If you have been paying attention to blockchain and cryptocurrencies over the past few years, you’ll know just how popular they have become. Blockchain technology has the capabilities to vastly improve a range of industries and those in the iGaming industry have already started to make use of it.
We previously told you about some of the key things you need to know about blockchain but what are the real benefits of this to iGaming businesses? Below, we’ll look at these benefits in more detail.
One of the major benefits that blockchain technology brings to businesses in the iGaming industry is enhanced security. Due to the way in which the chains are linked, it can be very difficult for anyone to intercept information when it comes to blockchain.
Security is of major importance in the iGaming industry as there are millions of people around the world offering both their payment and personal details to organisations. Blockchain uses smart contracts to ensure cyber criminals are kept out. With this additional security, operators can reassure their players that any details are in safe hands.
Any operators that are offering products such as slots or bingo games know just how important fairness is to both players and the regulatory bodies. If an operator was seen to be breaking the regulations on fair play and transparency, they could risk losing their license and damaging their reputation.
With the help of blockchain, however, it is possible to be much more transparent about how things are working and prove that games are fair. There is no room for manipulation in blockchain as what you see is what you get. With no central authority, players will know that they are in safe hands.
Speeding up transactions
We all know just how quickly players want to be able to try out games on a site. In the same way that they don’t want to wait longer than a few seconds for a webpage to load, they don’t want to have to wait around for their deposit to clear. This is especially important for those operating in the sports betting world as a slow transaction can sometimes result in a missed bet or specific odds.
However, with the help of blockchain, transactions can be processed in a matter of a few minutes. As more countries start to incorporate blockchain technology, it is becoming much more possible to exchange your crypto. Quicker transactions are beneficial for both the player and the operator and as a result – the affiliate too.
It is worth checking out
If you haven’t yet realised the benefits that blockchain can bring to your day-to-day operations, then it might be time to resolve this. Blockchain is gaining traction and we expect many iGaming businesses to start using it much more frequently going forward.
The benefits outweigh any concerns that you may have about blockchain running at the centre of your business. Look into some of your options today and hear what the experts have to say about blockchain in iGaming.