A new dawn is breaking in the gaming industry, driven by the transformative power of blockchain technology. As this industry — expected to hit $200 billion in 2023 — continues to grapple with the scourge of fraud, blockchain is emerging as a potent ally, armed with its inherent traits of decentralization, transparency and immutability. Moreover, blockchain is not merely a tool to combat fraud but also an innovation set to revolutionize the gaming experience itself.
Central to blockchain’s appeal is its decentralized nature. In contrast to traditional systems that rely on a single central authority for validation, blockchain operates on a network of computers, or nodes. Each node on the network holds a copy of the entire blockchain, which significantly enhances system security. This decentralized model thwarts hackers by requiring them to simultaneously breach the majority of nodes to execute a fraudulent act — a feat virtually impossible with current technology.