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Blockchain Technology & Its Role in Preventing Online Gaming Fraud

Online staking is famous now. Inputs from Statista predicts that the industry was worth $45.8 Billion in 2017, and estimates a $94.4 Billion assessment in 2024.

A merchandise as huge as this will undeniably appeal investors, shareholders, and criminals who are trying to scam the system. The ThreatMetrix Gaming and Gambling Cybercrime Report said that about 1 in each 20 recent accounts made on an online gaming site is joined to a scammer.

Moreover, it says that bot aggressions could raise for as much as half of the day-to-day online gambling traffic during severe attack periods.

So, how can we deal with this problem?

Fraud can occur on both hands. In the case of gambling, note that both sides could simply plead to be victims. The companies have designed ways to play victim on their customers, and the customers have also their own paths to reciprocate.

Gaming Companies Defrauded By Players

The kind of scams mostly found are the gamers stealing from the casino operators. It’s common sight for players to be jailed or banned for using illegal means inside the poker houses.

Peter Jepsen, the Danish poker player has been charged with defrauding opponent high-stakes poker players recently, as accusers stated that he installed a Trojan horse virus on their laptops.

Gamers Defrauded By Gaming Companies

Even the poker houses collect more than they should from the players. Such cases occurred in 2007 in an online casino named AbsolutePoker. Marco Johnson, resident of Quebec, reached the final table and was fighting to win $30,000. According to the investigation, he found that the IP address belonged to AbsolutePoker. Finally, he won the case and eventually took home between $500,000 and $1 million.

Blockchain Technology, Rescue to Equity

Ultimately, the causes for stealing are nearly the same; the players who steal from gambling houses want a portion of the cake. As for the corrupt operators, they have an assumption of the amount they’ll receive, and will like to make a profit.

But, there are a lot of companies who try to predict and prevent themselves from being defrauded. According to the reviews of Online Casino Blue Book, companies like Bovada,High Country Casino, Slots.LV, Lincoln and many more are the free and real money casinos that are trustable, safe, gives deposit bonuses and no deposit options, and provides amazing variety of gambling games for fun and real money on a whole. For getting ranking reviews on online casinos visit https://www.onlinecasinobluebook.com/

This urge for security has led to some good security techniques, but the fraudulent attackers have also become intelligent. However, one of the simplest ways for achieving equity, is to work things on a blockchain platform. Use of blockchain is a bit slow in the gambling zone, but there is capacity for the technology to revamp the systems of gambling portals and build the expectation level needed to workout well in the industry.

Let’s see how

Presently, there are 2 major measures that blockchain can aid with reinforce the virtue of online gambling sites:

Constituting Security, And Trust And Anonymity

Blockchain offers free access to just about anything- from the winning sum to the number of players on a game and so on. Any customer can join a chain to view their details, ensuring that they can receive their winnings.

The prime dogma of blockchain technology is anonymity. As a user, it’s not mandatory to provide your identity if you don’t want to. You will need to provide your financial details only while doing transactions. However, information is kept a secret, as neither from the party controls the network — nor the gaming company.

Gambling companies also enjoy the flexibility and security that blockchain presents, as all of their fulfillment are accumulated and transmitted to their accounts without the menace of a hack or some party stealing their capital.

Though it might take a while prior, the online gambling market decided to accept blockchain with willing arms, more importantly, as its enactment by some other settled industries sustains to move frigidly. Either way, there’s a lot of caliber for effortless fusing between them both, and protecting both hands to a deal is just trivial.

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