Nowadays, we are experiencing a new wave of technology and this is Blockchain. In this article we are going to cover what is the future which is ahead of us and how will impact our daily life but especially the influence on crypto gambling.
With each generation, there is an enticing discovery, or revolutionary technology that will transform how we interact, convey information, conduct work and go about our daily lives. For many of us, the most recent advancement was the accessibility and everyday use of smartphones.
Smartphones revolutionized the gaming industry, modernized communication, and conveniently provided new ways in which we can travel and receive goods in a convenient manner. Moving into the new decade, a new buzzword has become prevalent among the masses and many are aware of the term Blockchain but aren’t familiar with what it entails.
For many, the inclination is to associate the word with Bitcoin, the controversial cryptocurrency that many see either as “digital gold” or “rat poison squared.” Now while Bitcoin reveals an important part of Blockchain, and was the first major use case we saw for Blockchain, it doesn’t give us the whole story.
Bitcoin vs. Blockchain
Bitcoin is a fraction of what Blockchain really has to offer in the same way that Google is just a specific use case for the internet. One wouldn’t look at the Internet and say the most valuable part about it is the ability to send emails.
It’s the same case with Blockchain and Bitcoin. Blockchain technology is indeed the largest reason why Bitcoin is so unique, but Bitcoin is just an example of how Blockchain can impact the financial sector in the same way that email represents what the internet can provide us in terms of peer to peer communication.
You can always check our Bitcoin price analysis for a better understanding
The application of Blockchain extends far beyond just finance and many argue that cryptocurrency may be the least interesting thing about Blockchain given the projects that have yet to come.
How Does This Affect Me?
There are a plethora of businesses and startups utilizing Blockchain to change patient data tracking and hospital safety as an attempt to revitalize our current fractured healthcare system.
Walmart and IBM have already implemented a supply chain solution with Blockchain to identify, restrict and cut out contaminated goods that would normally halt operations and put the safety of consumers in jeopardy.
To understand Blockchain technology is to look at all the underlying societal issues concerning data safety, accurate information, inefficient third parties and abusive authoritative figures.
Where can we increase productivity, ensure security and incentivize each participating user along the way?
Blockchain not only solves a lot of these issues, but has more fun implementations as well, changing how we currently familiarize ourselves with entertainment and gaming.
Blockchain in Entertainment
In 2018 the Esports industry was valued at around $865 million USD, and just recently surpassed the $1 billion benchmark. Esports has evolved to become one of the largest sources of entertainment around.
More than 42% of Americans spend at least three hours a week playing a video game, solely for enjoyment. While twitch and youtubers have gained incentive to monetize their gaming through tutorials and livestreams, they fall in the minority of video game users and represent only a portion of the population that plays.
Blockchain gaming not only offers the opportunity to eliminate many abusive third-party publishers, but reward users in ways that were previously impossible.
Benefits for the user
Proof of ownership can extend to in game virtual items as well as the currencies you use in-game. This means rewards earned in game can not only belong to you instead of the video game publisher, but it presents the opportunity to monetize your winnings, killstreaks, bonuses and achievements and do with them as you see fit.
The current standard restricts players to currency currently monopolized and owned by the game creator, which is restricted to that game, lacks cross platform functionality, and often can’t be earned but rather bought through fiat.
Blockchain gaming decentralizes the game’s ecosystem, creating an environment allowing for a free market, and supply of cryptocurrency that they cannot monopolize. Not only does this mean you can freely trade your items with other players, but you can also convert in-game currency to other cryptocurrencies, or even fiat to cash out on your winnings.
Creating these free market systems and offering players the ability to monetize their skills opens up an enormous amount of business opportunities and incentives to gamers that already spend millions of hours yearly dedicated to different platforms.
Examples where Blockchain is used
The NBA has started to look at the concept of tokenizing player’s contracts and listing them on the blockchain. Blockchain games like Decentraland and Gods Unchained have already raised hundreds of millions in capital and are providing business opportunities for gamers, coders and graphic designers.
Given many players already have built communities and championships dedicated to traditional gaming and entertainment, providing further monetary incentive and ownership through the capabilities of blockchain will change the way we look at entertainment and gaming, turning it into a legitimate profession.
In accordance with Esports and entertainment, online Casinos have continued to flourish and initiate an array of impressive functionality through Blockchain.
With many online casinos using Bitcoin as a form of capital on their platforms, it has eliminated the need for third party intermediaries that can often add friction to the process of online sports betting and gambling. Many verifiers and associates will tack on hefty fees for processing and issuing rewards to users.
As an added benefit, gamblers can now track their winnings easier than ever and this increased transparency and decentralization helps protect users against fraudulent activity thanks to cryptocurrencies available to gamble. The immutability of the blockchain ensures that disputes are handled effectively and accurately, with the inability to change or modify data providing proof of ownership and proper distribution of rewards.
Security and trust have been common issues preventing many users from getting involved in the online gambling community. But now that these issues are starting to dissipate, the online gambling community has seen a large influx of users as many people are eager to explore the pronounced benefits.
While we are still waiting for blockchain technology to go mainstream and reach mass adoption, those aware of the benefits are pioneering the process and will have an enormous advantage when the rest of the world attempts to catch up.
Although the concept of a blockchain is rather simple and not too difficult to understand, its implications are boundless.
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