The Steady Rise of Blockchain in Online Poker

Summary:

If you have been wondering exactly how blockchain works, and what role it plays in online poker, you’re in the right place. Here’s all you should know about blockchain and its use in online poker.

The Steady Rise of Blockchain in Online Poker

Since the operational foundations of blockchain technology were laid in 2009 by Satoshi Nakamoto, the technology has found increasing adoption in multiple industries.

Everyone is excited about the stunning potential of blockchain technology due to its potential for rapid, distributed, and highly secure transactions. Now, the fever of blockchain and crypto has finally arrived in online poker, and people just can’t stop talking about it.

If you have been wondering exactly how blockchain works, and what role it plays in online poker, you’re in the right place. Here’s all you should know about blockchain and its use in online poker.

What is blockchain?

Blockchain technology, at its most basic, is a revolutionary system of record keeping that allows data to be stored in a distributed public ledger that is safe, speedy, and transparent. Blockchain was introduced to provide an alternative to the often opaque and insecure nature of transactions on many platforms. For instance, when playing poker on a regular online platform, it is possible for the platform to be hacked and your player or personal details stolen.

Blockchain avoids this possibility by hosting data on millions of computers at once, and requiring approval from all of these computers before a change can be made to that data. The technology works by depositing data in “blocks”. Each block captures important data relating to a transaction, such as the details of your deposit to a poker site. The information is stored using unique digital signature called a “hash”. This signature is anonymous and keeps your identity and personal details protected.

The block is then verified by millions of computers all over the world. Once verified, the block is accepted. Each new data block that is verified and accepted gets added to the previous block, creating a chain of accurate, transparent, and immutable information. By the nature of the technology, these transactions cannot be falsified or altered in any way without approval of the entire community.

How is blockchain technology used in online poker?

Blockchain poker presents a modern way to enjoy a game of poker – by utilizing technology that keeps you safe, and protects your winnings. With blockchain poker platforms, game and player data are usually hosted in highly secure blocks.

This allows platforms to keep player activities anonymous. Usually, when a player uses their credit card to deposit or withdraw funds from an online poker platform, the bank and anyone with access to that information can see how much was paid, when it was paid, and so on. However, blockchain poker guarantees anonymity and safety of your information. When playing on blockchain platforms, you use cryptocurrency to make deposits and withdraw winnings, the details of which will only be accessible to you by using your unique private key.

Transactions on blockchain poker platforms are faster, cheaper, and safer than other platforms. Normal banks might take two or more working days to process requests, and you might wait even longer to receive your winnings from an online poker site. But blockchain poker platforms are much faster, with payments processed in less than 4 hours – meaning you don’t have to wait a second longer than necessary to collect your well-earned winnings.

Since all of the data on the platform is hosted on a distributed blockchain, your data cannot be stolen with blockchain poker platforms.

Blockchain poker is the future, and that future is now here. If you would like to experience next-level online poker experience, then you simply must try out blockchain poker.