Smart contracts are one of the best technological solutions of recent years for checking the protection level and fairness of iGaming sessions.
Casino Market has prepared an informative guide about advanced crypto solutions, their prospects and the potential for a dramatic transformation of the wagering industry.
You can learn more about trending entertainment innovations and order the elaboration of a turnkey gambling business at our company.
Essence of Smart Contracts
The service is based on a digital encrypted code stored in the blockchain. It contains a highly specialised function activated automatically when specified conditions are met. Traditional interaction methods between the operator and the client mandatorily involve a third party. The intermediary’s tasks include monitoring regulatory specifics and ensuring compliance.
Unlike classic financial options, a smart contract is an independent tool that does not require the presence of third parties. This instrument is based on the blockchain code and is subject only to the conditions of the decentralised network.
The best example of such solutions in gambling is a programmed transfer of winnings to the player’s specified wallet. The procedure is launched automatically depending on the session’s outcome. The system records each action, checks it for compliance, and saves the results unchanged.
Transaction participants receive several benefits:
- exclusion of intermediaries;
- significant fee reduction or cancellation;
- minimisation of manipulation risks from any side;
- resolution of disputes and prevention of various extra costs.
Popular Use Cases of the Technology
The decentralised service has been widely applied in various industries and has become an impressive breakthrough for the gambling segment.
The tool is used in almost all amusement business processes:
- Compliance with responsible gaming principles. A smart contract ensures no party interferes with the session rules, including the norms of calculating prizes.
- Automation of financial procedures. The tool confirms the correctness of payments and ensures the instant sending of funds to the gambler’s account.
- Provision of escrow services. The decentralised instrument is the easiest way to store money in intermediate accounts until the conditions for further transfer are met.
- Verification of user identity. Any information, including player data, can be encrypted. This factor speeds up and simplifies initial authentication and subsequent login confirmations.
Impact of Crypto Tools on Session Fairness
Smart contracts play a crucial role in ensuring the game’s transparency and its rules’ immutability.
All actions performed during the active entertainment phase, including transactions to the casino account and payout of winnings, are automatically entered into the public register. They cannot be edited or deleted. Anyone has the right to view the archived data. This approach guarantees absolute transparency and fairness of RMG activities.
Integral Element of the Casino Payment System
Clients of traditional gaming platforms often face delays in money transfers. The speed depends on many factors, such as:
- the volume of incoming requests;
- work schedule of the intermediary bank, etc.
Processing and conducting payments through smart contracts makes all financial transactions transparent, secure and record-breakingly fast. For instance, if a gambler wins a round of online poker, the crypto service built into the product automatically sends the prize to the user’s account.
The system does not require manual intervention, eliminating the human error factor. The abolition of the internal payment processing program significantly reduces operating costs and offers the audience more favourable commissions.
Transparency Guarantees and Results-Tracking Options
Classic gaming websites maintain session fairness with various programs and services, such as:
- RNG certificates;
- compliance licences;
- third-party platform audits.
A smart contract is a convenient and more profitable alternative to all the listed methods. Users can view the draw results at any convenient time since the data is recorded in the block automatically and can be explored even years later.
Working with crypto services guarantees the absolute fairness of the game results and protects the gambling sphere from overly harsh government measures.
Top 3 iGaming Products Based on Smart Contracts
The most popular examples of using the service in the sector are as follows:
- Etheroll. In this game, bets are made on the outcome of a dice roll. A decentralised algorithm processes all aspects, from generating numbers to instant payouts. The session result is recorded in a block and available for anyone to view.
- FunFair. The comprehensive blockchain gambling platform offers a wide range of entertainment, including several versions of blackjack, roulette, and slots. Smart contracts manage all processes and ensure operation transparency.
- Decentral Games. This blockchain-based gambling metaverse functions in the virtual world of Decentraland and provides a wide range of bets. The entire in-system economy is controlled exclusively by smart contracts.
The Main Things about Decentralised Tools in iGaming
A Bitcoin casino and similar projects are among the most promising trends that positively affect the perception of the gambling market. This technology of the future guarantees absolute transparency and security of RMG sessions.
- A smart contract is a unique software algorithm that can automate operational processes in a casino. The system stores information on each action on the platform, from generating draw results to confirming winning payments.
- Decentralised technologies have proven very efficient in identifying iGaming enthusiasts. Digital blocks store a lot of data, simplifying the ID verification procedure upon initial registration and subsequent visits.
- Smart contracts substantially reduce expenses covering casino operations. The business does not participate in analysing money transactions, having fully automated this stage. Such a solution financially benefits the platform owner and protects the supplier and its clients from the risk of human errors in data processing.
At the Casino Market studio, you can learn about up-to-date technological products in the iGaming sphere and order the development of a gambling startup with top-notch programs.
We offer the most effective software for a successful start and fast scaling in the segment. Our catalogue includes casino security solutions, lotteries, management platforms, game demo versions, scripts, and more. Feel free to contact us to initiate a beneficial partnership.
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