Blockchain technology's success has grown tenfold, and it is estimated to be worth a whopping $20 billion in the next five years. The key reason why this technology is becoming increasingly popular is its ease of use in daily life. Blockchain technology, with many people adopting the concept, is expected to transform the face of many industries, including online gaming.
Studies have shown that 44% of casino gamers use blockchain in one way or the other. Blockchain tech is expected to see increased growth as more and more individuals enter online gaming, which would also have a positive effect on the industry. As a result of blockchain technology, what changes do you expect to come in this industry?
Better Protection
Many casinos may ask players to enter personal details when it comes to online gaming before they can be able to sign up for an account. With the numerous online cases of fraud, many players find the process to be a very awkward undertaking. After all, those who want to exchange online confidential data such as addresses and credit card numbers. However, app developers have eradicated the need to exchange personal information while paying for online services thanks to blockchain technology. With blockchain technology, online casino gamers are assured of the security of their information, particularly when it comes to deposits for online games or online slots.
Blockchain software operates by establishing a permanent record of any transaction performed, thus removing the need to use a third party. Such a move creates more trust between players and the related online casino.
Blockchain Technology and Online Games
This is good news for many players to hear that blockchain-powered online games are open. CryptoKitties is a clear example of such games, with many more entering this technology every passing day.
With such a game, you are given a chance to trade with fellow gamers with some unique digital kitties. If you like using collectables to trade, you can try a game like EtherRockets. This game allows you to create your own set of rockets, which you can then use to trade on the market.
Instant Transactions
For most players, making a profitable transaction was a major challenge as game developers switched to online gaming.
Players needed to be very careful with the whole process with the transaction that went through, and it was quite a time until the money could be processed. As a consequence, gaming events were skipped by many players, which also resulted in lost opportunities to make some money.
However, transactions are carried out immediately, with the aid of blockchain technology, since there are no third parties involved to delay or stop the transaction.
Fast transactions are of great importance in iGaming, and it is absolutely crucial for transactions to go through quickly, considering the large number of transactions that are carried out in just a single day.
For example, you can do it with the assistance of blockchain technology if you want to make fast deposits between two slot spins.
An End to Online Games Black Market
Technology has encouraged some people to come up with all kinds of ways to make some fast cash. While the industry has a set of rules that govern it, there are certain people who choose to overlook these regulations.
On several gaming platforms, account sale is one of the prohibited things, but some people will go ahead and sell their accounts for real money.
As compared to working hard to get the same, the main goal of buying and selling gaming accounts is to be able to get easy access to plenty of in-game rewards.
Yet software developers are able to quickly pick up such behavior thanks to BlockChain technology. This way, players who contravene the law may be banned or suspended, and it helps establish an equal playing field fair for all players.
One of the best innovations to strike the face of technology is the blockchain. This technology has changed the online gaming industry tremendously.
The online gaming industry is able to offer seamless services today, and this technology is expected to continue to advance in the coming years.
