It is no lie that online gambling is growing fast in Singapore because many Singaporeans have access to the internet. This growth is also attributed to the claim that legal gambling brings in tax revenue by promoting international trade. Whether it is true or not, Singaporeans will still gamble in online casino Singapore such as 77betsg.com. However, this is because gambling is in human nature and humans are willing to take risks associated with gambling. Also, humans are free to spend their money in whatever way they wish. All these things are likely to make gambling grow fast.
On the flip side, gambling opponents claim that they cannot gamble in these casinos due to the high number of frauds in the business. Anyway, there have been cases of hacking in online casinos. These claims made Singapore online casinos introduce blockchain technology.
The Blockchain Technology
Blockchain technology involves using a digital ledger. It records transactions with a cryptographic signature known as a hash. It is made up of blocks that contain information about several transactions. When transactions are made, their records are added to the participants’ ledgers and ordered chronologically. If any changes occur in the blockchain, the participants will know that the chain has been tampered with. Therefore, it is hard for people to hack or change a blockchain system. With all these features, this technology brought many changes to Singapore’s online casinos?
How Blockchain Technology Changed Online Casinos in Singapore
Although Blockchain technology’s advantages are often overlooked, the online gambling industry has benefited from this technology. The changes have happened because the Singapore gambling industry has clear issues that need to be resolved. This technology can solve these issues if used well. For instance, it focuses on revolutionizing the immutability and transparency of gambling records. Although these records are sometimes unnecessary, they play a big part in making gamblers trust an Online Casino in Singapore. These changes, alongside the changes discussed below, result from the use of blockchain technology in Singapore’s online casinos.
Its Implementation has Improved Trust Between Online Casinos and Gamblers
There has always been a lot of distrust between casino owners and players. This distrust is attributed to the fact that casino owners earn money when gamblers lose. As a result, many gamblers think that online casinos rig their systems in their favor since they do not want to pay the lucky players.
In other online casinos, people are blocked when they make big wins, even if they play fairly. If you are not blocked, you might have to wait for a long time before receiving the money that you won. Such is unfair.
With the introduction of blockchain technology, the rigging of online casino systems has reduced. This reduction is attributed to the technology’s ability to record bets and games. It makes it possible for gamblers to access their transaction histories. As a result, gamblers have ended up trusting that online casinos do not manipulate systems to their favor. Hence, the trust between gamblers and online casinos has increased.
Blockchain Technology Led To The Increase In Security
Blockchain technology has increased security in online casinos. This technology is now checking every placed bet. Its decentralized system makes it possible for data and transactions to be verified by more than one entity. This move has lowered cases associated with the mishandling or misuse of personal data.
Also, gamblers now use wallet addresses and are secured using cryptographic measures. As a result, they are protected from questionable practices such as lack of randomness. Also, their details are kept secure, making it hard for the public to steal from them.
The Technology has Encouraged User Anonymity
It is no lie that gamblers prefer to have hidden identities than to have people know who they are. Thanks to the blockchain technology that made this possible. Now gamblers in Singapore can gamble in an Online Casino in Singapore without displaying their identities. But how does this happen?
In blockchains, public and private keys which are cryptographically related are used. Public keys do not have any personal data and can be shared in the network. Private keys, however, have private data. Since it is hard to guess another person’s key, users cannot know who made particular transactions in online casinos.
Also, when playing in a blockchain-enabled online casino, you only need a wallet. Through it, you will make withdrawals and deposits. The addresses of these wallets are what represent the receivers and senders of particular transactions. Therefore, a malicious person cannot get your personal information. With these wallets, your bank details will not show that you gambled in an online casino.
Transactions Are Now Easily Carried Out With The Introduction Of This Technology
Banks are likely to take a long time when processing gambling transactions. Sometimes the charges involved can be high. With the introduction of blockchain technology, Singapore gamblers do not have to wait for long transaction processing times. Also, the technology has eliminated the high charges related to gambling transactions.
Non-Singaporeans Can Gamble In Singapore Online Casinos with The Introduction Of The Technology
Before the introduction of blockchain technology, people from outside Singapore found it hard to gamble. This was because shady services had to be used when making cross-border payments. However, with the introduction of blockchain technology, it is now possible for people from outside Singapore to gamble on Singapore online casinos. These people can place their odds and participate in a bet using cryptocurrencies. Anyway, cross-border monetary restrictions do not affect cryptocurrencies. However, do not gamble in these casinos if gambling is illegal in your state.
Blockchain technology, together with other emerging technologies, has caused many changes in the gambling industry. Singapore online casinos have not been left behind. They have experienced an increase in the speed at which transactions are carried out and improved customer trust. Even with these benefits, the operators of these casinos need to look for cryptocurrency updates and ways to handle the following:
- gambling addiction
- money gambling
- gambling by users from countries where gambling is illegal, among others
Technology has been on the rise, and bitcoin has emerged as the most preferred by many users. However, this is inclusive of Casinos. Cryptocurrency has taken Singapore casinos by storm, and this is because of the reliability of this technology while carrying out transactions. It has enabled gamblers to operate anonymously and get their profits, while on the other hand, casino owners are profiting and operating safely with their systems safe from hackers.