Blockchain is an innovative piece of technology that can allow companies and individuals to generate immediate and secure transactions on a network without any intermediary. The digitized ledger has far greater capabilities than cryptocurrency alone. All types of digital data including tokenized assets, digital items, and in-game history can be easily verified and secured. As a player, you will have total control over your account and digital assets and will be free to trade these assets anytime. We suggest that this will transform the future of gaming.
What are the advantages of using Blockchain?
A Blockchain ledger is a perfect platform for companies in the iGaming industry to halt fraudulent activities with total transparency and visibility. Because blockchain is not structured by a single, centralized user, it is virtually insurmountable to alter the fundamental information located within a blockchain. Everything that is being processed is simultaneously and automatically getting documented on an immovable ledger resulting in optimum security. Gamers will feel safe and secure when online casino platforms switch to either public blockchains or alternatively integrate the technology into their own systems.
The use of Blockchain tech will see a movement towards a ‘Pay-As-You-Go’ system. Many iGaming institutions and individuals are already using Bitcoin and other cryptocurrency platforms to create transactions and you can expect these payment methods to become even more widespread in the future. The ability to speed up financial transactions and reduce overall fees by implementing Blockchain and smart contracts means it’s a win-win situation for everyone involved. They can simplify all types of payments, not only for exchanges between players but also between players and developers.
The future of Blockchain
As time moves forward, we can’t see a reason why the use of blockchain technology will not be widespread in almost every industry. It will improve all of the traditional processes in place from streamlining payments to permanent ownership. Currently, a game exists on an integrated server, meaning the creators can disband the project at their own discretion. As long as the blockchain network keeps running, a game remains alive. Players, theoretically, could be able to continue playing a game even if the developers move away!
Guaranteeing complete fairness and accessibility to customers will be integral to the future success of online operators. From online slots to online lotteries, companies will disclose and certify entire payouts an online casino makes within its blockchain. The use of blockchain within random number generators (RNG) will keep the outcome of games completely integrated and provable. Reassuring consumers that they are assured a fair chance of succeeding in any given outcome will be a valuable commodity for iGaming and the rest of the competition.