How Blockchain Technology Is Changing The IGaming Industry

Introduction: The iGaming Industry

The recent past years has seen the rise of the iGaming industry. Grossing over $25 billion globally, the industry has been the center of speculation. Researchers and financial experts have studied it: some saying that it is a bubble waiting to burst while others think it is here to stay. How Blockchain Technology is changing the iGaming industry cannot be ignored.  

Blockchain in the iGaming industry

The Blockchain Technology has had massive effects on the industry over the years of its existence. It has revolutionized the way people gamble online, you can try it here With the entry of Blockchain Technology to the industry, many think it has made things easier while other skeptics disagree.

Industrial aspects of iGaming affected but Blockchain include:

1.Making of Payments.

Before the entry of Blockchain Technology to the industry, online iGaming platforms like casinos and e-sports betting platforms used to incorporate the use of third parties to handle payment processing. Thus has since changed. Payers are now able to deposit payments directly to these platforms. This increases convenience for both the players and the gambling platforms.

2.Automation and use of Bots.

When the user base of any platform grows, automation is always required to ensure swift transactions across the platform. Manual management is no longer recommended because it decreases the speed in which players place their bets and do other things on the platform.   This has seen a massive change with the entry of blockchain. Platform owners can now automate transactions on their platforms. Some have even gone further and incorporated the use of gaming bots which make lightning quick decisions in a matter of seconds.

3.Speed, Transparency and efficiency.

A good i Gaming platform is defined by how fast and efficient it is for the players visiting it. Most iGaming platform owners know this and they put in a lot of money to ensure that their platforms possess the required speed and efficiency.   Speed therefore has become an aspect of competition between these platforms. Blockchain Technology has the ability to improve the speeds in which different inter-dependent systems operate. If a platform uses Blockchain Technology as the basis of its framework, it can greatly improve the speed it operates on.

4. Blockchain related Games.

The iGaming industry is expanding daily. More and more online games are cropping up. The Blockchain Technology can be used as a basic framework to build online games. These games are then incorporated to an online gaming platform where different players can now have access to it and place bets on the games. Due to the decentralized nature if the Blockchain Technology, games built on this framework are considered fair and transparent.

5. Future trends: Artificial Intelligence and Augmented reality.

Technology is advancing rapidly towards the future. The iGaming industry has not been left. Most iGaming entrepreneurs are hiring industrial experts to research on how their platforms can advance technologically, The incorporation of Blockchain Technology is a good start as it will pave way for advancements like the Artificial Intelligence and Virtual Reality technologies. The future is quite technologically advanced for iGaming industry.

Final thoughts.

The rapid growth seen in the iGaming industry is quite good to even neighboring industries like finance and entertainment. Blockchain Technology will continue playing a major role in the advancements seen in the industry.

Sean Sparks is author of this article and passionate blockchain enthusiast. He lives in Buharest, Romania, but travel a lot to promote his personal crypto project.

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