Blockchain is a buzzword these days. Do you know how blockchain can revolutionize the online gaming industry? Read this article to get an overview of how blockchain is changing the gaming industry.
The online gaming industry has come a long way since its inception. Now, one has a wide array of online games to feed one’s fantasy. The revolution in the online gaming industry has created ample opportunities for revenue. According to Yahoo Finance reports, the global gaming market generated $149bn revenue in 2017.
However, the constant growth has also posed some challenges in the online gaming industry. The lack of data security, uncertainty about gaming fairness and user rewards, big transaction fees to play games are just a few of them. Is there any way to overcome these challenges?
Blockchain technology, can solve most of these challenges and bring revolution in the gaming industry in coming years.
Well, that’s what I am going to discuss today in this post. But before diving into that discussion, let’s talk about what Blockchain technology actually is.
Table of Contents
- 1 What is Blockchain Technology?
- 2 How Blockchain Technology Brings Change in Online Gaming Industry
What is Blockchain Technology?
Name a shared ledger technology, and Blockchain is the one that now widely popular throughout the world. The two main features of this technology are recording transactions and securing the coherence of digital data.
There are quite a few technologies that created hype in the online gaming industry for last few years. Amongst all blockchain is one of the technologies that have generated a huge buzz in gaming recently. This technology underpins the presence of cryptocurrencies like Bitcoin, and how it suits online games is not tough to ascertain.
Blockchain technology offers safe and widely distributed ledger. Its digital ledger one can view and distribute, but cannot change. Because of its secure way of functioning, this technology is highly useful for managing the digital transaction records.
The data that this technology manages gets verified and encrypted. Blockchain technology functions on a decentralized network platform.
Together with blockchain technology, the gaming industry can grow only as bigger and better than ever. It is evident that what blockchain can easily deliver to the gaming industry is much more than anybody can think of.
So what does Blockchain technology actually mean for the digital gaming industry?
To answer this question, in this post, I am going to discuss how blockchain has brought change in gaming.
Without further ado, let’s talk about it.
How Blockchain Technology Brings Change in Online Gaming Industry
Here are 5 surefire ways Blockchain technology is changing the gaming platform:
1. Organizes the Entire Payment System
The online gaming industry is always in the search of a safe in-game payment system. And this is what blockchain technology offers.
It makes the in-game payment system secure and streamlined. Cryptocurrency can take place of in-game currency. With the correct execution, microtransaction can happen fast and securely with a little transaction fee. Moreover, the settlement gets completed like real-time.
2. Gives the Gamers Decentralized Platforms
Blockchain technology offers decentralization to the gaming platforms. So, how does exactly decentralization change the gaming trend? It gives the players full control and freedom while playing.
There is no middleman needed for transactions between players. They get to take responsibility of their own cryptocurrency. This way one can avoid many technical and legal headaches while having the best gaming experience.
Here are top three ways how decentralized gaming platforms will disrupt the gaming industry:
- Game developers will be able to sell their games directly to gamers in a peer-to-peer manner. There will be no need to go for a third party payment system.
- Decentralized gaming platforms powered by blockchain technology offer enhanced data sharing security and increased transparency, which make these gaming platforms more secure.
- Developers will be able to launch their own tokens for in-game digital assets and game licenses with the help of decentralized gaming platforms.
In short, blockchain technology brings decentralized gaming platforms that can serve as a one-stop shop for both the developers and the gamers to sell/buy virtual goods and play games while making use of cryptocurrencies.
If I say the gaming industry is going to witness big changes because of more decentralized gaming platforms, it wouldn’t be far from reality. Transparent, secure, peer-to-peer gaming models will offer unparalleled gaming experience to people.
3. Allows Players to Get Real Ownership
The games, powered by blockchain technology, allow the in-game items to be tokenized digitally. These digital tokens have a lot more value than normal currency. Each item in a game gets its unique characteristic, history, and appearance. This uniqueness of items denotes that the players can possess their digital assets.
One of the popular games that give ownership of in-game items to the players is Crypto Kitties. People love the idea of collecting and breeding unique cats in this game. The game has become so popular that according to a report, around 304097 unique cats have sold till date in this game.
4. Gives Great Control of Games to The Players
When the gaming experience was dominated by a centralized platform, it used to cause various problems, such as:
- The developers and the players were restricted to transacting only services and items that are approved by the game owner.
- There was a limitation in capturing the complete value of gaming actions due to transaction fees.
- The users did not have full control over accessing the games. At any time any user can be banned at the discretion of a centralized platform operator.
But time has changed in the world of gaming after the introduction of blockchain technology. All the players can have more control over the games that are powered by blockchain than before. Its decentralized platform removes all the problems that users had to face while playing in the centralized platform.
For example, there is a game named FirstBlood. It allows players to challenge the field and win rewards utilizing oracles and smart contracts in the blockchain.
On the other hand, blockchainga.me, a reliable partner in blockchain games, aims to develop games where players can trade digital items feely on a public blockchain platform.
5. Makes Games Fair & Rewards The Best Players
Many dedicated online gamers play not because of just fulfilling a hobby but they look forward to making it a full-time profession. Blockchain technology has everything to help their dream to be close to reality.
The best players get rewarded in the games, powered by blockchain with cryptocurrencies after achieving goals. They can use those currencies however they like.
Similarly, as blockchain increases the possibility of a game not being hacked, online scams can easily be minimized while making the entire gaming experience fair.
There is no doubt that Blockchain technology is trying to improve the overall digital gaming experience. The change it is bringing for gaming platforms across the world is nothing but fabulous.
It not only shows the developers innovative ways to monetize their games but also allows them to give their users a completely new gaming experience.
Though the finishing line is yet to come, the revolution blockchain technology has started bringing in the gaming industry denotes that this technology is the future of the online world of gaming.
What about you? Do you believe that blockchain technology will bring about drastic changes in the online gaming industry? Please share your thought. I’d love to know about them.
Kamalika De regularly contributes to Entrepreneur IND, YourStory and many more online digital platforms. She is a content marketing enthusiast and loves writing persuasive content. She is currently associated with Enuke Software.