Casinos have been around for centuries, yet they have retained their physical orientation since then allowing little room for technology. Also, there has been a significant increase in online casinos but no one has yet succeeded in marrying the two, till now. Providence is more like a hybrid casino that seeks to harmonize online gaming within the physical casino setting by leveraging the blockchain technology. In fact, Providence is the first cashless casino in the world. This casino will run a cashless system accepting cryptocurrencies transactions only. The casino will manage to do this by integrating the digital assets with the blockchain technology. The cryptocurrency space has expanded significantly in a short span of time, but one of the likely challenges remain to be exchanging the cryptocurrencies for physical items. At Providence casino, one can trade their cryptocurrencies for casino chips and play their favorite games.
Imagine a casino that doubles as a resort and allows payments through cryptocurrencies alone and you have a fair picture of Providence. The hotel is expected to have various amenities including a restaurant adorned by a waterfront terrace, a rooftop pool, and conference rooms. The quality will be high-end having in mind the class of people that casinos often attract. Casinos are synonymous with the transfer of a lot of funds both by various participants therein. What better way is there to facilitate these transactions securely than harnessing the blockchain technology? Considering this, there is no doubt that Providence will be one of the most coveted establishments in this industry.
In case one is wondering whether there is more to Providence, the answer is yes. In pursuit of creating a completely cashless enterprise, Providence will seek to integrate its cutting-edge blockchain technology into various retail outlets within the casino including the restaurant, stores for luxury products and hotels. The revenues generated through the retail outlets will be secured in a fiat based on rates pegged to conventional currency rates. Presently, there are several online based casinos that accept payments through bitcoin. However, there is virtually no casino which one can go to and physically spend their cryptocurrencies. With the continued growth in the cryptocurrency space and the growing community of consumers seeking to transact with digital currencies, Providence will certainly blossom and be competitive in the casino industry.
Providence seeks to enable players to convert their digital currencies into exciting usable assets in the physical realm consequently addressing the issue of limited consumption for cryptocurrencies. The gambling industry is estimated to be valued at $450 billion with on land casinos contributing the largest percentage. Online casinos account for just 12% of this value. Providence is set to be a physical casino synonymous with incredible leveraging of automation, transaction speeds, blockchain technology and micropayments in a bid to give the players a unique experience. Cryptocurrencies have already hit the mainstream, and their use is seemingly in an uptrend. In a few years’ time, payments through cryptocurrencies will be accepted on a much wider scale. This means that Providence will be among the establishments reaping massive benefits from cryptocurrency transactions due to its very early adoption of the blockchain technology.
An establishment that only relies on its physical presence in this era can only attract so much consumers. It is for this reason that Providence will seek to open an online casino platform to expand its reach in the gaming industry. Even with the online platform, Providence will stand to enjoy swift transactions because cryptocurrencies run on a decentralized network. In as far as accountability and transparency is concerned, players need not worry since crypto-based transactions only are completed following a consensus of multiple nodes in the network. Providence comes with a futuristic concept that will revolutionize the gaming and casino industry.
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