Being a highly lucrative business attracting over 2.2 billion active gamers, online gaming is expected to increase its annual revenue to $143.5 billion by 2020 (https://goo.gl/FKv8xM). Despite the anticipated growth, it does not have a complacent attitude towards the challenges posed by modern gamers. In fact, it aims to respond promptly and adequately to their demands for creating safe gambling platforms. Moreover, the maintenance of reliable interaction is also on the agenda of the gaming industry. To address these burning issues, companies have been adopting blockchain technology.
This technology has greatly enhanced the performance of gaming companies and the experience of users. Modern innovations continue to be adopted in online gambling as blockchain technology is developing. So far its implementation has brought several important advantages.
Blockchain consists of records functioning independently and remaining connected. As a decentralized database, blockchain gives online gamblers access to accurate information on gaming websites. As a result, they can check their credibility. Blockchain minimizes the chances of coming across casinos regulating the number of victories. What is important is this system provides an understanding of how online gambling works. Being aware of scams, gamers can avoid or reduce them.
Blockchain protects the personal information of gamers. Many online gaming platforms switch to blockchain as it allows the users to gamble without leaving personal information or creating an account. Users are less afraid their identities might be stolen because it is impossible to trace them.
Not only does blockchain technology allow gamers to preserve anonymity, but also it provides highly advanced security frameworks to prevent hacking or phishing attacks. Due to the robust data encryption technologies, hackers are unable to steal data in blockchain. They cannot find a single point of attack because of the decentralized network of blocks. Thus, online gambling platforms cannot have their data deleted or manipulated.
Being independent of the centralized financial system, blockchain does not impose charges for the services of third-party agents. It reduces the costs of online gaming and means gamblers can invest more money in the game. While blockchain allows avid players to make larger bets without the intrusion of an intermediary, it also attracts newcomers with low entry barriers. The payments in blockchain are not limited to fiat currencies. Gamblers can also pay in cryptocurrencies.
Blockchain does not impose regulations on the parties involved in the gambling industry, including developers and users. On the contrary, it allows the former to benefit from their work without being constantly afraid of losing profits or permission to sell their products. Besides, the lack of regulations does not trigger the rise of the shadow market.
Evidently, the development of blockchain technology endows the gaming sector with more possibilities. It changes the notion of gambling, boosting the trust and involvement of gamers worldwide. With the adoption of blockchain technology, the gambling industry is on the verge of providing unprecedented online experienced based on transparency and security.