Blockchain technology is slowly creeping its way into the online casino world, and now land-based venues want in on the action. This week, DeClub, a casino management company in Macau, has announced its plans to launch the first-ever blockchain casino network.
A company called Wide Rich Global is making plans to team up with DeClub, acquiring the company using the funds generated by an initial coin offering (ICO). Together, the two companies will be able to bring the worlds of online and land-based gambling together using blockchain technology.
The idea behind the plan is to create a utility token that will enable transactions to be carried out over a blockchain network in order to build a “pan gambling business ecosystem”. It will also offer rights to host and invest in cash lending pools.
DeClub’s white paper goes into more detail, saying:
“People with varying business needs – from tourism to business meetings, to shopping – can all gain easy and cost-effective access to customized and prestigious services on their mobile devices”.
As such, it is a system that will not only benefit casino operators but also players. The blockchain technology that DeClub and Wide Rich aim to introduce will improve the global gaming market from various perspectives.
This is definitely an exciting venture that is sure to change the way casinos in the land-based market operate. Already, blockchain technology is changing the online casino industry by giving more power to players. By introducing blockchain smart contracts, users will be able to verify records and transactions on a shared ledger. The ledger cannot be manipulated, which will increase transparency at online gaming sites and make players feel safer.
While it will be quite a while before blockchain is fully integrated into the online gaming market, operators and players are slowly coming to embrace the technology. The first step has been accepting cryptocurrency deposits, and they are likely to adopt more aspects of blockchain in the near future.
A Risky Venture
2017 was the first time that a company endeavoured to create a crypto-powered land-based casino, but it wasn’t met with very much success. Dragon Corp ran an ICO that aimed to raised $500 million for Dragon Coin, a portion of which would be used to build a floating casino. Unfortunately, the main contractor backed out, and the plan never reached fruition.
With Wide Rich and DeClub aiming to raise $1 billion from their venture, they are being much more ambitious than Dragon Corp and there is certainly more room for failure. The deal is currently in its initial phases, so there’s no telling how the venture will fare and whether or not the two companies will be able to successfully merge online casinos, land-based gambling and blockchain technology.