The Blockchain Gambling Impact – Professional Opinions – Part 6
We have done several articles on the opinions of professionals working on the blockchain industry, and today we are going to wrap up the series, focusing on the games, in reality what attracts the people the most to gambling.
Blockchain poker sites have two main features, which are the peer to peer interaction between players, but also the cryptocurrencies as payment methods. The interaction between players is made through a gambling platform where cryptographic algorithms provide trust, so there is no one in control of the process, the game is leading the way.
In a poker game where smart contracts determine fairness, tokens are a necessity, creating demand for such tokens or cryptocurrencies, which can be an existing cryptocurrency or a native token from the platform.
Cryptocurrencies assume themselves not only as a technology in the blockchain format, but also as a payment solution in all the aspects that this involves.
Nicc Lewis, Expozive
Nicc Lewis is the founder of the Marketing and Consultancy agency Expozive, specialized in online gaming, but also affiliate marketing, sees crypto as the payment solution for gaming companies, as there are no downsides to offering this payment method, especially for high risk industries.
Also, being on the blockchain makes payment much faster than the existing methods, namely bank wires, not to mention how much easier it is for companies to raise money through ICOs.
Raising money to expand operations and safer and faster payment solutions are definitely very attractive for any company, not only in the gambling sector.
The blockchain enables instant transfer of information in a transparent way, being a perfect match for sports betting, making this predictive market more accurate and transparent. A sports betting blockchain platform would have the capacity to collect the needed information in one single place and to process payments instantly in cryptocurrencies.
The fact that bets could be executed immediately and that the users can make their own smart contracts and execute their bets when necessary create an additional attractive to this online gambling niche.
Alex Czajkowski, RTG Asia
Not everyone thinks like this though. Alex, the Chief Marketing Officer from RTG Asia, considers the impact of the blockchain in gambling will be limited, unlike what might happen in the medical industry, for example, where it will be extremely useful, as it cannot be hacked.
Alex Czajkowski considers the blockchain useful only for data agreements between the operators and the players, like bonuses and promotions, but in terms of result tracking it would just complicate the process.
The Lottery on the blockchain has an obvious advantage, which is transparency on the results. Until today, no one knows if those results are fair, the factor luck determines everything. FireLotto, Trueflip or Kibo, blockchain lottery platforms, are the first sites where the players can actually understand what happening behind the scenes of the game.
The open source code allows the players to understand what determines the winner, and being decentralized makes that the game has no borders and that can make instant crypto payouts.
The blockchain is here it stay and it will cause a deep change in all the aspects of the online gambling industry. The changes are for the best, making entertainment easier, cheaper and more transparent, so something all the players wish for.