IBM technologies define blockchain as a shared, immutable ledger that facilitates cannot be altered or relocated; it offers a fool-proof and complete record of events that occurred on the network.
The technology behind blockchain operations has revolutionized the gaming industry, allowing operators of sites such as betplay casino access to the cryptocurrency market. From a market value of $3 billion in 2021, the blockchain gaming industry is expected to reach $39.7 billion by 2025.
Developments in the blockchain gaming space have had the advantage of immensely benefiting both the operators of gaming sites as well as the players. Players can trade in-gaming assets for cryptocurrencies and fiat currencies. Let’s have a look at other features enjoyed by gaming enthusiasts.
Blockchain technology employs several encryption methods to keep information safe, including 256-bit encryption and private key-public key for securing crypto token transactions. These measures keep hackers from accessing confidential information and prevent them from altering and deleting transaction history on the blockchain.
Online gamers are attracted by the promise of earning rewards on blockchain games. These rewards include avatars, cryptos, skins, and weapons; upon ownership, the gamer can exchange them for money. Gamers stand a chance to win NFTs by winning a game, after which the digital assets become the property of the gamer. NFTs are reported to have generated $4.8 billion in 2021.
Secure and Transparent Transactions
Game developers have built programs that process nano-payments, eliminating the need for debit and credit card companies. The high fees and increased processing times that come with using such intermediaries are avoided. The casino websites operating on the blockchain also have the advantage of instant, and cost-effective money transfers and enhanced data privacy for bettors subscribed to their platform.
Improved User Experience
Blockchain technology has given the user greater control of his gaming experience. Digital transactions are carried out securely, efficiently, and transparently. The gamer also has the ability to develop their own storyline and even create their own characters. This technology allows players to download games from different locations without changing the gaming experience.
As much as blockchain technology focuses on player benefits above all else, it also offers opportunities for developers. They can come together to build communities, pooling their skills to build powerful gaming economies. They can also use the smart contract’s features, ensuring fair conduct and market rates for their games.