How Blockchain Can Build the Gaming Economy


How Blockchain Can Build the Gaming Economy

When the casino industry was starting, those who were there could not imagine that it would later grow to be the biggest industry it is today. The furthest they thought was playing the casino games in their nearest land-based casinos, and that was it.

The power of technology…

But, thanks to technology for revolutionizing everything. The majority of the industries have currently adopted various trends that have continuously made them better. Other trends have kept arising, making it efficient for the companies that are adopting it to carry out their operations with ease. A better example is blockchain technology.

After its invention, it has undergone a series of improvements to fit into various industries that are fully utilizing it today. If you hear about it for the first time and have never witnessed it in action, you may believe that it only dwells on the financial aspects and stops there.

But from the session we had with one of our seasoned experts Kevin Cochran (you can link up with him), the technology is applicable in the casino industry. Some casino companies are fully utilizing it at the moment, and the benefits are tremendous.

What is blockchain gaming?

First, it’s worth noting that blockchain gaming platforms are not as limited as the traditional gaming platforms were. The platforms could not allow anyone from outside its systems to use its data or create another version of its core.

However, Blockchain games are decentralized. That means that there are no limitations if you want to access some of its assets from its core. The advantage is that blockchain games issue their token. An example of their token is Ether for Eretherum, which makes the game distribution efficient.

Are there significant benefits of Blockchain games?

Yes, we have some benefits of blockchain technology in gaming industry that can give you an idea of what we mean. Here are some of them;

Promotes a high level of transparency

The internet is currently full of fraudsters who are always on the lookout for any loopholes. If they find one, they always exploit it to the fullest. However, that’s different with Blockchain gaming because it’s open, and every aspect of it is verifiable.

Additionally, it’s easier to win huge rewards when playing blockchain powered casino games since it’s easier to come up with games that pay on the blockchain. Canadian players want assurance the activity on the platform will be transparent after getting that free slots.

No cases of shut down

Can you imagine when playing your favorite game, then suddenly it stops? How does it feel? It frustrates, right? That has been the case with the majority of the centralized games.

Those playing them always risk having them shut down by the provider. But for blockchain gambling, shutting down such games may be difficult because they are decentralized.

How does Blockchain impact the gaming economy?

Below are some of the implications of blockchain technology on the gaming economy;

No more black market

The gaming industry involves numerous illegal activities that happen behind the scenes. It has also been ranked as one of the areas where money laundering is huge. That’s because some casino sites have not put stringent measures to curb such activities.

Furthermore, most Canadian people are advanced technologically, giving them an advantage of committing such crimes. Some indulge in selling gaming services and items at lower rates to the players. However, the presence of blockchain technology has changed many things. None can interfere with gaming blockchain projects.

Through technology, Canadian casino companies can detect counterfeit products and ban them. As a result, the selling of such items declines, making the gaming economy grow.

Eases the cost of transactions

The advantage of Blockchain technology is that it has introduced various forms of digital currencies. If you are passionate about online gambling and stays in Canada, you can purchase a foreign game at a lower cost.

It eliminates the boundary limitations, making all the transactions efficient and safe. As a result, many transactions can take place in a day, making the gaming economy grow.

Blockchain technology has got numerous benefits, and the above are just some of them. Besides, you can note that technology has brought a positive impact on the global economy.