The emergence of blockchain technology seems to tackle a problem we’ve had in the world since organisations found it helpful to have records of people’s data. We’ve seen countless breaches of trust by these companies, and bookmaker sites aren’t an exception. More so, most companies are required to make information about their clients known to the government. Hence, a consumer data breach is not always in the control of these company administrators.
Blockchain, which is an apparent solution to the flaw in the information ecosystem, gives us hope for a better-decentralized way to work on bookmakers without worries of information of punters being leaked or available on demand by the federal government. We’ve seen most modern-day bookmakers featured on betting.co.uk take essential steps to protect clients’ data; it’s only a matter of time before optimal data protection with blockchain technology becomes the industry standard.
Why is Implementation of Blockchain Technology on Online Bookmakers Needed?
Transparency has always been an issue in the gambling industry. The situation often gets to a critical level needing the intervention of government organisations to sanction offenders. Meanwhile, in all most instances, the gambler gets to be the one left holding the bag.
Blockchain technology seems to be the most effective way to tie up most of these loose ends troubling the gambling industry. Let’s consider some critical instances where full blockchain implementation will cause a paradigm shift in the trading industry.
Complete and Sustainable Privacy
All gamblers want bookmakers and casino sites to assure privacy because of how the nature of the industry they deal in relates to society. Unfortunately, what should be seen as a right by clients is not taken as a perk by most bookmakers who seem to be able to make it happen.
Registration on bookie platforms requires that clients input too much of their details, which is very uncomfortable for most gamblers. Meanwhile, we can’t entirely blame the bookmakers because the registration process is subject to scrutiny by licensing bodies which makes it necessary for punters to submit this information in the first place.
Much of the real issue arises when there’s a breach in client data – a problem that has consistently called for security improvement. On the bright side, with the adoption of blockchain technology, most details that punters submit won’t be needed. Thus, the risk of having severe breaches is mitigated. More so, it saves the stress of the bookmaker needing to stall a lot of personal details of their clients.
Transparency
The gambling industry has always been seen as a shady environment. Aside from the obvious issue of odds manipulation, problems with result declaration and payout processing have also been a problem. Most experts believe that bookies are also gamblers themselves. Thus, it’s a bloodbath for them when the majority of the crowd turn out with winning tickets.
The implementation of blockchain networks gives a platform to host a public ledger where these records can be kept without the risk of the bookmaker altering their catalogue without getting noticed. Perhaps this might be the last piece of the puzzle to change the fortune of gamblers.
Cost-Effectiveness and Instantaneous Transactions
If there’s a full implementation of blockchain technology, there’s no doubt that cryptocurrencies will be the go-to asset for depositing funds into bookmaker platforms. This takes our idea of having seamless transactions to a new level.
Aside from improved security of deposits, there will also be a steep improvement in deposit and withdrawal speeds, not to mention having to pay far lesser transaction fees than what’s obtainable with traditional banking methods. More so, with the likelihood of cryptocurrencies going mainstream, withdrawing and spending profits will ultimately become easier.
Validity and Security
Security is perhaps the most apparent issue faced by any platform that keeps client data. We’ve also seen platforms boast of having the best security architecture as an add-on feature to their clients – what should ordinarily be necessary.
Undoubtedly, the security of the blockchain’s architecture is the most secure that the tech world has seen. If bookmakers fully adopt it, gamblers can game comfortably, knowing that their data and funds are in good hands.
