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Scope of Blockchain in iGaming Market
The blockchain technology already has intrigued many industries, iGaming is another one. The distributed ledger technology stores data in an encrypted manner supported by immutability and self-authentication. Exactly the requirement of iGaming industry as trust is one of the biggest issues that restrict its growth. Decentralized blockchain ledger can automatically store bids and transaction that take place during the game.
Currently, online gambling or iGaming industry strive to establish a framework that is free from trust issues and transaction transparency is also achieved. Results fairness has always been put to question as there is involvement of a third-party in the procedure, as a result, many players do not converge towards the iGaming platforms. Security of digital assets, verification of entities, and simplified transaction procedure are some of the leading demands in online gambling that needs to be addressed.
Blockchain holds the potential to serve as a solution to the challenges. Peer-to-peer transaction eliminates the third-party establishing trust between both the entities of the network; also it reduces the cost charged as transactional fees. Digital assets, financial, and personal data are highly secure as no one apart from the entities of the network can access this data. Blockchain network auto-authenticates each of its users, only after proper validation one can gain access to it which mitigates the risk of online frauds.
The technology offers ‘proven fairness’ where all entities, all bets, and transaction ever made are stored within the network which can be viewed and verified by all. Play algorithms can be mold into smart contracts for complete automation and all participants will have access to it injecting trust and transparency in the network. These smart contracts can also trigger the payouts efficiently immediately after the play gets over. Random-number-generation (RNG) process will also become fully decentralized and verifiable by all participants.
The advent of blockchain in online gaming will be beneficial for regulatory authorities. Technology will provide them access to all participant and transactional information in real-time speeding up the auditing process. Transaction tracking will become more convenient and may result in the formation of new regulations for the industry.