Why Blockchain Seems to Be Perfect for The Gaming Industry
With platforms now being offered to take online casinos onto a blockchain system, how suited is the online gaming industry and blockchain technology?
Blockchain technology is still relatively new to the world, however, slowly but surely, the concept is starting to take industries to new heights. We all associate this technology with cryptocurrencies, but there are far more uses to this highly secure system than just payments. Any online service or product that places paramount importance on security can utilize this ground-breaking technology. The online gambling sector is one industry that is realizing the added benefits to using blockchain, and while many industries can add greater value to establishments through the implementation of blockchain, very few will find it as tailor-made for their industry than online gambling.
Let the Conversion Begin
The online casino industry is one that is always looking to move forward. Players might not notice the changes but upgrades to software, casino games, payment mechanisms and much more are always needing to occur, so a specific casino doesn’t get left behind by the competition. The online casino concept is one that works well. However, with the demand for heightened security always being called for, these companies have started looking to blockchain technology in order to give players a swift, enjoyable and painless entertainment experience.
FunFair, a company that uses blockchain to power online casinos, is the perfect example of how the boom has rippled through online gambling. FunFair provides a blockchain platform on which gambling companies can operate off. This is fantastic for the casino in that the migration is handled for them, and there are numerous benefits to using a blockchain system. Such companies are helping to bring an industry that has a history of security breaches come into a safer atmosphere, but there are also various other benefits.
What Changes Can One Expect?
As you might have noticed from our comments above, blockchain is highly secure and a hacker’s nightmare. Online casinos store large volumes of cash, mainly because a player might win a monstrous jackpot and have their funds sitting in their casino account for a few days before the casino releases it. The peer-to-peer ledger that blockchain uses means that hacking into a casino and its accounts is near impossible. This is one of the core reasons why online casinos are turning to services like FunFair to get them on a blockchain system. It serves as a way to let the players rest assured knowing their funds, and personal details, are safe.
Online gambling is now a highly regulated industry, not quite the wild west it once was back in the late 1990’s and early 2000’s. It was considered risky for players to gamble through an online casino, not only because security surrounding your funds was questionable at best, but also because casinos lacked stern regulation, and were known to alter the software of the games they provided. This would result in the games not functioning to reward wins but stopping short of landing on what would have been a superb payout for the player. Blockchain technology creates transparency, and therefore it eliminates player mistrust.
The two above points are essential for online casinos, in that the perception that still haunts the industry is one of risk. By eliminating this perception, it will only allow the industry to grow further due to players feeling far more at ease. These players are generally people who also have reservations towards online payments. Traditional online casinos still rely on payment mechanisms such as credit cards, debit cards and web wallets. Although these payment methods have come on leaps and bounds in terms of security, they still fall victim to fraud all too often. Once FunFair brings an online casino onto their platform the player will be able to use cryptocurrency to make bets. This is fundamental to the success of casinos using blockchain, as it further eliminates the need for personal details to be added to the casino, and the player can sleep easy knowing that their crypto account is just as secure as their casino account.
Looking to The Future
So, it seems as if blockchain and the online casino industry were made for each other. Companies such as FunFair can expect a flurry of movement towards their platforms in the coming years as the reputation of blockchain continues to win plaudits the world over. It makes as much sense for the player as it does for the casino. Both parties will suffer minimal costs – the casino with risk and fraud staff, and the players with transaction costs from traditional e-commerce methods. The win-win scenario is too powerful, and in a few years the online casino industry will be a shining example of how blockchain can revolutionise an industry that is already thriving.