The potential of blockchain technology is reaching far beyond the financial sector. At the core of Blockchain technology, it can create a trustless environment that facilitates secure transactions between two strangers on the internet. It works on a decentralized transparent ledger that is cryptographically stored on various nodes spread worldwide. The Network cannot be controlled by any single entity and the database cannot be hacked. That’s what blockchain makes more appealing to the gaming industry.
You will be surprised to know that the gaming industry is worth about $128 billion in the year 2020. Many established companies are continually starving to stand out among their rivals and searching for the best technology that can deliver the best user satisfaction and experience. Then blockchain comes into the picture as it solves some of the major problems in the gaming industry.
Let’s have look at some major issue can be fixed with the help of blockchain:
With the help of blockchain hacking of data is almost impossible and the power of decentralization and strong data encryption techniques make it more safe and secure. Such safe environments ensure secure and error-free gaming development for game developers and entrepreneurs.
Using blockchain smart contracts in popular gaming sports can make the gaming experience more transparent and effective for the users. In betting games, the money of players is placed in the account of escrow agents. They are solely responsible for prize money distribution and as we know such processes are highly biased and non-transparent. But this issue can be easily fixed with this technology. The players make bets with the help of tokens, and the results of the match are stored in smart contracts. Hence, the integration of blockchain into the eSports betting system reduces fraud actions and excludes unfair practices.
Exchange of Digital Assets
In the existing gaming systems, the digital assets are used inside the game or on an exchange like Wax, RareBits, etc. Many cases claiming to pay for such a system poses a significant amount of risks like exposure to scammers or buying fake assets. Also, the exchange of digital assets can be safe with blockchain. Game players can safely exchange or buy their digital assets in blockchain-based games.
Creation of New Gaming Assets
This technology introduces the power of smart contracts into the gaming industry which can completely revolutionize the whole gaming experience e. Developers can get better opportunities to create “If-Else” programming commands. This way, the developers can uncover newer techniques to generate digital collectibles and drive higher revenue. You can understand better with real-world examples like CryptoKitties- a platform where smart contracts result in the breeding of rare kittens and offer a chance to earn a huge amount of money.
Yet blockchain is showing some of the remarkable potentials that has ever happened but we have to accept that we are still in the infancy of this revolution and have only taken baby steps towards what is possible with blockchain technology. We are witnessing virtual reality. Beyond this, virtual reality is claimed to be integrated with blockchain technology to enable a new paradigm shift in gathering big data and the gaming industry.