What do you know about Blockchain technology? Many people associate it with gaming and transactions. However, many industries have begun to realize that the technology is useful and puts systems in place to accommodate it.
Check at various sectors such as energy, agriculture, and health and you will realize that blockchain technology is getting utilized to make various processes more efficient. The gambling industry, as well, benefits significantly from the technology in various ways.
Many Canadians only know that it’s only useful in the gambling sector but don’t know how it impacts the industry. Therefore, we linked up with our gaming expert Lucas Goldberg (view profile), to enlighten you about blockchain technology in gaming industry and its impact.
What is blockchain technology?
Whenever people hear about blockchain technology for the first time, they tend to think it’s a complicated way of getting things done. That is normal with many people whenever they hear new concepts. But blockchain technology refers to a specific type of database.
Database is any form of information that is in a computer system. Therefore, blockchain refers to a system of recording information on blocks through a decentralized network, making it impossible for anyone to distort the information.
It’s also known as the Distributed Ledger Network? (DLN) by the tech savvies. It mainly helps in making the history of any digital asset unalterable. It guarantees security and top privacy of data.
Here are the ways Blockchain technology is impacting the gaming industry
Minimizes fraudulent activities
The online crypto gaming industry in Canada and other parts of the world enjoy a big customer base. As a result, it attracts fraudsters because they know they will harvest the users’ data and funds.
That puts the industry at risk and its users as well. The majority of the Canadian casino sites, including those offering free casino games, have also suffered considerable losses in data and funds. That’s because the fraudsters keep advancing in ways of reaping from the unsuspecting customers and sites.
The casinos are ever putting in place mechanisms that reduce fraudsters and blockchain is among the mechanisms because it creates immutable ledgers, which is beneficial in eradicating any attempts by cybercriminals.
Helps in price reduction of the gaming items
Since the emergence of online games, many customers have been going through the challenge of getting the game items at an affordable cost. The game service providers tend to exploit them because there has been no proper technology to regulate the pricing.
There are also lots of stolen game items in the market, thus making player-buyer exploitation possible. But through blockchain technology, that becomes a forgotten story to the majority of the players.
The technology allows the developers in blockchain game development to sell their services at affordable prices but still make no losses. Also, the availability of user control allows the tracking of expenditure.
Makes the processing of payments effective
Many gamers have been going through the challenge of waiting for the central financial bodies to process their payments. Use of the normal currencies has been the norm for many years. However, if you check on the history of blockchain gaming, you will realize that many things have changed in the last few years.
With it, there is no need for the players to carry their credit /debit cards with them. Furthermore, the players will not incur high transaction charges anymore when making payments to the casinos as there are no third parties such as banks involved.
There is no verification of the information of the users. It allows them to use cryptocurrency and transact anonymously without revealing much information about them.
Promotes eSport transparency
E-sport betting is currently becoming popular and allowing the players to win more. Integration of blockchain technology in most casinos makes them popular among many gamers. The technology allows them to embrace transparency and also helps in eliminating middlemen.
In normal cases, the gaming policy requires that the players deposit their money through the escrow agent’s account. From there, the agents manage the distribution, a process that is mostly unclear to the players. The approach eliminates transparency hence leaving players in the dark regarding the placement of the bets. The modern blockchain world allows gamers to create smart contracts that are self-executing after certain conditions have been met.
Currently, the adoption of cryptocurrency technology in the gaming industry seems new to some companies. However, with time, they shall all realize its impacts and begin to embrace it. It’s beneficial since it enhances payment transparency, improves interactions on the gaming platforms, and promotes more gaming freedom.