Knowing More About Blockchain and Online Gaming
Innovation is the key to the online gaming industry. Now this industry is focusing on the novelties being offered by Blockchain technology as well as cryptocurrencies. The frontrunner here is the Malta Gaming Authority (MGA). Hence Malta has also published a White Paper on July 201. This is being considered as the first draft of a gaming regulatory framework. Post this white paper; cryptocurrencies will be accepted for placing bets in the online gaming industry.
Basically, cryptocurrencies are being considered as value for money. In addition to cryptocurrencies, there are several other uses of Blockchain for the online gaming industry. This is because Blockchain is able to increase transparency. This is because it enables players to verify that the random number generator is completely fair. The random number generator is the software which draws the winning number or the combination of numbers in a random manner. In this way, Blockchain has managed to effectively replace the third-party certification system that is currently being used today.
In addition, transparency will be increased in the payment transactions too. This is because each transaction on the Blockchain can be recorded so that it gets verified by peers whenever required.
This also helps to decrease costs. This is because ‘smart-contracts’ get embedded within the Blockchain. This helps to organize payments both, to and from players. There is no need of any intermediaries here. This way it is an effective alternative solution that can take care of all the banking-related challenges.
This is why Malta Gaming Authority has clearly indicated that it will be highly receptive to this new technology. It is looking forward to it being taken up by several licensed operators. Now it is to be seen, how MGA is going to reconcile its current practices that include server-oversight, once it starts using the highly de-centralized ecosystem which is implicit in Blockchain.
Now people are eagerly anticipating the next steps in this online gaming area. They are awaiting the position papers on Blockchain as well as cryptocurrencies that are due to be published by the Malta Gaming Authority in the coming year.
There are a number of benefits of using Blockchain. Malta Gaming Authority has been the first one to realize that. Hence they have already published a white paper in this regard. It improves transparency and enhances efficiency. This is because the role of the middlemen gets eliminated. This helps to reduce costs, and the accuracy of payments increases too. Making use of Blockchain and cryptocurrencies has so many uses that people are opting for it in a big way. Now MGA is waiting for people to take up licenses for using it so that the benefits can be passed on to everyone.