Blockchain technology has introduced significant changes in the online Payment industry by allowing low-cost, secure international transactions through encrypted ledgers. Also, blockchain technology’s ledger provides real-time verification without intermediaries such as banks or clearing houses.
Although blockchain technology came to the world to support electronic money like Bitcoin, it’s now promising many more applications outside the field of Bitcoin and other cryptocurrencies.
Bank-to-bank Transfer Through Blockchain Technology
Blockchain technology is the object of research and development in two main areas. The first area is the international payment processing service, which involves bank-to-bank money transfers. The other area is the trade finance application.
These areas need urgent innovation as the existing transfer and trading systems are old, slow, and inefficient. That’s what Credit Suisse says in a recent report, highlighting how today’s wire payments can take days to transfer money and involve fees as high as 10%. In the internet era, taking up to three days for a money transfer is tremendously detrimental. Millions of consumers process online transactions for commercial purposes or in the entertainment industry, including online casino payments and withdrawals of winnings, and in the employment market. The world requires quicker, more efficient, and cost-effective systems.
Several payment processing services use blockchain technology for Bitcoin. That’s the case of online casinos, for example. Blockchain-based payments allow both parties to overcome the existing banking system while fastening the payment process and reducing costs. The traditional banking process involves converting the payer’s currency into Bitcoin and converting Bitcoin into the receiver’s currency. The timing for delivering the payment takes one to three days, too long considering the rapid increase of online platforms for e-commerce and gaming entertainment.
Blockchain-based Payments In Online Casinos
Blockchain technology is the only system to ensure players and casinos 100% secure payments and transparent transaction processing. For all those who play real-money games, security and transparency are crucial to enjoying the casino experience. For this reason, many online casinos are adopting blockchain technology and updating their bank transfer systems to match the players’ demand and offer a cutting-edge, safe, and immediate payment service. The Arab platform 7 al Casino is one of the world’s most trusted resources for players looking for top security measures and fast money transfer processing.
Benefits Of Blockchain-Based Casino Transactions
Furthermore, blockchain technology ensures players more benefits, such as lower transaction costs. Bitcoin and other blockchain-supported money processing systems reduce transaction costs, as they don’t imply fees. Another significant feature of blockchain-based payments is the opportunity to process international transactions immediately. This accessibility encourages more Arab players to choose an online casino from 7 al Casino and start playing immediately.
Those seeking higher privacy protection will benefit from blockchain technology, as it doesn’t require the player to share personal information to order a transaction. That’s relevant for players who don’t want traditional banks to see their gambling activity. We’ve already said that blockchain technology is the most secure payment system. It can reduce the risk of fraud and other malicious actions, providing the casino and the player peace of mind.
Blockchain technology has the right features to reshape the online payment world and lead it to a tech-savvy future.