The Power of Blockchain in Casino Industry
August 9, 2019
Blockchain has almost firmed its roots in numerous industries with its never been experienced before features bringing some extra delight for the business owners as well as the users connected.
Though almost every industry is familiar with the perks of having blockchain at work, the gambling industry is far beyond implementing the technology. The digital economy is rising, financial transactions are being recorded, reported and kept secured way better than earlier. In terms of casinos, the land casinos remain popular and online gambling has simply become a new dimension of the casino experience, completely ignoring the ultimate usage of blockchain technology in Casino Industry.
The casino popularity hasn’t made huge differences in terms of financial management as the industry is lagging behind in the adoption of technologies which simplify the operations, reduce costings and remove the roadblocks in the customer experience. Currently, there are casinos who aren’t using accounting software, neither having their information stored anywhere digitally. This may turn uncomfortable sooner or later where the users will demand a smarter and simpler technology for a faster experience. Is it a good idea to implement blockchain in the gambling industry? Let’s explore!
Accounting in Casinos
Accounting is the crux of casino management but not every land casino is having an accounting software to look for their financial affairs and manage cash in/cash out. Most casinos overlook the emergence of having accounting software at work. For the question, why is it necessary, here are a few reasons.
The traditional system a casino follows a generic approach where a customer’s money is managed manually with a chain of employees working to get the cash accepted, while there isn’t an option to digitally record the transactions being done. Such an approach seems good when there’s a huge sum of cash involved but can be hampering in case there are higher footfalls in a specific tenure and a lot of room for human errors.
What are the challenges?
Well, a handful of casinos have moved their accounting systems digital, but the rest still seem satisfied with the hassle until their customers seek better services. While casinos encounter large footfalls in specific times, it is evident that they would end up losing strength if things don’t go well, here are a few situations where customers could be frustrated-
- If a person plays in another country (he’s not a resident of) and gets to win a large amount, there is no specific way how he can transfer the money cross country safely in his bank account. The procedure is long and frustrating for obvious.
- Gambling laws differ from country to country, the player may not be comfortable getting money instantly after he wins.
- There isn’t any liquid money involved, the player if gambles in another country with the branch in his country and need the money somewhere else, there’s a long process to get it approved.
- The player cannot borrow money officially and even if he borrows, the operation cannot be tracked as it is in done through cash.
So, there are challenges which might bother not just the player but the casino management.
Hoes does Blockchain helps?
Blockchain being an untraceable and non-tampered digital ledger can be helpful in maintaining stability in the casino environment. Starting from the basics, here’s how blockchain can totally rock it!
- When the customer enters a casino and wishes to play, his financial documents will be moved to a blockchain ledger, accessible from anywhere in the world (for the people allowed to access)
- A blockchain-based wallet will be created for the player which entitles his earnings and losses keeping track of the ultimate money left.
- The wallet will accept the gains and losses in crypto which can be further converted into currency when required by the player.
- The entire system would be working on permission-based smart contracts, a set of preprogrammed automated actions wherein the employees would have limited access to the data, maintaining transparency.
- The entire process is tamper-free and secured with the preset guidelines.
- If a player wishes to borrow from another player, the process is similarly secured, limited and transparent which can be carried out in a few clicks on a dedicated mobile app working for it.
- In case of cash in or cash out, a player would simply need to scan QR code and verify the transaction with his face ID or Fingerprint on the mobile application.
- There will be no manual work required as the entire process will be managed digitally and saved in the blockchain ledger.
- In case of money transfer through different branches of the single casino, the transition will be smooth and secured without any manual involvement.
- Players would have full ownership of their money which is transferable as currency or used as crypto for further usage.
Casinos can save huge by having a blockchain-based accounting system and app for their customers.
Get started with the personalized mobile application, check out the blockchain app development cost estimate and figure out the budget which suits your pocket.