Blockchain-Based Platforms are a Key to Make Online Gambling Accountable

The idea of a taxi experience is a comfortable, yet inexpensive ride in a new car, operated by a calm, attentive driver who greets you with a smile and offers some mints, has, until recently, been filed under “never”. Few already believed that any kind of taxi can be summoned in a matter of minutes simply by touching a portable screen, but it’s the “pleasant taxi ride” part that sounded truly absurd.

In New York, Paris, Beirut and across the world, the average taxi ride was rarely something to look forward to. It was often beat up cars with rude, unprofessional drivers, frequent misunderstanding, and even extra long routes taken in order to squeeze more money out of the client. For decades, taxi operators were geared towards taking the most money and providing the least service as possible, while those who drove us knew that the only risk of losing their jobs came from violating laws, and not our dissatisfied comments.

In 2009, a digital platform revolutionized the way we go places, and the once widespread cabs quickly became a thing of the past.

However, there still exist numerous Industries that are governed by their own, internal sets of rules, and, quite often, their own take on business integrity. Most of these ecosystems are concentrated in the high-risk high-reward sector, such as Forex, binary options, and online gambling.

These services, although infinitely more sophisticated than your average taxi park, are plagued with similar problems.

For starters, whatever convenience and expediency are available to the client, it mostly concerns the process of depositing the client’s funds into the system with a myriad of quick, free options. What makes a lot of these services different, is that they have a much harder time parting with the client’s money, and the very same mechanisms that welcome funds into the system, now present the client with limited, time-consuming and costly options to withdraw.

Sadly, a long and expensive withdrawal pales in comparison to surprise charges on large sums or funds that simply become “lost in the transfer.”

When something like that happens, support becomes flooded with tickets, but they often remain unanswered. Same goes for social media posts and various sites with comments and ratings given by the gambling project’s angry users. If the project is really threatened by a wave of damaging comments, it could always employ comment farms and bots, going as far as to change the project’s name in its quest to avoid accountability.

In a sphere that essentially lacks the concept of business reputation, such measures are often employed. While they made some businesses prosper, they also eroded the public’s trust in the industry itself, and many people ask themselves at the gates of the project: if a casino’s funds withdrawal algorithm is geared towards retaining the client’s money, what about the algorithm that’s operating roulette?

It’s s not just the players who had reasons to mistrust gambling projects, it was also the project’s affiliates. Zero access to an accurate player statistic may very well result in fabricated stats to lower affiliate commision, with no way for the latter to know the truth.

Everything that players and affiliates encountered in their interaction with a gambling project was also something developed, modified, and kept secret by that same project. That’s akin to having a single entity control both the taxis and the road police. Online gambling was an industry begging to be disrupted.

Just as smartphones with geolocation completely reshaped the way we do taxi, it’s up to Blockchain technology to transform online gambling into a clean, trustworthy, client-oriented business.  

Blockchain-based casinos allow for an unprecedented level of transparency, both for players and affiliates. Player stats, transaction volumes, and bets are available to all players and affiliates, and smart contracts handle the seamless withdrawal of player’s funds.

No comment farms, bots, or re-branding can hide or distract from a potential con, so with blockchain-based casinos, the concept of a business reputation is back, ever-powerful, and all-encompassing.

Some, like TruePlay.io, have gone even further, creating a blockchain platform for gambling projects that unites them into a huge marketplace. Casinos based on the TruePlay platform become part of an ecosystem based on the TPLAY token.

Once it goes on pre-sale on April 15th, it’s going to become the only currency accepted by the casinos, thus ensuring an unadulterated record of all transactions in the marketplace. There’s single authorization gates, deposit/withdrawal mechanisms, and a single technical and financial support and customer service center for issues that might concern any TruePlay based gambling project. That way, TruePlay creates a system where an independent regulator of multiple gambling projects is possible – something that can make online casinos attentive, friendly, and accountable. Just like it happened with taxis.

Coinschedule Staff
This is a guest post, the contents including text, images, opinions and views are provided by the author. None of the contents of this post should be considered personalised financial advice. Always do your own research before sending funds to any third party.