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Will Blockchains and iTokens Overtake iGaming? – TechRound

TechRound Team November 24, 2022
Cryptocurrencies are here to stay, and so are virtual and mobile online casinos. Both are multi-billion dollar industries, though crypto has a bigger market value. It is based on blockchain, a revolutionary technology that can change businesses and industries.
So, will blockchain and tokens overtake iGaming in the coming days?
Let’s explore.
Blockchain is a foundational technology. It allows developers to build decentralised systems using smart contracts. Several crypto projects use different blockchain technologies to power their infrastructure and apps.
iGaming is the new age of internet gambling. It refers to modern online casino games like video slots, poker, and roulette. Many iGaming companies create high-quality products that you can compare with computer or video games.
Today, several online casinos allow deposits and withdrawals in tokens. They also come with crypto games to try your luck.
As a result, blockchain and iGaming are coming together to create great gambling experiences. However, will crypto overtake iGaming in the future?
Blockchain and iGaming are not competing technologies. They can be used together to create a new future for online gambling.
As noted earlier, blockchain is a foundation for building decentralised systems. It is transparent, immutable, and does not rely on a single entity.
Therefore, blockchain can serve as the foundation for transforming finance, accounting, supply chain, and countless industries.
iGaming can use blockchain as a foundation to create top-notch crypto casinos. Every transaction performed in a casino would be recorded on the blockchain. It can also store your wins, losses, bonuses earned, and more data.
Additionally, casinos won’t have a centralised system to control their activities. The peers or users will become important and have a say in the management of the platform.
Best of all, blockchain can help reduce the operational costs of the iGaming industry. It can allow quick transactions where you don’t wait for days to cash out your winnings.
Moreover, records of everything will exist on the blockchain, easily accessible by anyone. The data will go a long way to close disputes between gamblers and operators.
iGaming may leverage blockchain and decentralised systems to build trusted casinos in future. The online gambling industry will earn more trust and attract more gamblers from around the world.
Additionally, the rising value of cryptocurrencies can lead to the development of the iGaming industry. Tokens have high values and can provide the required funds for thorough R&D.
Moreover, we can establish operating standards for iGaming to provide a consistent experience. Even unregulated operators could have to comply with existing frameworks.
Best of all, we may see many innovative crypto-based iGaming projects coming to the market. It will become more exciting to place your bets at an online casino.
Blockchains, crypto coins, and iGaming can work together to provide a better gambling experience. They can help businesses build robust gambling infrastructures to power casinos and games. Additionally, they may foster more transparency and trust in the future.
Natasha Meisel November 25, 2020
Daniel Tannenbaum December 2, 2021
Daniel Tannenbaum December 3, 2021

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