Game-changer of The iGaming Industry: Blockchains
Blockchain technology is expected to change the world
Blockchain platforms are described as “the new Internet” and people consider it as the “central bank killer” or “the true democratiser”.
Already now, Blockchains have a huge impact on online gaming and there are changes seen on the physical layout services and products, and they way users are interacting with them. But not only to this also the regulatory framework will be changing in the future. These innovations are implemented by companies such as Virtue Poker, FunFair.io and FansUnite.io.
Blockchain technology can be a huge support for the emerging platforms. Cryptocurrencies such as Ether (ETH) or Bitcoin (BTC), emphasise the utility of these blockchain applications on their respective platforms.
The main difference that comes with the blockchain technology is the distributed ledger system. This is a common technology on both blockchain platforms, the Ethereum and the blockchain platform itself.
These platforms consist of multiple independently working computers, so-called nodes, which are all combined and execute the same order of commands individually.
In tandem with other nodes, every computer is processing commands or information and generating them into a ledger.
After a process is finished, the data crystallises into the respective ledger of the note and a new process begins. A transaction, which has occurred few weeks ago, can content thousands of blocks of transactions which have been collected afterwards; an actual chain or so-called blockchain.
What makes the transactions on, for example, the Ethereum network extremely resistant to security breaches is the crypto-graphical protection. Thus, this kind of payment is considered as more secure as for example traditional gaming platforms or banks.
Another way Blockchains can be used is to generate smart contracts, which can operate in an immutable, secure and verifiable manner. So-called smart contracts are a series of instructions aimed at several stakeholders in a transaction. The command of a smart contracted can be standardised to the formula “If this, then that”.
If “if” and “that” are ahead of controversy, they work the best, and it makes them very suitable for betting or gaming applications. As, for example, in a Blackjack game, if the dealer does not win, then the player wins. The base of these smart contracts are blockchains and thus, difficult or almost impossible to hack.
Traditionally, gaming platforms possess or at least regulate servers that content the game-play history logs, the commands of the game, the player information, the game-play history logs, the technology of the games, information on deposits and other sensitive data.
Different to that are the Blockchain gaming networks. These are not in charge of the networks which are hosting the sensitive data. Other, the host of this information is a decentralised network, the blockchain.
Before the blockchain, gaming sites have been victims to hacking attacks, leaks or other occurrences. This happened mainly since there was one central point — their servers — to be exploited.
Without this weak point, gaming platforms are more resistant to get hacked. Blockchains are more secure, since the hacker would have to decode every node of the blockchain to hack the system.
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