The Advantages of Blockchain Technology in Online Gaming

Written by Posted On Wednesday, 13 March 2019 22:27

Blockchain technology is always useful when it comes to the world of online gaming. The obvious reason behind is the security that is provided by the use of blockchain technology.

 

It’s no brainer that online gaming is a rich industry. The worldwide gaming and interactive media revenue is expected to reach over $123 Billion by 2020.

 

 

But, online gaming always remains in controversies due to the lack of security and high middlemen fees. Blockchain can help to solve these two major issues related to online games. It can provide a safe and secure environment to play games and it can reduce the cost of gaming thereby helping online gamers enjoy playing their games to the fullest.

 

Here are some of the ways through which online gaming can benefit the online gaming sector:

 

Offers a Decentralized Method For Payment Processing

 

The fees charged by online gaming portals are higher because they have to pay a certain percentage of commission to middlemen like banks or 3rd party payment gateway providers. With blockchain, the payment process will be decentralized so that there is no way a scammer can steal confidential information and there is no need to pay commission to payment gateways. Hence, it will provide a dual advantage of greater security and lower processing fees to gamers.

 

More Trust And Transparency in Online Gambling

 

When players are playing betting games like Blackjack, all they want is trust and transparency. Because, without trust, players won’t feel the motivation to deposit their money into online casinos. With the help of Blockchain, the codes for the game are available before the public so that can scrutinize it. This adds to trust and transparency and people are encouraged to deposit money online and play to win.

 

 

Games Can Have Infinite Longevity

 

One of the biggest benefits that blockchain offers is of infinite longevity. Because of its peer-to-peer nature, game developers need not to worry about huge bandwidth costs providing online games the power of infinite longevity.

 

Closing Thoughts

 

Currently, blockchain technology is still in infant mode. There is a lot of progress that needs to be done in this area in order to be fully functional. New startups are being launched on a daily basis that is helping game developers to adopt the technology of blockchain but it will certainly take time to spread. Nevertheless, the technology of blockchain is certainly proving to be extremely beneficial for the world of online gaming.

 

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mikejari

Mike is a reporter who covers media events and conferenecs on real estate. 

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