How Blockchain Technology Is Changing The Online Gaming Industry

In the past few years, blockchain technology has revolutionized numerous industries and changed the way we do business and conduct our daily lives. The impact of blockchain is becoming so pervasive that it goes beyond cryptocurrencies and ICOs.

Blockchain technology is being deployed by energy companies, the agriculture sector and even the art industry. Seeing the benefits brought on by this exciting new technology, the online gaming industry has also jumped on to the bandwagon to incorporate blockchain into its operations. Read on to find out how blockchain technology is changing the way online gaming platforms operate.

Blockchain Technology and Ownership of Virtual Goods

Fraud is one of the major concerns facing participants of the virtual goods market and there’s no getting around the growing lack of trust among punters. Who can blame them? After all, players stand to lose plenty if their favorite online gaming casinos close shop due to fraud.

Blockchain projects like Enjin and Wax Coin have seen an opportunity in this calamity and have come up with a few viable solutions. For starters, Worldwide Asset eXchange (WAX for short) allows users to create safe virtual marketplaces so you can accept cryptocurrrency in exchange for virtual goods. This project was created with online gaming enterprises in mind and it’s quickly gaining popularity in the market.

On the other hand, you have Enjin Coin which enables the user to manage assets via the Ethereum blockchain. Online gaming communities often use this platform to create virtual goods, tokens and currencies with the backing of Enjin coin. It’s like an insurance company that provides cover through the backing or an underwriter. The best part about Enjin Coin is that it comes with a Smart Wallet that you can use to make bets and play at several online gaming casinos.

Blockchain Technology and Online Gaming Payments

Over the years, online gaming casinos have discovered that using regular payment and withdrawal methods is an expensive and slow process that can be exasperating for both parties involved. These methods generally benefit vendors that facilitate payments and act as middlemen between the casinos and the customers.

Thanks to blockchain technology, online gaming establishments can enjoy quick and seamless payments and in-app purchases without the need of costly middlemen. Blockchain technology is sufficient to ensure a safe and convenient exchange between players and casinos, while providing a decentralized marketplace where gaming companies can sell apps and games directly to consumers.

For instance, players can use GameCredicts blockchain project to make in-app purchases and even buy games straight from the developer.  The savings made by the developer and distributor are passed onto the customer in the form of affordable games available in a wide variety of options.

Blockchain Powered Games

Another exciting development made possible by this technology are blockchain powered games that go beyond the initial concept of digital animals like CryptoKitties.

Take Decentraland for example. This game offers the player an opportunity to own a piece of “real estate” in a virtual reality world where purchases are made through the Ethereum blockchain. You can use your land as you would in the real world; develop it, rent it out “live” in it or sell it.

Through this platform, players may very well create a formidable digital real estate portfolio that includes residential developments, service businesses, hospitality establishments and even recreational buildings. It’s like a game of monopoly except bigger and a tad more realistic.

Blockchain Technology and eSports Betting

Thanks to blockchain technology, gamers can now enjoy low fee and decentralized eSports betting on any jurisdiction. American billionaire Mark Cuban was one of the first investors to advocate for the decentralization of eSports gaming, which is why he backed the Unikrn project. This startup uses its Unikoin Gold cryptocurrency to facilitate smoother eSports betting on its platform. During its initial coin offering (ICO) in October 2017, Unikrn raised over $31 million from investors.

Blockchain Technology and Online Gaming Safety

We should also add here that blockchain technology has done plenty to improve consumer trust in the online gaming world. After all what better way is there to ensure privacy and safety than through the encrypted efficiency of blockchain technology?

Blockchain technology offers a verified permanent record of all transactions through a distributed ledger that evades third party manipulation. Smart digital contracts between players and online casinos help to guarantee that both parties stick to their respective obligations while minimizing disputes. This has greatly increased the level of transparency and trust between gamers and their favorite platforms.

To wrap up

It’s clear from the way it has infiltrated the industry that blockchain technology is the future of online gaming. Thanks to blckchain technology, gamers can now enjoy quick and hassle free withdrawals and the same goes for online casinos and payments.

According to experts, this is just the tip of the ice berg when it comes to the possibilities offered by blockchain technology, and this statement is hard to dispute when you notice the potential of improvements like tokenized virtual goods and the decentralization of the industry as a whole.

Visit gamblingmetropolis.com for a wide selection of the world’s best Bitcoin casinos and other online gaming platforms that utilize blockchain technology.

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