Licensing of blockchain projects
Licensing of blockchain projects
Softgamings outline the benefits of using blockchain to boost business in the gaming industry.
New i-gaming trend: licensing blockchain projects
Blockchain technology is picking up speed. At first used for timestamping digital documents, by now it has been deployed in dozens of ways, including payments in cryptocurrency, medical records, monitoring supplies, e-notary, tax collection and many more.
The i-gaming industry has not become an exclusion. Not only casinos offer their players to pay in cryptocurrencies, recently the use of technology has gone further, namely, the first blockchain projects appeared.
The first blockchain casino: a competitive advantage
What does a blockchain casino mean? The technology has not been standardised, which means that each operator finds their own way to implement it. The breakthrough in this field was made by Edgeless, the first casino to build their system on blockchain and to receive a gaming license. It was a huge step for the whole industry of gambling and blockchain.
They used technology called Ethereum Smart Contract. It excludes any possibility of cheating; besides it offers a fast and secure payment methods without additional fees.
Later on, some more operators began to run their blockchain casino projects, like True Flip, licensed by SoftGamings just recently. This project includes games, based on the concept of international blockchain fair games.
Operators made a bet on the innovation and have probably been right. Blockchain technology has a great growth potential, and this potential could be even bigger if businesses are licensed.
What are the advantages of licensing your business?
First, the trust of your players. Players are less prone to deposit their money in a dubious casino that has no license and thus does not guarantee the winnings payment. Why play in a casino without a license if there are plenty of licensed companies?
Second, the availability of top gaming providers. The most popular vendors will not work with the companies that have no license, and if you want to attract players you should include famous titles in your portfolio.
Third, payment systems. Being licensed allows you to receive payments and your players to get money in various ways.
There are also other advantages, like a possibility to open a bank account, access to affiliate and media networks and many more. The license sets you free from unnecessary worries and lets you really focus on the business.
Licensing a cryptocurrency project: easier than you might have thought
Licensing a cryptocurrency project is almost the same as licensing an ordinary online casino. The most popular solution is offered by Curacao, with more and more casino operators to have been applying for it.
To apply for a Curacao license for a cryptocurrency project, you have to provide your games certificate and business plan. The process of registration will be a bit longer and have additional points, but in general won’t take too much time.
Licensing blockchain projects has been made simple and this technology is gaining popularity. If you haven’t started a blockchain project, it is high time to consider this idea, and if you already run a traditional casino, it is worth introducing the new technology in your environment, while licensing your business can only benefit you anyway.