The casino industry is a competitive one. That’s one of the reasons that it often embraces cutting edge technology. Many operators serving Finnish players, including Joy Casino, have already added Bitcoin to their currency lists. The use of blockchain is changing several aspects of the casino experience beyond giving you more payment options.
We spoke to an expert in the field, Maunu Seppinen, to learn about the adoption of blockchain in Finland and how that changes online casinos. Read on to find out more about decentralisation, how it works, and what it means for gambling operators and players.
As with any new technology, it can take some time for industries to make room for it in their established systems and also for customers to get used to the change. There are several areas where blockchain technology is being used in Finland.
Thanks to the government and other forward-looking organisations, financial services, the health system, and other industries are making use of some of the key concepts of the new technology. They include financial transactions and smart contracts, which are both made possible by the decentralised record-keeping that occurs through a digital ledger.
Online operators are always looking for ways to improve. That could be offering more games, new experiences, or making the whole experience more convenient for players. Blockchain casinos have used the technology to bring benefits for themselves and their customers.
Here are some of the key changes that are positively impacting the future of online casinos:
The core aspect of Finnish casinos is real-money gambling. Blockchain means that users have more payment options. Plus, for international casinos, it means players have an option that isn’t specific to a particular currency.
Currencies are governed by the laws of a specific country. However, cryptocurrencies have a digital ledger that is held in several locations, making it accountable but not to one particular government. One of the most significant advantages of cryptocurrencies, which use blockchain, is that transactions are processed instantly, including withdrawals.
Blockchain can enhance trust in many ways. One is the transparency and anonymity that comes with cryptocurrencies. Many users feel more secure as they don’t need to enter their main bank account details, plus every deposit and withdrawal is noted on the digital ledger.
Online operators have followed blockchain’s lead and have enhanced the way they record transactions. Now you can see every deposit, bet and withdrawal in your account history. The ability to track everything creates a level of transparency that gives reassurance to the player and improves confidence.
Operators and players benefit from improved security in online casinos through blockchain. It means that the digital ledger holds a second record of the transactions. Any attempt to tamper those details will be apparent, as well as quite difficult, which means hackers or other security breaches can be stopped.
Privacy is an element of the enhanced security. Blockchain provides anonymity at the same time as accountability. Your bank won’t know your casino activities, and your personal information won’t need to be entered because funds come from cryptographic wallets. These changes mean that players feel safe and can focus their attention on playing, which is exactly how the casino prefers it.
Blockchain has helped several industries advance. The changes, while difficult at first, can bring many positive effects for companies and their customers. For online casinos, it means better transactions, including faster processing. There are also improvements for trust, transparency and security thanks to the digital ledger and decentralised nature of the technology.