Gambling insider recently published an article that explores the possibility of blockchain technology leading to the restructuring of iGaming industry. In recent years, the development of blockchain technology has been a hot topic among the iGaming industry. Many institutions, media or experts have pointed out that the characteristic of blockchain will have a huge impact towards the iGaming industry. And according to their analogy, it concludes factors such as security, privacy, and fairness of iGaming industry.
An exclusive analogy research from OMG newsletter, showcasing the characteristics of blockchain technology, and what factors will it affect the iGaming industry.
Security
When a user plays an online game through iGaming websites or platforms, the user actually bears a certain degree of risk. If the operator is malicious or forced to shut down due to illegal factors, the amount of money that the user has invested will disappear immediately.
However, through blockchain technology, the virtual currency held by the user will not disappear when operators close their station, which can effectively reduce the psychological pressure of risky investment for the users who invest in iGaming websites and platforms.
Privacy
Anonymous is one of the main features in blockchain trading, meanwhile, the process of all transactions are publicly displayed, the account can only be visible when given permission.
This approach is different from the current existing operating methods, users no longer need to leave a lot of personal information just to create an account. If it is completely anonymous, it will be a very big incentive for users.
Fairness
In order for users to operate with blockchain technology on iGaming sites and platforms, it is necessary for them to write software applications to blockchain and obtain smart contracts; enforcing a relationship with cryptographic code. When game software is released on blockchain through smart contract, a crypto code will be provided to the user, the source code is completely publicized and decentralized, which means that the manufacturer or the operator is completely unable to artificially manipulate the results.
The degree of trust, fairness, and security that blockchain technology can bring for users will definitely be a game changer in the iGaming industry.
From the 3 elements above, it can be understood why so many articles are talking about the future development of blockchain and the potential impact it will bring to the iGaming industry. If blockchain technology really affects the structure of iGaming industry tremendously, it is conceivable that no matter whether it is an upstream developer, agent, or first-line operator, there will definitely enter a period of strategic reorganization.
Nonetheless, there is no rush and necessity to rush into the filed of blockchain just yet. It still needs time to be tested and recognized with the stability of its technology, after all, there are still scams in the blockchain ICO. So it still needs to be observed and studied before it’s absolutely safe.
