In simple terms, blockchain technology is an innovative way of recording data which greatly reduces the possibility of hacking – allowing users to store payment methods and make payments with little fear of the data being edited or obtained for nefarious purposes.
Blockchain technology isn't something which is used only by the online casino industry, many apps which record payment information, such as Uber, use this technology to minimise the possibility of patrons having their sensitive data hacked. This new form of technology is becoming increasingly popular in many industries.
Blockchain technology has no doubt had a revolutionary impact on the online casino industry. Even the most casual patrons of online casinos are dealing with some form of currency, so security is of utmost importance.
Due to the increased usage of blockchain technology, it is now possible for patrons to partake in the multiple games available at the online casino at Paddy's – such as Bass Boss or Live Roulette, secure in the knowledge that their financial information is safe. The online casino industry is incredibly competitive, so the ability to offer a higher level of security to clients is essential for customer retention.
Blockchain security is not limited to personal use, it has been hotly debated that this technological innovation could even help to smooth global supply chains, as reported by Financial Times. Blockchain technology's advanced levels of security offer patrons a level of comfort and security that their financial data is of little risk.
Not only does blockchain technology offer an instantaneous and secure way of storing financial data, but it also allows online casino patrons to deal in numerous forms of currency. Cryptocurrency, a form of currency with no physical form and with less chance of being counterfeited than its physical counterpart, is becoming increasingly popular.
One of the main reasons for the increasing popularity of cryptocurrency amongst patrons of online casinos is the sheer convenience. Needing little more than a crypto wallet and an email address, gamblers are able to frequent online casinos with ease. Convenience, alongside high levels of transactional security, is luring more patrons to deal in cryptocurrency rather than traditional forms of currency.
Due to the adoption of blockchain technology by online casinos, patrons are able to participate using any number of currencies to suit their needs.
Despite recent volatility in the value of cryptocurrency, it has been reported by Time that Bitcoin, arguably the most infamous form of cryptocurrency, has steadily increased in value since its conception. No doubt this would present a huge incentive for online casino patrons to begin to deal in this new form of currency.
The introduction of blockchain technology into the online casino industry has no doubt revolutionised the experience for patrons. Not only is blockchain technology a more convenient and secure way to store financial data, but it also opens up a multitude of possibilities for patrons to deal in various forms of currency. The ability for patrons to use cryptocurrency awards benefits both the casino and the patron.
Affording more security and flexibility with currency for the patron whilst simultaneously widening the target demographic for the online casino itself, introducing a whole new customer base who deal solely in less traditional forms of currency.