Blockchain technology has all the potential for making international money transfers better and letting more people use financial services. It’s not just about digital money like cryptocurrencies or online payments; it can help many industries.
Nations and institutions, like banks, currently use different data systems that don’t communicate well. However, researchers at the University of Johannesburg believe blockchain can improve things by combining these different systems to enhance interoperability.
The technology has also impacted the financial transactions within the gambling industry. In recent years, online gambling has become very popular. A study states that online gambling in regulated markets is becoming valuable. The latest estimates suggest that this industry will keep growing and be worth more than $125 billion.
Online gambling requires careful consideration of personal and financial data safety. Various casinos offer varying safety measures despite technological advancements ensuring fairness and data security.
Better security measures
The casino industry, whether in the online or offline domain, places significant emphasis on security. However, the landscape has evolved considerably. Today, the internet is characterised by a more regulated and structured environment for a wider audience thanks to better internet inclusivity, leading online casinos to adopt a more stringent approach to ensure the safety of players engaged in gambling activities.
Keeping information safe while playing at an online casino is essential. Reputable casinos prioritise this aspect, obtaining licences, employing encryption methods, and sometimes requiring extra verification for added security. These measures ensure the safety of players and their financial data.
Technology helps keep online casino players safe in essential ways. One of the main ways is by using encryption and data protection. Trusted online casinos use advanced security methods like SSL (Secure Sockets Layer) to make sure all information sent between your device and its servers is secure. Terrible people can’t see your details, credit card numbers, and financial info.
Online casinos also have strong measures to keep your information safe. They store sensitive data in secure databases and use firewalls and extra security steps to stop anyone who shouldn’t get in. They also follow rules and standards like GDPR (General Data Protection Regulation) to protect privacy.
Some players also like using cryptocurrencies like Bitcoin and Tron to pay at online casinos, like the one Bitcoin casino in their jurisdiction. These digital currencies make payments faster and more secure using pseudonyms, which is excellent for people who want to maintain their privacy.
Many game developers also employ blockchain technology to make their games even better or simply incorporate blockchain elements into the themes to make them more interesting. Some notable examples are NFT Megaways by Red Tiger Gaming, Plinko by Spribe, and Gates of Bitcasino by Pragmatic Play.
Responsible gambling breakthroughs
While technology enhances accessibility and security, it also increases the risk of addiction. Fortunately, more innovations are emerging to promote responsible gambling practices.
For instance, a research paper in the Complex Systems Informatics and Modeling Quarterly suggests that responsible online gambling can be improved by using persuasive methods that consider a gambler’s online actions, feelings, and information about them. This approach can help encourage positive changes in behaviour, leading to more effective, customised interventions for gamblers with problematic behaviour.
Transparency plays a big role in responsible gambling practices and many online casinos are providing robust access to this. These days, you can access reports within your account that provide details on how much you’ve bet, lost, and deposited during specific periods. These reports help you closely monitor your spending habits and make it easier to recognize if you’re gambling excessively.
There are also eWallets, online payment services developed by financial technology companies that offer a convenient way to manage your spending. These digital wallets allow you to segregate your gambling funds from your regular expenses. You can transfer the amount you want to use for gambling into this wallet and withdraw any winnings back into it.
In addition, many gambling websites and mobile apps offer live chat support. This feature allows you to engage directly with a support agent or visit websites assisting individuals with gambling problems. Live chat support is crucial for obtaining prompt help when facing gambling-related issues.
There are also innovations like the UK’s GamStop. GamStop is a self-exclusion tool that stops them from going to certain gambling websites. Even if they try to use a different email, computer address, or way to pay, it still blocks them from those sites and prevents relapse.