Online gaming has seen explosive growth over the last several years, as people become more connected and gain access to internet services like that provided by Statista and Facebook. According to their estimates, $530 billion worldwide was brought in through gaming revenue last year! What can we expect in 2023?
But, what exactly is online gaming, and how does blockchain technology differ? This article will answer these questions by giving an overview of this revolutionary new technology that connects wagers worldwide.
What Is Online Gaming?
Online gaming refers to playing crypto games or other forms of wagering over the internet. Although unregulated in many countries, those adept at it can often make significant profits through this form of betting.
People have always enjoyed gaming, but online crypto gaming only became mainstream very recently. Prior to Sir Tim Berners-Lee creating the Internet in 1995, there were no casinos online at all.
How Blockchain Works in Gaming Online
Blockchain technology operates like a decentralized database. Anyone with access can gain access to its contents; no single person controls its control.
Blockchain employs encryption technology to safeguard data against hackers who attempt to alter or manipulate it, making it an excellent place for storing sensitive information like financial transactions, medical records or any personal data that must remain protected from unauthorized access or changes.
The Advantages of Using the Blockchain in the Gaming Industry
Blockchain is a public ledger that uses cryptography to track all transactions. Blockchain provides an efficient way of tracking these transactions while offering other advantages as well. For instance, smart contracts created through blockchain don’t need banks or lawyers as enforcers to enforce them.
Benefits of Blockchain in Gaming
One key benefit of using blockchain for gaming sites is not having to trust anyone with your money; everything is recorded on an unchangeable ledger that everyone can see at any time; no one has control over who gets access or which data they see.
Blockchain Technology Offers Advantages In Online Gaming
Online gaming has seen significant advances thanks to blockchain technology. There are two reasons for its widespread implementation in this sector – convenience and cost efficiency.
With lower costs and improved scalability, you can use the same budget to run your website or app, yet it will function more effectively.
Fraud was reduced by eliminating middlemen that may have been siphoning funds away from casinos or site operators, as well as by cutting out cheaters who tried to change the entire system, which would cost millions in fees to implement.
Increased transparency between players, casinos/sites, regulators and auditors, as well as other parties (like game developers) involved with running an online gaming business allows everyone to see where their money is going and why they’re being charged what they are at any time, whether playing a game or making transactions such as deposits and withdrawals.
Online Gaming Will Continue to Expand
Online gaming is an industry that continues to expand every year, drawing more gamers into its fold each year and promising long-term stability.
Conclusion
Blockchain technology could revolutionize how people play games online. Gaming companies could use it as a safe and secure platform to share information on player gaming activities. Something currently lacking within this industry due to players and operators lacking trust between each other. It would solve some of its current issues such as cheating, fraud, and money laundering that occur when parties don’t trust one another enough.
