How Can Blockchain Technology Revolutionize Gaming Industry?
The gaming industry has continuously been evolving. From a console-based platform to the evolution of internet based and now digital gaming that includes innovations like Augmented Reality (AR) and Virtual Reality (VR) due to the availability of broadband internet, it is not wrong to say that the gaming industry has gone through massive transformation in the last two decades. It is estimated that the gaming industry has generated around $140 billion in revenue in 2017 alone, which is as much as 3 times the size of the movie industry. In short, the future of this industry looks remarkable and lucrative.
With several new and relevant technologies being emerged, blockchain seems to be the ultimate solution to bind the data. It is clear indication that the next big step in the gaming industry is the adoption of blockchain technology due to the utmost benefits for this sector. Let’s analyze its benefits to the gaming industry.
Virtual Goods’ True Ownership
When it comes to virtual goods market, we see numerous types of fraudulent activities. With blockchain technology, true ownership of virtual goods can easily be facilitated and registered that becomes immutable. After that, no matter what happens to a platform, game or online account – one’s virtual goods remain safe.
Another widely noticed incident is when someone plays an online game where he purchases something in game but finds out that it is not credited to his account. After that, he has to spend time and energy to convince the support that the purchased item has not been received. Blockchain technology will make this frustration a thing of the past.
Change in Payment System
With the blockchain technology adoption, the payment system is assumed to be changed for game distribution. Current payment systems are slow, flawed and are mostly based on centralized trading platforms that often charge excessive fees for the exchange of assets. Moreover, the use of stolen cards, currency conversions and payment regulations (that change from country to country) are just few more problems faced by the game distributors. And then there is copyright issue.
Needless to say that removing the middleman, accelerating the transactions, decreasing or removing the transaction fee, ensuring the payments without affecting the distribution are few ways in which blockchain can benefit the gaming industry.
Creating Blockchain Based Games
And here comes the most interesting fact that developers are creating games using blockchain technology, which means that your account, stats and even actions will be recorded on blockchain network to leave no room for lost achievement. Your achievements can never be altered or even stolen. It also means that actions or events created by the system cannot be altered, tweaked or adjusted.
Blockchain technology helps developers creating a fair system for the gamers. And there are several other points, where blockchain technology can improve the gaming sector and the limit is imagination of the game players and developers.
Blockchain technology can revolutionize every industry and gaming sector is one of them. It can be said that as the blockchain industry evolves, gaming industry will also evolve with it.