How Blockchain is Taking Gaming to a Whole New Level

Blockchain technology encompasses so much more than just cryptocurrencies these days. And while these currencies are by far blockchain’s most famous use case, the potential for blockchain far, far exceeds a straightforward transfer of value.

The gaming industry, for example, has always been fairly controversial due to a range of issues. Many players feel particularly worried about the protection of their data, fraudulent activities, high fees, and most of all, unfair and hidden odds.

In these cases, P2P doesn’t just mean peer-to-peer; it means player-to-player. As with the other P2P industries that blockchain is disrupting, such as FinTech, there are already plenty of ways in which blockchain technology is being applied to resolve these issues and many more of the challenges faced by the gaming industry. Here are just a few.

Reducing fraud

The gaming industry suffers a lot from online fraud. One of the main advantages of blockchain technology is that it enables highly secure data encryption. What’s more, all of it is entirely accessible and transparent to the player. In other words, blockchain is a for game changer for venues such as online casinos, lotteries, and virtually anything which relies on random number generation.