Without a doubt, responsible and safer gambling at sports betting sites is associated with transparency. Here, transparency involves the provision of explicit information on the winning chances of a bet. It also relates to the nature of information shared by gambling operators and actors in the sports industry who can influence the outcome of a game. In the fight for the maintenance of the integrity of betting systems, it is believed that blockchain tech can promote transparency. Let’s talk about the various ways through which this is possible.
- Enhancing Transparency and Security
Blockchain is a public ledger which stores data on all transactions initiated, processed, and settled within a peer-to-peer network. The concept behind this is a consensus mechanism for tracking any challenge to reach an agreement regarding the exactness of a transaction. This manner of functioning means that no payment through blockchain goes unnoticed and it is possible to track tokens from one end to the other. By so doing, blockchain provides more transparency related to the origin of funds used for betting. In addition to this, the peer-to-peer system offers greater security as payments do not need to go through third-party systems.
- Automating Betting Processes for Efficiency and Trust
The idea behind smart contracts is that instead of manual processes, transactions are computerized such that the executed protocol follows the terms of a pre-established contract. Per a 2015 study, blockchain is one of the very first technologies to make possible the implementation of smart contracts. This leads to automated betting processes for efficiency and trust, as well as time-saving.
- Ensuring Data Integrity and Fairness
Data integrity involves the assurance of the consistency and accuracy of data throughout its lifecycle. In the past decade, some big-time providers of gambling services have suffered the loss of millions of dollars and customer information due to compromised data integrity. Blockchain could be the solution to this problem as decentralization and data integrity are some of the unique characteristics of the technology. From its conception, every blockchain system is designed to resist the deletion or modification of data once created.
- Decentralization through Peer-to-Peer Betting
Traditional betting is all about betting on an event against a bookmaker and that’s what most bettors are involved in. On the other hand, peer-to-peer betting is a relatively recent form of online betting where punters place their wagers against each other. This can be a good way to promote socialization among punters, ameliorate user experience, and reduce certain gambling-related limitations common to traditional bookmakers. With these also come increased transparency and security since everything occurs within the blockchain system.
- Socialization, Regulation, and User Adoption
In the current context, scalability is the capacity of a blockchain system to deal with an ever-growing volume of transactions. The technology is designed such that it can receive and process more data in an efficient manner without tampering with security. While there’s no specific legislation for the regulation of blockchain, its proven success and evolution over the past decade have been of great help towards its adoption. That’s why NZ gambling regulations are not against crypto casinos.
- Blockchain Initiatives in New Zealand
In recent years, businesses in New Zealand like minimum deposit casinos have been exploring various ways blockchain can be used to increase productivity and ameliorate customer well-being. A few sectors where blockchain has already found a place are supply chains and finances. Its application is also expanding to environmental management, data management, and healthcare. Besides these, non-fungible tokens (NFTs) are increasingly used for ticketing to gain access to services in the sports sector.
In a nutshell, blockchain technology is extremely relevant as far as data and information systems are concerned. With further research and development in the applications of blockchain technology in sports betting, there could be a tremendous reduction in sports betting transparency issues.