BSV Blockchain for Enterprise
BSV blockchain – iGaming Use Cases
iGaming is a massive and fast-growing industry with global reach, that is being constantly accelerated by the proliferation of smartphones and mobile Internet access. A study by Grand View Research revealed that in 2018, the annual global market size for iGaming was valued at a staggering $48.5 billion.
iGaming services still struggle with the longstanding obstacles inherent in their traditional application, however – namely perception over their fairness and public trust.
Concerns over the calculation of odds, protection and payment of monetary stakes, slow settlement rates and high fees, not to mention issues with data protection and digital security, embody just some of the problems hampering online casinos.
The degree to which these concerns are valid is disputable, but the impact they have on the reputation of online casinos – and subsequently, their long-term ability to remain a going concern – is not.
Blockchain technology is capable of solving these issues, improving trust in online casinos and restoring the reputation of the iGaming industry. It does this by offering previously unprecedented transparency and verifiability to its operations without compromising the security of the user’s data or the casino itself.
Blockchain technology enables a trustless system, building trust directly between parties without relying on the facilitation of a central authority or intermediary (such as a casino ‘house’, sportsbook operator, or escrow service to process bets). Every part of a given transaction made on a blockchain is logged, stored and distributed across a network of computers, creating a permanent, immutable and transparent record that is able to be checked and verified by all parties involved in the transaction.
A core requirement of iGaming systems, however, is fast transaction processing that can handle large amounts of data. The BSV blockchain is best suited to meet these demands, as it has the scalability, stability and security advantages which will best ignite the future of iGaming.