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Blockchain Technology in iGaming

about 3 years ago by Luigi Muscat Filletti
Person using Blockchain

Blockchain Technology is promising multiple career opportunities in the sphere of Finance and Technology, as Fintech companies continue to move towards a decentralised database to operate within a transparent, quick, safe and secure manner online. With Cryptocurrency’s move to Malta given the go-ahead through major cryptocurrency exchanges Binance and OKEx who have announced to move their operations to Malta, it is no surprise that the iGaming industry in Malta will be looking towards introducing cryptocurrency as a standard form of payment.

Fintech companies will no longer be the only ones benefitting from Blockchain technology in Malta, as the iGaming industry can significantly enhance their services and customer experiences with the aid of this revolutionary technology. The Malta Gaming Authority has already commissioned a technical analysis of how the use of digital currencies in iGaming can be regulated, and with the use of Blockchain technology being regulated, the possibilities are plentiful.

Benefits for iGaming

Due to Blockchain’s method of operating, it makes sense for iGaming companies to move towards such a technology which provides multiple benefits.

Transparency, Security and Speed

Transparency is becoming of greater importance in this day and age, and Blockchain technology is able to solve issues of financial transparency once and for all. In addition to this, security is also enhanced through the latest encryption techniques and the digital signing of smart contracts. Speed is also no longer an issue when carrying out deposits, withdrawals or forms of payment to and from the online casino, as Blockchain technology processes such transactions in a super fast fashion.

With regards to transparency, Blockchain technology ensures that all transactions are recorded in a distributed ledger and can be viewed at any time and are also encrypted, meaning that iGaming companies can maintain clearer records of past transactions with regards to payments, deposits and withdrawals, making them less prone to fraud too. This is because with such a system, transparency is enhanced, meaning that there will be no issues on credibility and trust since all transactions are recorded automatically in real time within the system. With end-to-end encryption for every transaction in the system, and with thousands of users making use of the system all at the same time, the system becomes near to impossible to infiltrate, ensuring a safe and secure method of sending and receiving currencies.

Currently, many online casinos operating in large international markets do not publicly display all their data related to game results, winnings and losses, payouts and other transactions. With Blockchain however, all online casino platforms will be fully decentralised, guaranteeing a fair method of operation. In addition to this, a lack of transparency in online casinos means that users may not fully trust the casino - some online games are less likely to be trusted when winnings are determined greatly on luck and chance, causing a hesitation as to whether the casino is playing by the rules or not. Now, however, Blockchain technology is proposing to set things clear with top-end cryptography and smart contracts to ensure more transparency.

Blockchain technology is paired with smart contracts, signed off through an electronic signature. A digital contract is one which enforces an agreement between two parties, with the terms of the agreement embedded into the code of the contract. Electronic signatures in Fintech are already proving beneficial as security and efficiency have been enhanced for various firms, since contracts can be traced quickly and stored safely. Smart contracts can be utilised in the iGaming industry as a method of accepting terms, conditions and policies made by the iGaming company in question. Once a user has signed their half of the agreement, they are promising to abide by the terms made, allowing them to participate in the online casino. The power of smart contracts allows a more straightforward understanding between the user and the operator, with the contract details being made publicly available through the system in an automated and verified manner.

The application of Blockchain technology would also facilitate much faster online transactions, as payments can be processed in just a matter of seconds and without the use of any intermediaries, making deposits and withdrawals faster than ever before. This speed is craved by online gamblers who play in a fast-paced digital environment, even more so when participating in live online betting.

Privacy & Control

Such features would also allow the individual the ability to gamble anonymously, as all transactions between the user and the online casino platform would be carried out through the decentralised system which does not demand any personal information for transactions to take effect. In addition to this, Blockchain technology will allow the individual to set up a cryptocurrency account with ease, doing away with the personal details which are asked for by banks. This easy access will encourage more users to participate in online games down the line, providing iGaming companies a greater number of customers.

What does this mean for Recruitment?

With the implementation of Blockchain technology in the iGaming industry in Malta, new and exciting career opportunities in Tech and Finance will emerge. The importance of the Fintech developer will continue to grow and spread out to iGaming too, as professionals in Tech will be needed to develop and maintain the integration of Blockchain infrastructures within the current digital systems of iGaming companies. Blockchain Development will become more popular by time, as the demand for software development skills in Blockchain will generate more iGaming jobs in Malta. Expertise in AI, Machine Learning, Data Analytics, Cybersecurity, Big Data and ICO in Fintech will be needed, and these are but a few areas in which the call for talent will continue to rise.

All in all

To conclude, as the iGaming industry in Malta will look to adopt Blockchain technology, it can be expected that recruitment opportunities will increase, with top online casinos looking to attract best talent to seize the chance to offer more defined online gaming services.