What is blockchain technology? How is it relevant for the igaming industry? Is there more to it than Bitcoin? Slotegrator gets you up to speed.
Blockchain is widely seen as one of the breakthrough technologies of our age. When it comes to igaming, blockchain-based solutions are quickly breaking ground when it comes to payment systems, regulatory compliance and gaming itself.
Many assume that blockchain and Bitcoin are synonyms. But while blockchain is the protocol that cryptocurrencies are based on, its applications are much wider — and still largely unexplored. When it comes to igaming, the focus has so far been on payment applications. The past few years have seen a dramatic increase in casino gaming and sports betting platforms that offer players cryptocurrency payment options.
But aside from payments, blockchain technology can also be used to create the products themselves. NBA Top Shot and Sorare, which run on Ethereum blockchain, are both examples of the type of NFT-based games that are gaining in popularity.
As always, there might be issues with regulations. The main concern with cryptocurrencies is the ability to trace the source of funds. But used properly, blockchain can actually be used to increase compliance and protect players.
While blockchain gaming is still in its infancy, cryptocurrency payments are bound to quickly become an expected feature for leading online casinos and sportsbooks. Read Slotegrator’s full article to learn more about how blockchain technology.