Right now, we are fully experiencing the fourth industrial revolution. Some would even argue that we have entered the fifth revolution already. We are developing on all fronts, and technological advances are making us accelerate at full speed. We are witnessing a knowledge revolution in which advanced (high-end) technologies will enter people’s everyday life at a faster pace.
Blockchain technology
We started using this technology on a larger scale with the birth of Bitcoin in January 2009. Many tech enthusiasts would say that blockchain technology is one of the most phenomenal and brilliant inventions of the human mind.
Blockchain is a distributed register recorded in packages called blocks, consisting of fixed digital data that cannot be changed or removed.
The online gaming industry
We – as human beings – have always been motivated to win. This pushes us further to fulfill our wildest dreams. At the same time, we are calculated, comfortable beings and often prefer to be physically lazy but mentally active. This makes us find shortcuts in routine processes. It makes us invent tools. Or new ways to make money.
Online gaming is one of the best examples – especially in the case of playing for a prize. Anyone who has participated in a lottery or bet on something at least once knows that feeling of hope, the expectancy of a win.
After a lucky win, people feel a sense of reward because they were inspired, they felt some instinct, and they took the calculated risk to win.
Unfortunately, this often translates into people choosing online gaming platforms to chase this particular feeling. But the platforms we have access to do not give us full assurance that they are set to function following a random, unbiased system.
We cannot have such security for several reasons. The main reason is that there is not enough transparency. Can anyone say for sure that all the online and offline gaming services that companies offer are 100% set to a random system, offering equal opportunities to all?
The system’s fairness and safety
Fortunately, through pure mathematics, we can have created a system that can reward people who take risks, but without setting people up for failure – Blockchain technology. This revolutionary technology offers transparency and total security in order to assure the players that the games are running strictly on random systems.
The gaming industry is one of the most dynamic and up-to-date with new technologies. This makes it accessible to quickly adapt to the new market situation – the mass adoption of crypto and blockchain technologies.
Therefore, it can be assessed that people will no longer be gaming in traditional ways in the future. There are other improved methods that can be used, such as platforms that use blockchain technology as a ledger and cryptocurrencies like Bitcoin, Ethereum or any other token.
Smart contracts
We are witnessing the mass transition of players to the Blockchain environment and this was made possible only by straightforward technological advances like Smart Contracts.
Smart contracts are those contracts written in code that are practically self-fulfilling depending on how they are set. These contracts use code and algorithms to develop the terms and then implement the chosen action to fulfill the contract.
The benefits are plentiful in this way. The contract enters into force as soon as the terms are met, everything is automated, and the language is straightforward, with no room for interpretation. Furthermore, every transaction is easy to monitor and transparent on the Blockchain. Everything is public.
There already are plenty of cryptocurrency casinos and poker applications. Almost every business in this area is adapting at a breakneck pace to the new conditions. As a result, thousands of cryptocurrencies in the ever-growing market, companies, and players have a wide range of services to choose from. There are several advantages worth mentioning:
- Unlike bank or cash cards, cryptocurrencies cannot be counterfeited.
- The trading time is short. In some cases, instant.
- Transaction costs are lower than in traditional currencies.
- Anyone with an internet connection can access the system.
- The identity of each player is protected.
Some online gaming companies are even revolutionizing the entire system and developing casinos where the Smart Contract becomes the contract by which the player owns a part of the company, so trust is entirely in the hands of users.
Reality has far surpassed the imagination in the technology sector. Yet again, simplicity and transparency seem to be the best methods. Thanks to Blockchain and cryptocurrencies, the online gaming market is highly diverse and growing at a rapid pace. Nowadays, everyone can find something to their liking and interest in this online game metaverse system.
The future looks promising
Leaders in the financial industry and the business community are an example to us all. They show us how Blockchain technology simplifies and provides enhanced security through cleverly deployed smart contracts. One of the safest ways to play any game of chance is online, using a platform that is built on top of a transparent blockchain. Thus, each player can confidently make sure that no referee intervenes in the process.
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