchain-based billing methods and applications for their customers. We also encourage you to keep abreast of new technological innovations.