The blockchain is a decentralized database that has the potential to disrupt many industries. Although it’s often mentioned in the same breath as cryptocurrency and bitcoin, the two are not interchangeable.
Bitcoin uses this technology, but cryptocurrency is only one possible use of this revolutionary technology. The iGaming industry will be affected by these technologies in several ways: from improving efficiency and security to enabling new features and functions.
This article explores these impacts by looking at how blockchain works and what kind of effect it can have on an industry that relies so heavily on trust between players and casinos.
What is blockchain?
Blockchain is a distributed ledger that records and verifies transactions by creating a public record of them. In other words, it is a decentralized system with no central point of failure, which allows for both transparency and security.
This means that all participants in the network have access to the same information at all times, removing the need for third parties such as banks or payment processors to verify every transaction.
It can be thought of as an open book where everyone can see what’s written down on its pages: it has no restrictions on who can read or write information into it; everyone participating in this process has equal rights.
There are no limitations imposed on what they are allowed to do with their entries once they have been made public; and any user can inspect previous entries without having access issues (e.g., someone reading over your shoulder).
How does it affect the iGaming industry?
All transactions are recorded. This means that you can be sure of what’s happening in your account at any given time and that no one can tamper with it (unless you have to do so yourself).
It is distributed across many computers, which makes it very secure.
The data is stored on all these different computers, so if someone were to try and hack into one of them, they wouldn’t be able to access the whole chain—just that one copy of it. This makes hacking extremely difficult or impossible.
More blockchain applications
The possibilities for blockchain are seemingly endless, and it’s hard to imagine how the technology will be used in the next decade. Here are some examples:
- Blockchain for supply chain management: It can track any item or object across its life cycle, from raw materials to final product, providing documentation of each step along the way. With its unique ability to store data immutably and securely, and has become a popular solution for supply chain management in industries like food safety and pharmaceuticals.
- Blockchain for voting: In theory, digital voting systems offer greater security than traditional paper ballots because they’re less susceptible to tampering by hackers or malicious actors who want to alter election results—the whole thing is verified through cryptography before being added onto public ledger systems like Bitcoin or Ethereum blockchains. This doesn’t mean that digital elections are impervious to all forms of manipulation—but they have been proven more secure than their analog counterparts in many cases so far!
Blockchain’s limitations in iGaming
Blockchain is not a complete solution to all gaming problems.
In fact, the technology has its own limitations which must be taken into account when designing an iGaming platform that uses it as its backbone.
Blockchain and iGaming are a great match for one another.
Blockchain is nothing if not a perfect fit for iGaming. This technology can help verify transactions, track player behavior on the network and create a secure and transparent gaming environment.
In fact, it has already been used to launch an online casino platform where players can gamble with cryptocurrency and win real money.
There’s no doubt that blockchain is a game changer for the iGaming industry. With its promise of transparency and security, it has the potential to revolutionize the way we play online games.
As with any new technology, there will be obstacles along the way; but if you’re interested in getting ahead of them (as well as staying ahead), now’s your chance!