Blockchain technology possesses a significant impact on today’s industries. Not only the gaming industry, but it is putting a huge impact on many other tech industries globally. A report states, the gaming industry is set to become a $143 billion sector globally by 2020.
With the opening of crypto casinos across the globe, the gambling sector is booming manifold. Why gaming or gambling industries prefer Blockchain? The simple reason is it is secure, transfers the data anonymously, and privacy since the data of the users cannot be manipulated.
Even this technology lets gamers buy digital gold, but being a time-consuming process, players buy in-game assets through real money. Along with Blockchain, VR is also being used in the gaming industry. Its use is increased to almost 51% presently, which means players are accepting modern technologies seamlessly. But, how Blockchain is revolutionizing the gaming industry? Let’s check out below.
Helps With Global Exchange
Blockchain helps with the seamless global exchange as peer-to-peer transactions can be made across the globe without any delay. If a player has bet the money with cryptocurrency, they can get the winning amount in the form of the cryptos. The players can even withdraw the real money amount too.
Many iGaming sectors are providing Smart Contracts too. The Ethereum Smart Contracts are gaining privilege over Bitcoin in the present gaming industry. It showcases that the cryptocurrency-based casinos are safe and maintains the player’s privacy.
Safety and Privacy
Blockchain technology helps with the privacy and safety of the gamblers too. As gamers nowadays are investing in cryptocurrencies, so they are keeping their winnings saved in the form of cryptos. BTC being the preferred one as all these cryptos are highly encrypted, and there is no chance of getting any players personal details hacked.
Ownership of In-Game Assets
The players can now securely purchase the in-game assets as the transactions at this eCommerce marketplace provided by casinos are carried out through the digital assets. The casinos are earning through the in-game purchases made through digital assets or cryptos. Another benefit of buying the in-game assets through cryptocurrencies is that one gets the Smart Contracts, which means the purchase is secured and private.
Financial Reward for Developers
This technology will also reward the developers as it awards the players to get in-app purchases with the virtual currency. By designing and creating games for the crypto casinos, the developers can earn a fair amount. With the real rewards coming in the form of assets, the quality of games, along with their quantity, will drastically raise. Blockchain also helps with prevailing fair trade conditions that will bring in more business for the casinos that will ultimately reward the developers too.
Blockchain is the booming step towards enabling the gaming industry to use virtual assets and prevail security and privacy for the gamblers. A few challenges may come into the casinos or developer’s way, but with creative minds, the things can be changed drastically and without any hassle.