The influence blockchain has in the casino world
Blockchain is firming its roots in many industries where people have never used it before. It has proven to bring more convenient and ease for the company owners and clients.
Despite many industries knowing the advantages of using blockchain for operations, the gaming world is way ahead implementing this technology. People are embracing the digital technology, they are having financial records, reporting them, and keeping them in a secure way compared to the previous times. When it comes to casinos, land based casinos remain known but the online casinos are taking over and changing the casino feel. Most online casinos in France are adopting the online platform while keeping the land-based casinos so you can make bonuses in Betsson casino at ToriPelit.com.
Although the casino industry is getting more popular, there is no big difference when it comes to financial management. The industry is still lagging behind when it comes to adopting new technology that can make operations easy, reduce cost, and reduce the disadvantages when it comes to customer experience. In the modern day, you will still find a casino that is not using an accounting software, or has its information stored any place digitally. With time, users might feel uncomfortable and demand simpler and smarter technology where they get faster gaming experience. So, do you think the gaming industry should adopt blockchain? Read on.
Accounting process in casinos
Accounting is crucial when it comes to managing a casino. Funny thing is a few land casinos have an accounting software to cater for their financial affairs and manage deposits and withdrawals. Most casinos will ignore the need of having this software for several reasons. Some are discussed below.
Traditionally, casinos use a system that follow a generic method where your cash is controlled manually with a number of workers working to get the money accepted without recording the transactions digitally. This method can be an advantage when there is a huge sum of money involved but can be challenging in times where there are higher footfalls in a certain tenure and there is a big room for workers to make mistakes.
Most casinos are adopting the digital accounting programs but some are still lagging behind. Below are some instances where clients can get frustrated and ask for better:
- If a gamer comes from a different nation and wins a large sum of money, there lacks a certain method to transfer cash safely across nation in his/her bank account. The method can be a long one and troublesome.
- Since gaming rules are different from one country to another, the gamer might be uncomfortable receiving money immediately after a win.
- Players are not able to borrow cash officially and even if they succeed, the operation is not able to be tracked as it involves cash.
Ways in which blockchain can help?
Since blockchain is an untampered and untraceable digital leader, it can be useful in bringing stability in the casino industry. Below are ways blockchain can help.
- When a new player signs up in a casino and wants to play, his or her financial information will be transferred to a blockchain ledger accessible from any place around the globe.
- A blockchain wallet for the player helps keep track of the losses and earnings to establish the money left. Additionally, the wallet accepts what you have won and what you lose in crypto. You can convert the crypto in your preferred currency if you want to. The whole software works based on contracts with permissions only. These are a number of pre-programmed actions which are automated so workers can access data less times, which maintains transparency.
- The whole process cannot be tampered with and it’s secured with pre-set guidelines.
- The process of borrowing from other players is easy, secure and straightforward and can be done by the press of a button on a mobile application.
- Players will have to scan a QR code for cash outs and cash ins and verifying each transaction with a fingerprint of face identification on the app.
- No manual operations since the whole process is digital.
- Players own the money completely and they can transfer it to crypto currency.
To conclude, casinos are able to save big by adopting blockchain accounting methods and applications for their clients. Also we recommend to read about new tech innovations.