If you are searching for the answer, how the blockchain technology will change the gaming industry? then, my friend, you have landed on the right article. Because we are gonna find out about this revolutionary technology and how it will redefine the gaming industry.
The gaming industry has become one of the most dramatically and rapidly grown businesses. If we talk about the revenue growth of the industry, then you’ll see that it has grown from $81.5 Billion in 2014 to $120.1 Billion in 2019, and the prediction of 2020 revenue is $159 Billion.
Besides all the money facts, if you look at the industry, you’ll see that it is adopting the new technologies every year whether it is AI, VR, and IOT and that’s the main reason why it is growing with lightning speed every year. Now the next adoption is gonna be blockchain.
In the past few years, blockchain technology has become a sensation in many sectors like the economy, driving innovation, fostering growth, etc. But the most remarkable industry among these sectors is gaming.
Because it brings the genuine appropriation of blockchain technology by taking the incentive from genuine speculation for the game users to transactions on a blockchain platform. So, let’s see what blockchain technology can give to the gaming industry.
What is Blockchain Technology?
If I define the blockchain technology in simple words then, It helps to send money to your friends or family in any corner of the world within few minutes that takes banks 2 to 3 days and it also brings full transparency for all the digital or online payments done by you.
And in technical terms, we can say that Block-chain is nothing but a technology that helps to store one P2P ( person-to-person ) transaction details and data in a public or private database.
But wait! do you know why all call it blockchain?. As I explained previously, the blockchain technology helps to store one person-to-person transaction data. So here the block means the piece of information like name, age, date and time of a transaction, etc. And the chain refers to a public or private database.
This piece of information stores on thousands of servers globally, That makes it difficult to hack or controlled by one, because if a hacker wants to hack blockchain, then they have to hack thousands of computers and servers at the same time.
Some of you might think if there are so many blocks stored in the system, then how can it define which blocks are whose. For that, the system uses the term “hash”, which is nothing but a unique code that defines that this piece of information belongs to this person.
How Blockchain Technology will Bring Revolution to the Gaming Industry?
There are 7 ways blockchain could impact the gaming world. which I have mentioned in depth below, I mentioned them as points because if I describe them in a large latter you might get bored and left the article in the middle. So have a look at the points.
1. Blockchain technology introduces interoperable games
If a traditional or tech company using the interoperable word for their game, then it simply means that their game has an ability to be played on different platforms like Xbox, PlayStation, PC, etc. I mean if you think about it, blockchain technology is actually taking the gaming to the next level.
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If still there are some people who didn’t get interoperable game means, then take an example of Fortnite, yes. Fortnite is an interoperable game, cuz you can play it on Xbox, PC, etc.
2. Provides More Security and Safety
If talking about the safety and security level of blockchain platforms and why most game entrepreneurs and developers rely on them. So if you remember I explained earlier that it stores your data on thousands of servers around the globe, so it becomes very hard or next to impossible to hack, delete, or modify surviving data across the server.
Now I will explain to you in some technical terms, so basically, the blockchain uses extremely robust and decentralization data encryption techniques, Which makes it impossible to hack.
3. Blockchain makes in-game buying and selling assets more secure
If you are a game developer and you made a game on the blockchain. It will make the purchasing of in-game items or assets faster and also ensure that the payments are secure from any hack.
It can also let the game user to buy or sell their in-game assets using digital currencies like cryptocurrency.
Besides all this development of new online gaming platforms and gaming models, blockchain also provides your game users to manage their digital assets for their favorite game, whether it Fortnite or PUBG Mobile.
4. Bring better Communication Between Gamers and the Game Developer
Before the blockchain technology, there was no great source of communication that developers of the game can use to communicate with the players. But since the game developers have started to use blockchain technology in their game, this problem also has been solved.
The technology applications combined the power of consensus mechanism. Because of this, now, developers of the game can easily get in touch with the players and use their ideas as well to improve the overall game experience.
5. Helping game developers to save huge money
Nowadays, the gaming industry is offering various types of cool and amazing paid games to gamers. If you wanna play them, you can make some little deposits through your credit cards, debit cards. But whenever a payment is made by your credit or debit cards the bank who issued you the card charges some amount of fee.
But since the blockchain technology has integrated with the gaming, a new way of paying to these games has come in the market. Which is known as “Decentralized payment gateways”, when you use this gateway a fraction of the fees that are currently paid to the banks whenever you make payment in the game. Using this method many or should I say almost all game providers will save a huge amount of money on merchant subscription fees and payment gateways.
6. Using Blockchain Technology helps to regulates Gaming economy
If the trade in the gaming industry is banned due to any XYZ reason, then it is not good for the game creators. But not only this, it creates black unregulated gaming markets. Because all this banning thing, game developers lose the control parameters of the trade, and also the risk of being scammed for user increases.
To keep the user for being scammed and not let this black gaming markets grow, the game creators use blockchain. Using this technology can let owners of the servers and developers of the games to collect ongoing royalties for items being traded throughout their game.
As a developer or server owner, you have the ability to let the trading of items with no restrictions or you can easily stop the assets selling. If the game creators wanna increase their revenue, they can charge transaction fees.