How Does Blockchain Technology Work: Trueplay Explained
Blockchain technology has taken the charts of popularity, not just in the news but in many spheres of human life. It’s time to break up what it is, how it works, and what Trueplay has to do with this technology.
What is blockchain?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Blockchain is a way to keep information in a certain order, as this information is stored in blocks that make a chain. Meanwhile, the information about a new transaction makes it to the previous block, which makes it impossible to change. Therefore no one can delete anything from the blockchain or change information without evidence.
Blockchain, in simple words, is a technology that allows writing down and storing information so securely that no one can ever change it. That is why it found its usage everywhere, from government voting to medical records. You can read more about how blockchain can be used in business in our previous article.
How does blockchain work?
As was mentioned, a blockchain is a structured database of records that can’t be changed. In contrast to a standard spreadsheet, a blockchain may contain far larger amounts of data, such as records of transactions, organized into “blocks”.
Bare in mind, that transaction is not related just to cryptocurrency here, though we are used to seeing this word only in crypto-related topics. A transaction can be any fact of putting data into the database.
Any movement of goods in logistics is a transaction, any COVID certificate added into an airline’s database is a transaction, and so on.
A “distributed ledger” or several computers are used to distribute the blockchain blocks. Each block is “chained” to a previously filled block after it exceeds its storage limit, at which point a new block is put to use.
The takeout here is that blockchain technology makes it possible to keep some kind of information forever and without an opportunity to change it. Let’s see how we can use this fact in relation to iGaming.
Blockchain in gambling
Knowing the opportunities blockchain technology gives, it is easy to predict potential benefits for online casinos. Blockchain casino is the first thing that comes into mind. It’s trendy to name a platform ‘blockchain casino’ if it only accepts crypto payments, but it’s not entirely correct, as it’s just a marketing trick that has nothing to do with blockchain technology that gives some amazing perks.
A blockchain casino is considered one that is built on blockchain technology and can be fully transparent to players. This means every user can check and verify each transaction to make sure the casino doesn’t rig anything. Sounds amazing, and it really is. Unfortunately, trust is not something that is easy to get in iGaming. By the way, we already discussed the trust issue here.
But how to build blockchain casino? Hire blockchain developers, create a project, and spend months building a whole new platform from scratch, plus edits and new estimates. Don’t forget about investing in marketing to attract new players and spending a huge budget on free bonuses to make your casino attractive. Yes, it’s not as simple, but that’s the truth for everyone who wonders how to create a blockchain casino from zero.
We wouldn’t have said this if there wasn’t an easier option.
Trueplay’s blockchain technology
Unlike building a blockchain casino from scratch, Trueplay technology allows using all the blockchain benefits without mentioned disadvantages like spending time and money or changing the entire business model. We are offering an iFrame widget that can be installed on an existing casino in a few hours. This widget allows issuing a branded crypto token that is used to reward players through loyalty programs that are based on the casino’s GGR. And because everything is based on GGR, it should be shared with players – this is exactly where we use blockchain technology.
TrueSign can see, store and publish to the blockchain network every transaction and every event that happens in a project. It aims to handle up to 99.99% of requests from operators and game providers. To date, the successful processing rate has already reached 95%, and Trueplay keeps working hard to maximize this number.
Important: While the TrueSign module can keep track of every event, it has no technical possibility to change, delete, or add any piece of information. It makes data transparent and unbiased.
It’s a public space where all the project’s records are stored, and anyone at any time can check the data. Blockchain Explorer is a visual confirmation of actions on the platform and a guarantee of rewards credited to users’ balances.
The types of transactions that are recorded in the blockchain explorer include:
– Network stats (current token price, number of bets, casino’s GGR, token market cap)
– Latest game actions (every bet made)
– Latest transactions (deposits, withdrawals, etc)
Also, there’s a search bar, where you can enter a referral ID, partner ID, transaction, game action ID, or wallet ID to check transactions connected with a particular player or game.
Trueplay uses both Binance Smart Chain and Ethereum blockchain networks for smart contracts for business purposes. Smart contracts help to establish various conditions for the performance of activities and act according to the rule: “The code is the law”.
Make a change today
Trueplay has created a truly revolutionary marketing tool that allows for attracting new players and retaining existing ones with the help of blockchain technology. And the best part of it is that it doesn’t require any development from the operator’s side or changing the current business model. Try Trueplay today and see how it can boost your key KPIs in just 3 months. Book a personalized demo to see our iFrame widget in action!