Both cryptocurrencies, as well as blockchain technology, remains to be among the most trending topics in recent times. Essentially, blockchain technology is revolutionizing how different industries operate from banking, IT and even shipping industry, utilizing mechanisms like peer to peer topology, smart contracts, decentralized ecosystem and much more.
Among these industries, one industry which will be duly well served by the blockchain, as well as its underlying technologies, is the iGaming industry. Online or offline gambling houses actually thrive on the perceived fairness and transparency by the customers. Hence, this symbiosis seems to be like a perfect match. So, what actually makes blockchain technology quite unique for custom mobile app development and what does it bring as benefits for the gaming industry?
Benefits and Features of Blockchain in Gaming Industry
Improved Security and Safety
Different online betting websites actually protect the personal and financial data of their customers utilizing cutting edge and advanced SSL encryption technology. But, a website utilizing an SSL certificate doesn’t actually guarantee complete data and fund safety as different reputable websites have been duly attached in recent years despite it. Blockchain technology offers much better protection utilizing Smart Contracts.
By using blockchain digital currency, it makes stealing the personal and financial data of the customers a tough proposition for the cybercriminals since the data isn’t needed to complete any transaction on the blockchain-based betting platform. Also, data on this technology can’t be manipulated or even deleted as finding a single point of cyberattack is almost impossible.
An iOS app development company can benefit from this feature.
Provable Fairness and Transparency
Essentially, most gamblers don’t actually trust the betting platforms they really play. The industry has witnessed a huge number of rogue betting websites. Players have to entirely trust the claim of the websites of provable fairness. It is hard for the players to actually prove this claim.
Basically, blockchain technology is popular for its high integrity along with no central authority actually controlling the entire system. It provides no space for manipulation. A blockchain integrated website utilizes a more transparent fair play algorithm rather than auditing by a third-party or an authorized body. All of the information is duly contained and can easily be accessed from a single public ledger.
Anonymity and Privacy
Even though gambling has actually become legal in different parts of the world, various countries are now legalizing it or even lowering the entire restrictions. Most of the players wish complete anonymity as well as the confidentiality of their complete gambling activities as well as transaction. One shouldn’t need to worry about prying eyes but readily enjoy the best betting websites and casino games and maximize the chance of winning.
However, the good news is that a typical transaction on this technology essentially leaves an untraceable, obscure digital footprint. Different deals and interactions on this technology are now available to the public through the public ledger but duly masked by random characters and numbers. This makes blockchain software development a valuable proposition.
So, this particular feature is essentially why digital coins are often sought after by a lot of people. Also, the anonymity of these transactions means there is almost no possibility of identity theft or online hacking.
Minimal Transaction Fee and Speed
The traditional methods of payments often come with different transaction fees as well as hidden charges. Such charges might not amount a lot, but in the long run, it matters especially if you receive or make payments frequently. Hence, depending on the cryptocurrency, the transfer of funds is at zero or sometimes minimal cost along with no hidden fees. It is unlike utilizing credit cards as well as other payment methods. Also, eliminating and even saving conversion fees along with additional charges provide you with more funds to bet on websites and betting shops.
The transactions are duly processed and even completed within a few minutes or even in a few seconds. Also, the growing acceptance in numerous countries, there are varied facilities to exchange cryptocurrency seamlessly.
Improved Odds as well as Return
It is a known fact that only guaranteed winners in the case of betting are the houses. All of their profits are predetermined and duly subtracted from each wager that the players actually make. It also does matter whether the player is actually betting against the players or the house. Essentially, there is a house edge which guarantees a profit for the actual sports betting as well as casino businesses, from different wagers of players irrespective of the game result.
Also, through the decentralized and peer-to-peer feature of blockchain technology, there is hardly any need for a middleman. It increases the odds, as well as the amount of the entire bet, returned to the players. Even the betting without the middleman is quite possible through smart contracts that serve as a particular contract or even an agreement only among the players.
Basically, there is no perfect system as such. Among the benefits of blockchain integrated gaming, that is the anonymity, is actually a two-edged sword. Different crypto-based casinos are currently existing on the internet and continue to grow every day. Most of them operated under extreme anonymity while holding weak standard and easy to get a license that makes it extremely difficult to trace in case the things go completely wrong. Hence, the benefits outweigh the flaws of this system. The entire technology is evolving but well-settled to completely disrupt the gaming industry soon. This offers new opportunities for every blockchain app development company. With considerable success in different prominent industries, basically, the signs of well-adopted and integrated blockchain gaming industry are quite good.
Category: Business Services OutsourcingCompany about: CIS Established in 2003, Cyber InfraStructure Pvt. Ltd. or CIS is a leading IT and custom software development company in Central India, USA and UK. Since 2003, CIS has been providing highly optimized technology solutions and services for SMEs and large scale enterprises across the world.
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