Once in a generation, an invention or idea comes across that is so different and revolutionary that it causes entire industries to shift their short-term focus toward catering to it. Until 2021, many would’ve argued that blockchain technology and cryptocurrency were the true heir to this title, and now AI has joined the party.
AI is fast becoming a once-in-a-century invention, never mind a once-in-a-generation. So, while blockchain and crypto might have been knocked out of this technological limelight, that doesn’t mean several pioneers are still looking to change their industry by implementing specific groundbreaking designs brought to the fore by the emergence of both blockchain and cryptocurrency.
How Is Blockchain Changing The Casino Landscape?
Clearly, the online casino industry is not the only one witnessing the remarkable changes in dynamics that blockchain and cryptocurrency are bringing into the equation. In a nutshell, blockchain is designed to verify transactions and act as a provable, immutable ledger that records any payments sent on the network.
The concept is a total deviation from our traditional, centralized banking system. The blockchain means crypto can be sent directly to another person or business, so long as they have their wallet address and send it on the right network! The blockchain records and logs it, verifying its security and removing the need for any bank to get involved in sending or receiving the funds.
Impact Of Blockchain In Wider Gambling Markets
Casino gaming is emerging as one of the fastest-growing markets, with thousands of bettors now using their digital assets to bet on various markets. If we step back and look at the rest of the industry, there’s also a growing demand for these markets. The appetite for the same technology in sports betting and wagering is driving the rise of other markets that didn’t even exist 10 years ago.
For instance, professional video gaming and eSports are going through a staggering increase in popularity, quickly resulting in the emergence of popular gambling subsidiaries. Cryptocurrency gambling platforms have wasted no time in offering a facility where gamers can bet on these markets, including some of the most popular video games in the world, such as CS2 (Counter-Strike 2).
While the market for it is large, and traditional gambling platforms are also noticing a surge in people exploring these markets, betting on CS2 matches at Thunderpick, for instance, brings together both of the points we’ve made in this section, which include the advancements that blockchain is making in removing the barriers of other more traditional platforms. Counter-Strike 2 is one of many betting markets that’s proving to act as an intriguing alternative to traditional sports, and the implementation of blockchain and cryptocurrency into this has meant that it’s an area of the industry causing great intrigue for analysts and blockchain gaming experts. Technology has brought players new games to potentially bet on, as well as new ways to bet.
Decentralizing The Landscape
Big tech companies are already implementing blockchain into their business models, and while online casino companies might have been the first to explore this real use case, there is a growing need for blockchain tech for record storage, proof of assets and ownership, tracking payments, and total transparency for any payments or withdrawals made from a crypto wallet.
When somebody sends money to a business or individual, especially if they are overseas, the wire transfer can take days, often involves fees at both ends, and can also suffer from currency depreciation. It’s not a combination anybody wants if they send thousands of dollars to a person or business in another country.
The blockchain means that these transactions can happen instantly, involving a small gas fee, and cross borders without plenty of the red tape that centralized banks can often implement. There are also pioneering designs like digital collectibles, which are also bringing in new audiences. Now, we’re not going to say that this is a perfect system. Unfortunately, and predictably, there are rogue elements online that will use cryptocurrency and the smoothness of its cross-border payment mechanisms for illicit reasons.
But if we’re looking at the advances brought in by blockchain gaming and how decentralization essentially gives people greater control of their assets, then it’s an extremely exciting piece of technology.
Final Thoughts
By removing the need for a third party to oversee any casino withdrawals or deposits, blockchain technology can innovate in casino gaming like no other payment method has before. Sure, PayPal and other e-wallet technology did offer some innovation and provided an extra layer of security for those who weren’t too keen on the idea of providing all their card details.
However, the blockchain removes the need for any centralized authority in the middle, allowing gamblers to sync up their wallets immediately and begin playing. As more people warm to the idea, cryptocurrency casinos are likely to grow in stature, and as a greater number of traditional investors seek out crypto and digital assets, there’ll be an additional uptake in casino gaming that utilizes this form of payment, well, so you’d think anyway.
