The iGaming industry is evolving steadily around cryptocurrency technology. Many more iGaming operators suggest the use of this technology as it brings a far more useful agenda that could potentially be the ultimate game-changer in online gambling. Otherwise known as a distributed ledger, Blockchain is a decentralized asset or transaction database. Each participant in the system has an identical ledger copy that is well protected by their digital signature.
Basis for Blockchain Recognition
Currently, traditional iGaming platforms keep sensitive data on their servers. Such information includes game-play history, personal player information, along with corporate game technology. When possible data leaks are considered within the system, these central hosting servers could be the primary focal point for information security breaches and cyber-attacks. Currently, online casino platforms have total control over the games’ commands and software in use. They also withhold the outcome logs from the public.
That said, the transaction processing fees often incurred when players make withdrawals and deposits are seen as an unnecessary burden. In fact, they have even become more expensive than other e-commerce services available on the web. The desire for quicker processing of payments has paved the path for companies to evolve from traditional payment systems towards more innovative ways of doing things. As such, the application of cryptocurrency has enhanced the recognition of blockchain technology by entities.
The Future of iGaming with Blockchain
Eventually, cryptocurrency-based iGaming platforms could potentially lead the iGaming industry within the next few years. With blockchain-based companies having been recently accepted in the online gambling market of Gibraltar, cryptocurrency technology has gained great traction. Online players will definitely experience a new digital gaming environment. There are several changes that blockchain technology brings to the online gambling market. The most prominent include induction of more transparency, cutting-edge data security and establishment of smart contract agreements, among others.
Most importantly, bitcoin helps users in shifting to a ‘Pay-As-You-Go’ platform. This has already realised substantial growth in several iGaming companies including those that use Bitcoin, Litecoin, Ethereum and any of the other cryptocurrencies for payments. Cryptocurrency transactions are easy-to-use, faster and do not make use of intermediaries during transactions. The blockchain itself works as an intermediary processor in cryptocurrency transactions. This perfectly explains the lower transaction costs borne by its participants.