Blockchain and the Impact on Transforming The Online Gaming World
Blockchain technology has certainly taken over every domain of digital transactions. It has revolutionised the world of cryptocurrencies and has given everyone around the world a new platform to do online transactions. The Blockchain technology has definitely exceeded expectations and has reached new heights year in and year out; the tech has even lengthened its reach and can even be found in the online gaming world. In fact, it has made quite an impact in gaming and it should be very interesting to see how Blockchain will revolutionise the gaming space.
Private, Legal, Low Cost and fairly accessible Option
Cryptocurrencies have managed to find their way into the casino industry and in doing so its expanded its status. An increasing number of online casinos have introduced cryptocurrencies as a main payment or as a substitute payment method. The great thing is that these forms of payment are safe, accessible and well documented which further strengthens the reputation of cryptocurrencies. With the use of cryptocurrencies these gaming companies allow their members to remain anonymous and give them a piece of mind knowing that it is extremely safe. Cryptocurrencies also make it easier because gamers and gamblers don’t run into any difficulties with regards to financial documents or setting up an account.
Reduces Fraud and Loss of Revenue
Fraud and a loss of revenue is relatively widespread on the internet and this is really unfortunate. Studies have confirmed there were approximately two million online fraud incidents reported in 2017, with the general belief being this number is only the tip of the iceberg. Blockchain technology has ensured the extermination of fraud and revenue loss which will save the online casino industry billions every year.
Developers are creating Blockchain driven games
Blockchain has created many games but it has taken their technology to a new extreme. Developers have created Decentraland which is a virtual reality platform which is powered by Ethereum Blockchain. Decentraland allows people to own different pieces of land which you are free to do whatever you want to with. With this so called ‘digital real estate” players are able to access an entire new platform that has businesses, services and social activities.
Ensures more equality in the online gaming industry
Most players have the idea that the house always wins but that is no longer the case thanks to Blockchain. The majority of gamblers have accepted the fact that they would most likely lose more often than not, but Blockchain has created equality in games. Smart contracts, cryptography and Blockchain technology have all worked together to develop a system which has ensure that there is equality in any games that contain their technology.
Therefore, it is clear that the Blockchain technology has had a significant effect on the online gaming industry. Blockchain technology has given this industry room to flourish and has also made the online gaming industry a much safer environment to get involved in. This technology has also improved payments, betting and encouraged the creation of new types of games.