The popularity of blockchain technology has increased tenfold, and in the next five years, it is projected to be worth a massive $20 billion.
The main reason why this technology is growing in popularity is its ease of use, on everyday lives. With many people embracing the idea, Blockchain technology is set to change the face of many industries, among them the online gaming.
Studies done show that as many as 44% of casino gamers have used blockchain in one way or the other.
As more and more people join online gaming, Blockchain tech is projected to witness increased growth, which will also positively impact the industry.
What changes can you expect to get in this industry as a result of blockchain technology?
When it comes to online gaming, most casinos will ask players to input personal information, before they can be allowed to sign up for an account.
With the many cases of fraud happening online, many players find the process to be a very uncomfortable undertaking. After all, who wants to share sensitive information like addresses, and credit card details online.
However, thanks to blockchain technology, software developers have eradicated the need to share personal details when paying for online services.
With blockchain technology, online casino gamers are assured of the safety of their data, especially when it comes to matters to do with deposits for online games or online slots (check out Deluxe Casino Bonus).
Blockchain technology works by creating a permanent record of every transaction carried out, thus eliminates the need for using a third-parties. Such a step creates more trust between players and the online casino in question.
Blockchain Technology and Online Games
Its good news for many players to learn that there are blockchain-powered online games. A good example of such games includes CryptoKitties, with many more joining this tech each passing day.
With such a game, you are given a chance to trade with some special digital kitties with fellow gamers.
If you love to trade using collectables, you can try out a game like EtherRockets. With this game, you will be required to build your own set of rockets, which you can then use to trade on the marketplace.
When game developers shifted to online gaming, making a successful transaction was a big challenge to most players.
For the transaction that went through, players needed to be very patient with the whole process because it took quite a while before the money could be processed. As a result, many players missed gaming events, which also resulted in lost chances of making some profits.
However, with the help of blockchain technology, transactions are carried out promptly, since there are no third parties present to delay or stop the transaction.
In iGaming, quick transactions are of great importance, and given the huge number of transactions that are carried out in just a single day, it’s absolutely important for transactions to go through quickly.
For example, if you want to make quick deposits between two slot spins, you can do it with the help of blockchain technology.
An End to Online Games Black Market
Technology has enabled some individuals to come up will all manner of ways to make some quick cash. Although the industry comes with a set of rules governing it, there are some individuals who try to overlook these laws.
Account selling is one of the forbidden things on many gaming sites, but some people will go ahead and sell their accounts for real money.
The main aim of buying and selling gaming accounts is to be able to get quick access to plenty of in-game rewards, as opposed to working hard to get the same.
But thanks to BlockChain technology, software developers are able to quickly pick up such acts. This way, they can ban or suspend players who are contravening the laws, and it helps in creating an even playing ground fair to all players.
Blockchain is one of the best ideas to hit the face of technology. This tech has hugely transformed the online gaming industry.
Today, the online gaming industry is able to provide seamless services, and it is projected that this technology will continue to advance in the coming years.