Harnessing features of blockchain technology

Blockchain technology is not limited to cryptocurrency alone. Blockchain technology is embraced as the driver of innovation. Theses technology has not only disrupted but taken over traditional business models.

The best part is that there is a competitive advantage in which some of its features are essential, and companies should consider blockchain technology.

Particularly those brands that are still skeptical about the technology can create additional capital; the most significant challenge that startups brands and existing companies are facing is raising money. Banks’ creditors do not make it easier either in these parts of the world since the list of requirements usually ends up being impossible to meet. Even if you do, the interest rate isn’t friendly in this part.

However, Africa’s gaming industry is relatively fragmented with many small players, meaning accumulators bets is the most popular form of betting in Africa. Even though variations in players’ attitudes, gaming companies are forced to increase their spending needs. The industry bookmakers are forced to meet up or consolidate with players’ demands regarding the latest technological platforms. Though such bookmakers that cannot meet up with this transition, close down operations due to financial constraints, that’s what most gaming brands face today in Africa as acquiring gaming platforms is expensive for startups brands. If the technology is harnessed correctly, it could save the company’s overall business model.

For instance, the Blockchain technology is used to offer an Initial Coin Offering (ICOs) used to raise funds for a startup using crypto. A good example is Kik, which is a chat app. They managed to raise $100 million via an ICO if startups’ IGaming brands significantly affect the overall business model.

Thus processing your payment from anywhere in the world, Blockchain technology, if deployed to IGaming platforms, could do a lot in financial transparency, fast payments, and security. It is important brands that are yet to take advantage of this technology, especially the acceptance of online gambling that has surged in recent months regarding the COVID-19 outbreak; it is becoming more prevalent particularly, the young African’s are embracing this trend of gambling. Indeed, most African countries still don’t have regulated online gaming markets. However, Blockchain enables technology a bookie platform will accept players from anywhere in the world. And not to mention the recent surge in cryptocurrency owners in Africa that has garnered massive traction from Africans.

Regarding the weak economy resulting in a weak currency, many people have lost their job due to the virus crisis that has impacted the global economy. Seeing many young Africans trading cryptos as the source of revenue, it is now or never that IGaming brands implement blockchain technology platforms. Blockchain technology is the future, better late than, better directly than later because the early adopters reap the most benefits. Blockchain unblocks opportunities. It is easier to implement and cheap, change on a broad scale using blockchain technology, you can set the rules, and others can follow.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.