Blockchain is expected to have a hugely disruptive impact on the gaming industry. Blockchain currencies such as bitcoin are heavily integrated into various aspects of the online gaming sector, and 2016 saw the traditional online gaming industry start adopting the digital cash system. Although bitcoin is growing in popularity, it is its underlying technology, the blockchain, that is predicted to be the real game changer in the industry.
Blockchain increases trust and security in the gaming industry
The decentralised system of blockchain makes online gaming fairer. Trust and security have always been the biggest concerns for online gamers. Blockchain’s decentralised system ensures that no particular individual or entity has a centralised advantage at any stage of the gaming process. The blockchain technology is also a good tool for gaming companies to reassure their users that they are completely incapable of knowing the result of an outcome. For many online gamers, it might be challenging to detect the unsecure sites and be aware of them until their money and personal information is put in jeopardy. Blockchain-based currencies like bitcoin are, on the other hand, one of the most secure ways of payments.
Better financial transparency
A greater financial transparency can be achieved with each transaction or bet being placed on the blockchain and being visible for verification. Blockchain provides completely transparent systems, where every transaction is conducted on a peer-to-peer basis, so the gaming company is not able to access the money. Consumers can enjoy anonymity if they are not interested in sharing personal information. In addition, gamers receive higher payouts when using blockchain-based currencies for their activities. In comparison to traditional credit cards, bank transfers or services like Paypal, cryptocurrencies are more cost effective and have no hidden fees. Thus, they help to increase the profit margins for both gaming companies and their customers, which is a win-win situation. On top of that, money is moved instantaneously, so both parties avoid having to wait for their payments.
Blockchain application in gaming is coming to the attention of the industry leaders on a global scale. At ICE-TotallyGaming conference in London, world leading gaming professionals got together to debate about what impact would the blockchain have on the industry. Being the European leader in providing blockchain payment services, Coinify team attended the conference to contribute with blockchain knowledge in the security and regulation areas.
If you would like to learn more about the blockchain payments and their benefits, visit coinify.com.
Image credits: Unsplash, ICE-TotallyGaming and Coinify
To learn more about blockchain payments and Coinify products, visit our website. If you want to get in touch, please use our contact page. For media, event, investor inquiries and more information about Coinify, please use our Newsroom.