Blockchain technology carries tremendous potential in moving towards a decentralised system that can eliminate all human error. Since humanity became civilised, there has always been a central authority which controls almost everything within a society.
Since the launch of Bitcoin in 2009, the number of users on various blockchains has exploded, due to the sheer power the blockchain holds. A blockchain is made up of blocks, which, when a transaction is submitted, remains until the end of time and each and every transaction is then logged and traceable.
We're currently still in the early stages of blockchain technology and much of the use currently is in general transactions from peer-to-peer networks. For instance, many users deposit cryptocurrencies in online casinos to access a wide range of slots available online, such as Bikini Island, Bird of Thunder, and Bombs Away. Many also use blockchain technology for decentralised finance (DeFi) and for non-fungible tokens (NFTs), utilizing them for in-game purchases and more.
iGaming to start working with blockchain tech
A huge positive that has come out recently is that the Malta Gaming Authority (MGA) has approved the use of blockchain technology for all operators that currently host a licence with them. This is without doubt going to improve the iGaming sector in a variety of ways and the benefits are rife for both the operators and the players.
Regulatory framework surrounding the online gaming world has always been a concern to operators and this is mainly due to how often things can change in terms of regulations and what's accepted year on year. With the technology within iGaming improving, it's become easier to use the previous framework to create an online casino that's simple yet effective, making for a fun environment for the player and a successful business for the operator.
With the announcement that operators can begin using blockchain technology for their own uses, this has caused a stir in that these operators can now be far more transparent with their own players and the iGaming community. Due to blockchains being accessible to everyone, information and systems will be shared and will gradually improve hundreds if not thousands of companies using blockchain tech, or looking to.
Central Bank of Digital Currency - coming soon
Since the initial announcement and the handfuls which have come since, the Central Bank of Digital currency is somewhat disliked in the crypto community, with many concerned of the potential control central governments will have on the platforms they've worked so hard to build and grow.
With CBDC's coming far sooner than expected and some already rolling out in the Caribbean and elsewhere, there is growing concern from the public that each and every person will be forced to be on a system accessible to all. Privacy has become a growing issue within the last few years, with various data leaks and scandals involving the misuse of peoples data.
The main concern surrounds the fact that no-one will be able to avoid being placed on these systems, with all history of transactions made with the CBDC currency being accessible and there's a feeling that the general public are sceptical about how safe their privacy will be moving forwards. In the coming months and years, countries with a far bigger population than those who have already released the digital currency and this will be the real stress test.
Blockchains and gaming can go hand in hand
What cannot be overstated is how powerful blockchain technology is, aside from the various cryptocurrencies, DeFi apps, smart contracts and NFTs that is the current main use for blockchain tech. With iGaming operators set to begin their work on blockchain tech, hundreds of industries will most likely follow and one that can benefit greatly from this is the gaming sector.
Gaming as a whole is one of the largest industries in the world, with millions logging on to various consoles and gaming set-ups each day. It's certainly not the case that the gaming industry is in need of blockchain technology and it could continue to thrive without it. However, should gaming developers begin using blockchain tech, it could lead to a universal benefit for game devs.
With a completely transparent environment, companies could all begin thriving together. Currently, there are a few large gaming corporations that use a very basic system to formulate what their game will be and create a model behind it that's designed to extract as much money as possible with the addition of in-game microtransactions.
Predatory gaming companies could lose out
For as long as gaming has been a market leader, the largest of companies with the most capital have dominated the game sales charts year-on-year for decades and for a franchise like CoD for example, many believe the yearly release of games have been getting worse, with the main improvements and high points coming from in-game purchases.