Blockchain technology has not only revolutionized the financial sector but also other industry verticals. These are very different industries, with some being regulated and some being decentralized. Some are highly competitive while others have a high entry barrier.
A lot of application of the Blockchain has been seen in Fintech which is still at its early stage but it cannot be denied that several billion dollars of investments have been made in this sector. We have seen a number of unfruitful projects as well, but it is a part and parcel of the financial sector. Even the stocks market is full of scams and there are no proper regulations to tackle them.
The stock market is one industry where Blockchain has truly shown its potential. The stock market has always been somewhat strange because there are so many loopholes to exploit and no effective way of dealing with the consequences. Blockchain, if implemented properly can streamline this sector completely by making it more transparent. However, that is just about the financial sector; but what other industries does Blockchain have an impact on?
Blockchain Technology in the Gaming World
There are several ways in which Blockchain can make an impact on the gaming industry. There are some online casinos that accept cryptocurrencies as payment, but most gamers who want to play at these sites need to convert their fiat currency into cryptocurrency first. This process is not only cumbersome for gamers, but it also reduces the anonymity that they might want to maintain. Blockchain is the answer to all of their problems.
A number of gaming platforms have started accepting cryptocurrencies as payment so that players do not need to convert their fiat currency into digital tokens first before they can start playing. They can simply purchase tokens on Bitcoin Up which act similarly to casino chips, so it is much more convenient than using cryptocurrency that is meant for other purposes.
Cryptocurrencies are easy to store and they can be used in any country, if the laws permit it, since there are no specific rules governing cryptocurrencies like Bitcoin. This has given rise to an increase in the number of gamers who prefer using digital currencies rather than fiat ones.
The gaming industry has made the most use of Blockchain and this trend is expected to continue in the future as well. New platforms like vDice and Satoshi dice completely decentralize the betting process, which means there is no central authority that determines the outcome of a bet or takes a fee for providing a platform for gambling.
This opens doors for gamers to place bets without having to worry about the house taking a hefty commission for providing them with a platform. The next time you log in to your favorite online casino, make sure it is one that offers cryptocurrencies as payment, or else you might be missing out on some serious gains by being unaware of all the latest advancements in technology.
Wrapping Up
Blockchain has changed the way transactions are conducted these days. Now, almost every industry is adopting Blockchain technology to stay competitive in this age of digitalization. This is where decentralization scores over-centralization because it allows people to enjoy more benefits by doing away with unnecessary intermediaries that take a cut from the profits.
The gaming industry has revolutionized by using Blockchain technology as it provides several benefits such as anonymity and the transfer of digital assets from one place to another. This is just the beginning as we can expect to see more advancements in this space in the future which will further revolutionize the way games are played today.
