By Mohak Arora
The iGaming industry has reached unprecedented growth in the last couple of years, thanks to major innovations in technology. Blockchain technology has impacted the iGaming industry in more ways than one. If the world over gamers are hooked on to online casinos and eSports games, it is because of the secure gaming ecosystem that Blockchain technology has been able to create. A recent PwC report pegged the gaming industry growth to an all time high and said the industry could well be worth $321 billion by 2026. And Blockchain technology among many other innovations has a leading role to play in this growth story.
Revolutionizing iGaming
Blockchain technology alone is transforming the iGaming industry much beyond anybody’s imagination. This latest technology has transformed iGaming from simple online games to a career option and also a means to earn money in the most secure and safe manner. Through its groundbreaking application of digital currency such as crypto and decentralized ledgers, Blockchain has made iGaming secure and transparent, winning the trust of players across the globe. Perhaps the most significant contribution of Blockchain technology is that it has made hacking near impossible. Because it utilizes decentralized ledgers, data once stored cannot be changed. This ensures that one person can never have control of the data at any given time and hence this decreases the threat of fraud.
This makes it quite difficult for hackers to access important data such as credit card details or account passwords of gamers who have been doing online transactions while gaming. Another important giving of Blockchain technology is the transparency it provides. Each transaction that is done on the gaming platform is stored in designated public ledgers, thus providing complete transparency of records which can be easily accessible to all players at all times. This creates a great level of assurance and gamers can transact any amount with a heightened level of confidence. This was completely missing in traditional gaming.
Blockchain and its ramifications
The technology has brought in a galore of ramifications. Apart from the main benefit of data protection, Blockchain has heightened the trust among gamers across the world. Gamers can now get into smart contracts with any other gamer, anywhere in the world without any third-party interference. These smart agreements also help them to reduce associated costs besides offering them the much needed confidence. Blockchain technology also plays an important role in bettering user experience.
Blockchain helps in developing solutions that provide customers with more accurate data which enhances the gaming experience besides allowing faster transactions. Blockchain allows gamers to have a great control over their personal information and this gives a sense of empowerment to every player. Apart from just making it difficult for hackers to steal data information, Blockchain also enables online casinos and operators to keep a track of customer funds across multiple platforms. This helps them prevent any attempts at laundering illegal profits. This goes a long way in ensuring security from any kind of money laundering and fraud.
In conclusion, it is only fair to say that Blockchain technology has set the ball rolling for unprecedented transformation in the iGaming industry. And this could well be just the beginning, as the technology evolves further. While it is making the iGaming ecospace more secure and transparent, it has improved the gaming experience extensively. Blockchain has created an ecosystem where gamers enjoy the gaming experience more while feeling more secure with their data information. Meanwhile, the developers are feeling more charged to enhance their services and solutions, which will further leave a positive impact on the growth of the iGaming industry.
(The author is Mohak Arora Parimatch Brand expert, and the views expressed in this article are hs own)
