While the first decentralized blockchain was implemented just 14 years ago, the technology has already seen many applications, including those in the online gaming industry. As much of online gaming involves the deposit and withdrawal of large amounts of money, blockchain has a role to play. However, only a few people are familiar with how blockchain technology has significantly changed online gaming sites. In this article, we take a deep dive into this topic with the aim of answering all your questions about blockchain.
What Is Blockchain Technology
The blockchain is a digital ledger that is distributed across the entire network of computer systems on the blockchain. The purpose is to make transactions more secure and reliable due to their immutable status on the blockchain. The technology has many applications, but in the next section, we’ll focus primarily on how it affects online gaming sites.
6 Ways Blockchain Technology is Revolutionizing Online Gaming Sites
In 2020 alone, the online gaming industry generated about 21.1 billion dollars in revenue. This, at the time, represented an impressive 21.9 per cent revenue growth compared to the previous year. So let’s look at the six ways blockchain technology has been able to contribute to this success:
- Availability Of Research Data
- Transaction Transparency
- Creation Of Digital Currency
Aside from the major trends in gaming technology, improved security is one of the things most gaming platforms have tried to work on. As stated earlier in this article, the online gaming industry is worth billions, so helping to secure it has been one of the many ways blockchain technology has helped revolutionize the industry. Every online transaction processed under the blockchain is secured under several features that make it very difficult for hackers to corrupt or steal sensitive data.
Another way blockchain technology has proved useful is in making it more convenient to process online transactions. Before blockchain adoption by many online gaming sites, clients looking to purchase anything must ensure they have the supported payment method and even currency. This made it hard for some users to enjoy the game truly. However, the blockchain isn’t controlled by any entity. So, as long as you have a supported currency in your crypto wallet, you can make a purchase.
Even if you don’t have the accepted cryptocurrency, you can easily exchange it, and your transaction will be processed in seconds. If this excites you, head over to BestCasinoPlay to find out which of the top online gambling sites in Canada support blockchain technology. This website’s reviews have all been written by experts and will help teach you the criteria to consider when looking for a good online gambling casino.
3. Availability Of Research Data
All transactions carried out in the blockchain can be viewed. This means online gaming sites can now access data that helps them understand their customers’ purchase habits. This is great for both players and online gaming sites for many reasons. Primarily because online gaming sites can now design their products and services to suit their customers’ needs better. Also, this helps improve the overall gaming experience of users from all over the world.
4. Transaction Transparency
Every transaction on the blockchain can be viewed and verified, which has improved customer confidence in the system. By looking at the blockchain, you can trace whether an online transaction was successful. You can also view what wallets it went through. It’s important to note that there are a few more things to consider when tracking online transactions. However, the blockchain remains more transparent than most traditional banking solutions.
Currently, many intermediary steps are needed for banks and other traditional banking solutions to verify a transaction. As a result, processes can be slow at times. When you are an online gamer looking for a good time, waiting and paying extra to have transactions processed fast can be frustrating. Blockchain technology removes these dependencies leading to faster and cheaper online transactions.
6. Creation Of Digital Currency
Lastly, one of the major benefits of blockchain technology is that it allows the creation of digital currencies. As a result, online gaming sites can now create their own currency, which makes it easier for users to deposit and withdraw their funds. Also, this feature of the blockchain gives online gaming sites more control over transactions and processing costs.
Blockchain technology has brought a lot of benefits to the online gaming industry: faster and more secure transactions, reduced processing costs, and transparent and verifiable transactions, to name a few. As technology improves, we can expect even more online gaming sites to adopt this technology. Now is a good time to start learning about blockchain’s many benefits.