The use of blockchain and cryptocurrencies in the gaming industry is also quite high. If we look at the statistics, the global blockchain in the gaming industry was estimated at 4.83 billion dollars in 2022. In addition, it is expected to grow by almost 70% from 2023 to 2030. Today, we will talk about how big this technology is. If you want to learn more about this topic, keep reading.
What is Blockchain Technology
A decentralized, securely shared ledger of data is what is meant to be understood by blockchain. Participants can share a common set of data thanks to this technology. Blockchain makes it simple to gather, combine, and distribute transaction data from many cloud services. Data is chained by separating it into blocks, or distinct identities known as cryptographic hashes. By providing a single source of truth, the blockchain maintains data integrity, reducing the issue of data duplication and boosting security. A blockchain system eliminates data tampering and forgeries by requiring the consent of all stakeholders before changing any data. While shared, the blockchain ledger cannot be changed. All participants are notified if there is an attempt to alter the data, and the perpetrator can be identified. And these days many games, sports betting sites or online casinos use this technology.
Why Does Blockchain Market Grow
The demand for a decentralized, open and secure game was of course there by everyone. This has caused the market to change direction. Thanks to blockchain technology, the gaming industry can now respond to people’s needs and start working in a more transparent way. The reason for this is that blockchain technology records people’s movements in a coded way, but don’t worry, these passwords are not passwords that can be easily hacked. In this way, the gaming industry becomes more transparent and people can play games with peace of mind. Therefore, interest in this sector increases and grows.
Everyone has seen the enormous interest in cryptocurrencies and blockchain technology over the past several years. Investments in this industry have also increased as a result of this. The cryptocurrency gaming sector has grown in direct proportion to the increase in interest and investments. It has also continued to evolve. As an illustration, in October 2022, Horizon Blockchain Games raised $40 million. They developed their games with this money, making sure their clients were satisfied.
Why Do People Choose Crypto-Based Game Platforms
Game Variety: Due to the fact that cryptocurrencies are still a relatively new technology, the online casinos that include them will need to adapt and be willing to try new things. This implies that there will be innovative games that are fun for all ages. Since it will be challenging for everyone to get together in one location, cryptocurrency casinos appeal to a wide range of consumers by fusing modern technologies with traditional tastes. This indicates that there are a good number of games available at crypto casinos because of advancements in the industry. In addition, gamers have the option to earn more cryptocurrency by playing games with a cryptocurrency theme. Given that technology is always evolving, we anticipate that game selection will also be updated on a regular basis.
Anonimity: Transactions at cryptocurrency casinos are faster and more secure than at traditional casinos that have opened up to date. It is impossible to trace a cryptocurrency deposit made at a casino because of the previously mentioned blockchain technology. The players feel more at ease as a result of this procedure. Blockchain technology protects financial and personal data. It takes longer and is less safe to use a credit or debit card on betting sites because the banks are a third party involved.
Transparency: Because they use blockchain technology, cryptocurrency casinos are perceived as more trustworthy than other types of online casinos. This lowers the possibility of fraud to zero because all transactions and gaming activities are recorded. However, don’t let this logging process scare you; the data is encrypted so that nobody can access or view it. In addition, players can wager in a fair atmosphere thanks to the contracts and regulations created using blockchain technology, which benefits both the players and the casino.
Faster Transactions: We have already mentioned that transactions with cryptocurrencies are made faster than other transactions. This is one of the biggest factors why people prefer betting sites that trade in cryptocurrencies. Because no one wants to wait to bet or want to see the money they earn in a short time. As people’s demands increase, the crypto gaming sector continues to grow.
