How blockchain can revolutionalize the gaming industry
Blockchain is believed to be one of the best things that has ever happened to mankind, owing to its infinite applications. It is being used in various domains already and has revolutionized almost every one of them. But, can it be used to do the same to the online gaming industry?
The answer is a huge ‘Yes’! The online gaming industry currently suffers from several drawbacks, which is causing many online gaming enthusiasts to refrain from involving with them. It is believed that with the incorporation of blockchain, some of the major problems involved would be eliminated. But, what exactly are the problems with the online gaming industry?
Some of the most played online games are poker, rummy, casino games, and other ‘games of luck’. In most cases, money is involved as a betting asset, which is probably why it stands at over $50 billion annual global market. Here are some of the issues involved:
- Sometimes, the online casino managers wouldn’t pay the winners of the games their fair share.
- Not every player of an online game has detailed information such as the prize money, the winners, number of players, etc.
- Before a game starts, the prize money would usually be declared. But, the players wouldn’t know the paying capacity of the game organizers.
- If a hacker gains access to the players’ online wallet, every last penny would be drained from it.
- In online games which involve the random generation of data, such as numbers, there is a chance that the game managers could manipulate them.
Here is how a blockchain can solve the above-stated issues:
- Once the winnings of a game are declared, the blockchain software would send the funds to the winner’s account automatically. The casino owners cannot intervene in the procedure.
- Since blockchain is an open ledger, every player involved in a game would have detailed information about the game parameters.
- Blockchain would allow the users to access the accumulated funds and confirm the centre’s ability to pay the jackpot amount.
- A blockchain is, by far, the hardest software to hack. You can be rest assured that no hacker would steal your winnings.
- The blockchain would prevent the intervention of any external element while generating random data which is to be used for a game.
All these factors could change the way online gambling games are played completely. This is the magic that blockchain could do to the online gaming industry!
Image source: Shutterstock