Blockchain technology is finding more and more mainstream use cases. The technology can serve many different purposes and is making inroads in the gambling and eSports sectors lately. Companies and users can unlock various benefits by leveraging decentralized technology on a broader scale.
Blockchain Enters the Mainstream
The use of digital public ledgers with immutability traits is rising globally. A recent survey by PwC confirms 84% of their respondents are involved with blockchain, and 28% expect interoperability to be a key for success. All of these statistics are promising, yet there are many more use cases waiting to be unlocked.
Two sectors where this technology can make a significant difference are gambling and eSports. For the gambling industry, transparency, cheaper transactions, and a degree of privacy are all crucial selling points. The eSports industry is in a similar place, yet it can leverage the power of blockchain to level the playing field for everyone. Instead of only catering to teams with tremendous financial backing, eSports should belong to everyone, including casual players.
While it is true that certain gambling dApps have already embraced blockchain as a way to offer their services to players, it is only the first step along the way. The same goes for the many casinos embracing cryptocurrency payments: they are on the right path, but the puzzle pieces aren’t falling into place yet.
Bridging the Casino And eSports Gaps
Currently, the audience overlap between gambling or eSports and cryptocurrencies remains relatively minor. Mixing an old and established concept with a ‘new paradigm of money” isn’t happening overnight. Many casinos and other platforms remain a bit hesitant to dive deep into Bitcoin for various reasons. However, the big question is whether Bitcoin, Ethereum, Litecoin, or others are suited for either gambling or eSports purposes.
When it comes to payments in the gambling and eSports sectors, speed, efficiency, and transparency are of the utmost importance. While the top crypto-assets all provide the latter, they often struggle for speed and efficiency. It is not unthinkable a completely different asset will become the go-to solution for these markets.
Taking BXTB as an example, it provides higher throughput for stablecoins in a secure manner, addressing any speed and efficiency concerns. Moreover, users can use stablecoins as collateral for the native CHIP token, which acts as a store of value and provides yield earning opportunities via sidechain fees. From the standpoint of creating an incentive for gambling and eSports enthusiasts to use new solutions, providing a yield may spur faster adoption of this technology.
As donations play an increasing role in the eSports space, applying blockchain technology may prove crucial here. By removing any concerns regarding “chargebacks” and “fraudulent purchases” from the equation, a better ecosystem is created for everyone.
Other Benefits of Blockchain
Beyond the payments angle, blockchain technology can provide many other benefits to these industries. Lowering the overhead cost associated with maintaining a database or building decentralized applications for gambling and eSports purposes are the first two options that come to mind. Creating customizable and personal experiences for fans and players will increase overall interaction rates, benefiting everyone involved.
Another benefit to explore is the empowerment of users. Not just by providing customization but also by giving them greater autonomy. Blockchain technology can help reduce the costs of organizing tournaments – allowing for more events and more players to participate – and creating transparent agreements and interactions.
There are many potential improvements to unlock through blockchain technology, particularly in the gambling and eSports industries. Unlocking the true potential of blockchain and crypto-assets is an ongoing process that may take years before this implementation occurs. Developers continue to build the necessary infrastructure to facilitate this transition, one block at a time.