More ways to win
Blockchain creates sweeping opportunities for online gaming. With the unlimited scaling potential of Bitcoin SV, the possibilities for microtransactions are quite literally endless. For the online gaming industry, micro transactions are at the core of revenue streams. They can help broaden customer bases, open new financial avenues and empower players in underdeveloped countries to participate in the global economy.
With previous technologies, digital microtransactions simply weren’t economically feasible for merchants, banks and consumers. Traditional payment processors often require fees that exceed the value of such small-value exchanges. As a result, while demand for micro transaction has been growing, application has been impossible. The economic security of blockchain changes that. Transactions on the blockchain replace the middleman procedures and reinvent accounting tools that have rendered microtransactions infeasible in the past.
Through the effective implementation of simplified payment verification (SPV), our solutions allow for the pre-verification of readily available digital assets and funds, while authenticating and keeping track of the identity of relevant parties in an immutable evidence trail. This certainly results in significant bottom-line benefits for business. However, the use of blockchain also unlocks value for players as well.
In any game with a financial incentive, users rightfully hold concerns about fairness and manipulation. Trust is a core issue and has been for years. By leveraging the transparency that comes with the open blockchain, users gain confidence and feel more comfortable participating. The question about the integrity of pots, wagers and payouts begins to disappear. Blockchain delivers provably fair gaming, prevents disputes and builds trust.
Knowledge is power.
Start your blockchain transformation with the nChain Intelligence Briefing on Gaming today.
Opportunities in Gaming
1. No More Chargebacks
Every day, the online gambling industry loses millions of dollars because of chargebacks resulting from disputed credit card services. While some of that is the result of disgruntled players disputing loses, a significant portion is simply users not understanding the laws of their country in regard to online gaming. With real-time verification of assets, chargebacks can be eliminated.
2. Provable Fairness
Blockchain is a cheat-resistant technology that, in combination with random number generators (RNG), delivers provable fair gaming. Its robust authentication protocol prevents disputes and encourages player confidence by bring transparency to in-game assets and payouts. The data stored on the blockchain forms an evidence trail that can be used to spot anomalies, allowing for the effective investigation of foul play with giving players an unprecedented level of confidence in game results.
3. Money Not Held in Transit
Getting access to incoming funds quickly and at low fees has been a long-standing wish of businesses and consumers; financial institutions have required a series of manual processes and time-consuming accounting procedures before clearing funds and settling transactions. Blockchain represents a through-line solution to these challenges – realising instantaneous and secure transactions that can be triggered in an automated yet controlled manner.