Blockchain Technology to Change the Face of iGaming Industry

Introduction

blockchain and gamblingThe blockchain technology has been in existence for a couple of years and still now a lot of people doesn’t have a proper understanding and unaware of its full potential.

On the other hand, iGaming has been in existence for more than 10 years, causing parents to grief as they do their best in keeping their children aloof from the electronic devices and allowing adults with hours of uninterrupted entertainment.

So what will you get when you add both of these two together?

Is blockchain technology changing the face of the iGaming industry, and if so, how?

Before getting into details of how the blockchain technology is trying to bring a revolution in the iGaming industry, you must know the necessary information with context to both these areas.

In fact, you need a little bit of vocabulary lesson and few in-depth explanations that can help you in visualizing digital coins, working of blockchain, and why the online game industry would change itself from the way it has been operating for decades, including some of the online payment methods and introduction of Bitcoin casino for the players.

Blockchain Technology to Emerge as Goldmine for iGaming

With every passing day, the world is unravelling and exploring new use cases of blockchain technology. It is quite impressive that the art world, energy companies and agricultural businesses are using blockchain in their day to day operation. But there is a new sector joining the bandwagon – iGaming Industry.

A large number of cryptocurrency projects are underway, and some of the biggest names in the industry are showing their contribution to its support. Within a time gap of fewer than two years, the blockchain technology has entered over $50 million in the online casino gambling market.

The blockchain is hailed as the hero of the modern tech world, and its innovation is driving all entrepreneurs and revolutionising different industries. iGaming industry seems to be the most exciting application of this latest technology that has garnered the love and affection of millions of players worldwide.

In fact, it is changing the perspective of players how they interact with games. The blockchain technology has introduced the latest gaming trend where both players and developers get to earn at the same time. In the coming times, we can expect we can expect players to get a unique experience from gaming with continually evolving characters and ease of use transactions across different games. We are already making progress in this direction, and a few significant results are already on its way.

Power of Blockchain Technology

Just think about a world where you can cooperate with each other for getting things done instead of depending on the corporate entities like financial institutions and banks in facilitating business.

Just enter into the world of blockchain where the people themselves create a vast database where independent identities process the transactions with 100% transparency. Everything is visible to you, and you will be able to share everything.

The best thing is no one would be able to take control and declare their ownership. No one would be able to hide the data once it’s entered. The transparent nature minimises the risk of website hacking and leakage of data. At the same time, data theft would be impossible because you don’t have to give details like bank account number, address, date of birth and other personal information.

In fact, the blockchain technology would protect the iGaming platforms from all sorts of cyber attacks using minimum resources and efforts. The entire blockchain technology is based on secure encryption where data storage is not too complicated. Hence the system operates efficiently without any hiccups.

Volatility in the absence of Regulation

In spite of its transparency, ease of use and simplicity of the blockchain framework, the system make use of a sense of urgency about cryptocurrency apparent volatility within the platform. You will always find some kind of instability in the financial market, and the digital currency is not immune to it.

The cryptocurrency value is likely to fluctuate on a daily basis. The main reasons for the fluctuation in price are due to security breaches, the perception of people and the portrayal of media for currencies like ethereum and litecoin.

Cryptocurrency Emergence in Online Casinos

Every single online casino payment has its own values which come with pros and cons depending on the personal point of view. You should know there are very few disadvantages of using cryptocurrency payment for deposits and withdrawals as compared to standard payment methods like electronic wire transfer, debit/credit card, Visa and MasterCard.

At the same time, cryptocurrency payment does not attract any kind of fee for processing the transactions. At the same time, the payments are settled in an expedited manner. So it comes with little or no surprise that in the coming time blockchain technology will emerge as the leader in the iGaming industry.

Influence of Blockchain Technology in iGaming Industry

All information about games is stored on servers owned and controlled by the gaming platforms. The information includes the person’s info, personal financial details, gaming technology, gaming software and player’s history details for gameplay. These are sensitive data which are always at the risk of being exploited by cyber thugs which in turn leads to identity theft and illegal fund transfer.

On the other hand, blockchain technology offers a decentralised storage point network in an open environment that could not be controlled by a single entity. Hence, there is little or no chances of exploitation risk thereby making it a secure platform for the players.

At the same time, the blockchain technology is backed by the gaming regulatory bodies which further validate its overall importance. The recent emergence of the Bitcoin casinos and its overall popularity in such a short span of time confirms that blockchain technology would stay and would complete changing the face of the online gaming industry by offering security, convenience, transparency and better performance the world is yet to see.

Blockchain Technology to Gamify Real Life

Few projects are blurring the lines between actual reality and virtual reality. This trend commenced with augmented reality games like for instance Pokemon Go and is gaining relevancy through blockchain.

As a result of the frictionless nature of digital currency, players are getting monetary rewards for real-life actions while spending time on virtual platforms. Experience Points (XP) is the latest project that is offering incentives to players for using their online gaming platform.

Blockchain Technology Promotes Anonymity & Accessibility

Traditional casinos require a lot of documentation to verify the identity of the players. At times, this process is very lengthy and time-consuming that leaves the player irritated. Blockchain technology can solve this issue with the anonymity feature where players do not have to share their personal info for conducting online transactions.

In some cases, the gambling aficionados end up suffering because they avail the services from illegal bookmakers. On the other hand, blockchain offers a decentralised platform where players can use digital currency and trade from anywhere. Hence there is no fraud and promotes security as well.

Gaming Developers Creating Blockchain Driven Games

You might be aware of CryptoKitties and other collectable style games based on blockchain technology. In fact, this technology is used more than for just cute looking digital animals. Decentraland is VR platform based on Ethereum blockchain where you can build your own digital real estate and free to do whatever you feel like on your land. Just use your imagination power and the sky is the limit.

Future of Blockchain Gaming

It is quite early to make a final statement on the future of blockchain technology, but it is likely that online casinos are likely to reap its rewards in due course of time. Some new blockchain based projects are on its way and gradually making its mark. These projects will offer complete transparency in online transactions, giving players the chance to play and win at the same time with complete privacy and safety of their accounts.

The only thing is how the world is going to adapt itself to the cryptographic issues. Blockchain gaming is genuinely inevitable, and the opportunities emerging in the iGaming industry is absolutely incredible.

Conclusion

blockchain technologyThe blockchain technology is having a profound impact on every single aspect of the iGaming industry. At the same time, it is tokenising the virtual goods, bringing a breakthrough in new casino games and improving the payment system.

This technology is allowing the online casinos to become safe and secure for the players. The casino operators will be able to offer an edgeless system because the overall cost of blockchain technology is relatively negligible. The blockchain usage is fairly a likely future scenario for the iGaming industry, given the benefits of the technology it has to offer.

However, this is just the start, and there is a lot to come shortly. With the evolution of blockchain industry, online gaming would continuously improve and would offer a whole new set of gaming experience to players never seen before. This latest technology has a lot of potential in revolutionising the online gaming industry for players, casino operators and regulatory bodies.

In this blog post, we tried to make you aware of the world of blockchain to the existing iGaming industry. We wanted to enlighten you about this hot topic, and we hope that you liked this post. You may share your meaningful thoughts with us and write to us about the implementation of blockchain technology in online gambling. You may leave your valuable feedback to help us know you caught the wave!


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