How Blockchain is Revolutionizing the Business of Online Slots

Blockchain and cryptocurrencies are not recent news. In fact, they’ve been around us for plenty of years. Over this time, Blockchain has been revolutionizing many industries, including online slots.

As cryptocurrencies become more mainstream, we will see a new wave that will transform regular slots into blockchain slots. Although the top 10 high volatility slots highlighted in YouBet.com are all FIAT slots, crypto slots are definitely climbing the charts and gaining popularity as we speak.

There are many blockchain-powered slots on the market at the moment. And they have been around us for quite some time, giving us enough data to see how blockchain is actually revolutionizing the world of online slots.

Let’s find out.

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What Makes Blockchain Slots So Special?

Not many people actually understand what blockchain technology actually is. At its core, we are talking about a decentralized ledger that is designed in a way where every transaction is securely and transparently recorded in the form of a block (which is where the name comes from).

Compared to traditional systems where a central authority oversees all operations, blockchain technology relies on a network of computers (known as miners), and each piece of information is stored across many data points which makes it impossible to tamper with the data.

Let’s nerd it down a bit. Blockchain technology is simply a more secure, anonymous, and reliable network that nobody can change. This makes it trustworthy, efficient, and more cost-effective. On top of that, since no governmental body oversees the process, Blockchain technology knows no borders.

In other words, it solves a couple of issues that slot games already have, such as problems with fairness and trust, high money transfer fees, and geo-restrictions.

Let me ask you a question - do you trust the company that you deposit money to keep your funds safe at all times? Probably not, right? Also, do you think that they somehow can impact the outcome of games bringing the odds in their favor? They might be controlled by authoritative bodies, but there is no way to guarantee that they won’t tweak the slot to take away all money without giving you a single win.

Well, all of these issues are gone with blockchain technology. Since we are talking about an independent digital ledger controlled by various computers all around the world, tinkering with it is impossible.

In other words, if the RTP of a slot is 98% there is a guarantee that it is 98% since the game developers cannot change the code on the blockchain, or if they do, it will become public.

This will improve the overall trust that people have in the gambling industry, which is a good thing. After all, we are all looking for a fair chance, right?

How Blockchain is Revolutionizing the Business of Online Slots