The Role of Blockchain System in Problem Gambling

How Blockchain Technology Can Help Solve Problem Gambling

Recent studies have shown that the usage of blockchain technology and AI could solve problem gambling. Nevertheless, the integration of this approach does not come entirely risk-free. Let’s dig in deeper.

What Is Blockchain and How Good Is It?

As you are on the Coindoo premises, we assume you are acquainted with the concept of blockchain. For those who are not, here it is in a nutshell.

Blockchain, as its name suggests, is a string of blocks, each of which contains a piece of digital information. For the purposes of our research, this information concerns financial transactions. That includes the time and date, as well as the sum of your transaction and the participants of it.

Aside from the 1 MB of data that a block can hold in, they also store a “hash”. The hash corresponds to a human fingertip pattern or a national identification number. Therefore, it is unique to that block, and that block only. That is how the chain sees blocks apart.

Worldwide Rule

Cryptocurrencies are globally utilized in an array of industries. Some people use it for business, whereas others invest it in their hobbies. You can profit from the safe payment option on limitless markets.

One particularly popular niche is online gaming. To gamble for real money, one has to select a preferred banking option. A growing number of casino clients opt for cryptocurrency. Casino Bloke, a site packed with reviews of best Bitcoin casinos, covers offers and special crypto deals in detail. When you have chosen a Bitcoin-friendly online gambling venue, you can enjoy your leisure time hassle-free.

However, every silver lining has a cloud. Whilst online gambling is endlessly entertaining, it comes with a risk. It is a well-known fact that it is in human nature to get easily addicted to what feels good. And winning certainly brings some joy.

Nevertheless, a streak of wins triggers a series of losses. That’s how players end up in a loop of reckless money wasting.

There have been controversial instances of casinos promoting gambling to users who are evidently hooked. And while the world is not a perfect place, there are ways to prevent this. Above all, Google needs to take care of filtering such content.

But there is something that we as individuals can do. That is where the Blockchain technology comes into play.

As one of the most profitable trades, online gambling has gone through a significant rise in popularity over the last 10 years. The customers are both self-disciplined persons who are in control of their funds and people susceptible to deceit. That is why it is crucial to stick with trustworthy and dependable review sites like that one we mentioned above.

Too Much of Anything Is Bad

As casinos began offering Bitcoin as a banking method these users switched to Bitcoin, Ethereum and Litecoins. They catered for speed, efficiency and above all – complete anonymity. Their data was fully protected and no one could hack into their account and snatch their money. With the cryptocurrency, punters felt safe.

Image source: minutehack

It allowed quick access to the real-play slots and table games, so it became even easier to get addicted. Problem gamblers typically withdraw themselves from all social ties and lie to themselves – and others – about their gambling habits. The fact deep inside is that they have lost control over their behavior. The good thing is that help exists.

Slips with Google ads still occur, but that can be prevented in the future. For instance, operators can deploy AI-powered technologies to spot unhealthy behavior in its early stages. This would include both problem gambling and underage gambling.

The UK Gambling Commission (UKGC) has recently introduced new age and identity verification regulations. This looks to protect clients and prevent unwanted behaviors later on. Another aspect that is being worked on is making ledgers and contracts public so that everyone can see them.

Problem gambling is a serious issue that has to be handled patiently and gradually. It will not solve itself overnight, but regulators need to keep their eyes peeled and keep coming up with new ways to fight it.

As soon as you notice signs of addiction to your hobby, address the issue to an authority. There are many customer counseling and protecting programs like Be Gamble Aware and Gam Care. Don’t be silent and speak up when you need help.