Casino and Blockchain
Online gaming is a fast growing industry. We have gathered some interesting information for you at $5 Minimum Deposit Casino Australia.According to research conducted by Grand View Research, in 2018 the global online gaming market was valued at $48.5 billion annually, a staggering amount that is only expected to grow as smartphones and the average internet become widespread, especially in countries with a developing economy.
But even given a sector with an enviable capital base and scope to grow, online gaming continues to face challenges, such as lack honesty and trust on the part of players. The dangers of players related to the correct calculation of odds, the security of bets and their winnings, the delay in withdrawals and the increase in rating, not to mention the protection of some security data and digital technologies, are just some of the problems that are associated with the maintenance of online gambling business.
The validity of such concerns may be a matter of controversy, however, the impact they have on the credibility of an online casino and, as a result, their significance in the expected likelihood of no consequences.
The integration of detection technology and online gaming allows you to solve these problems of online casinos and restore the integrity and detection of the main components of this product.
Blockchain technology allows the creation of a system in which the trust in the role is significantly increased without the participation of a central authority or an intermediary (for example, a casino, a large stakes operator or an escrow processor that processes bets). Each part of the assessment that takes place is registered and defined in a computer network, a permanent, immutable and transparent record is revealed, which can be confirmed by all assessments.
These characteristics have been used to address the sector’s challenges facing online casinos. However, this is only a slightly defiant look at the global potential perspective of a technology that has the potential to transform the systems that underpin the online gaming industry. It is precisely because Bitcoin has advantages such as scalability, reliability and security that can open the door to a bright future for the online gaming industry.
In an industry struggling with a lack of trust, an innovative US-based company based in Denver, Colorado, USA is harnessing the power of the Bitcoin SV blockchain to connect the real world and the online casino world, facilitating fair and controlled online gaming.
Matt Dixon, who has over 10 years of experience in consulting, creating and managing gaming companies, is well versed in this industry and knows almost everything about it. Through his latest co-founder and CEO venture, BitBoss, Dixon hopes to use the power of blockchain technology to strip away the negative aspects that the industry is too often associated with.
BitBoss has already released a line of products for the online gaming industry, which together allow you to transfer all finance and gaming activities for both physical and online casinos to the open BSV blockchain.
The hardware solution, known as Bridge Link, allows players to easily transfer their tokens from a slot machine to their smartphone via the BSV blockchain, with their money stored securely as a cryptocurrency.
Blurring the lines between real casinos and online gaming, BitBoss allows players to use the same tokens they use in a brick-and-mortar casino to participate in digital games either online or via mobile apps powered by the BSV blockchain.
These dishonest operators have a noticeable impact on the reputation of the rest of the online gambling industry, who, being unable to confirm the integrity of their games in an open and intelligible way, are also tarnished. To counter this, BitBoss leverages the unique capabilities of the BSV blockchain by enabling what is professionally called Provably Fair. This is a process in which the player receives certainty in the form of a mathematical algorithm that the outcome of the game was fair and not subject to any manipulation.
When the casino sends the result of the game to the player via the blockchain, the latter receives this result in a private key. The player can then use their own private key in combination with the public key to determine if the correct private key was indeed used as the seed of the result. This process ensures, with mathematical certainty, that the game and its outcome were “provably fair”.
An additional benefit of the blockchain-based “provably fair play” system developed by BitBoss is to prevent players from trying to double-spend.
Security is of paramount importance to those in the online gaming industry, where sites are built using traditional off-chain centralized server architecture and are often hacked.
BitBoss uses the unique capabilities of the BSV blockchain to improve the security of its products. Threshold signatures allow multiple parties to sign together.