Blockchain is a distributed, decentralized public ledger in which data is stored in blocks, each containing the address of the following linked block. Although blockchain is at the core of bitcoin and many other cryptocurrencies, it can change the trading environment and the entire society — one of the industries where blockchain can bring about real change and beneficial developments in gaming.
Blockchain, cryptocurrency, and video games may seem odd as an idea, but the potential of crypto in transforming the entire gaming industry is phenomenal.
Blockchain Transforming the Gaming Industry in Several Ways
According to experts, the implementation of blockchain in gaming is as simple as pie due to its liquidity and the that gamers are accustomed to tokenization. Furthermore, since many games allow users to purchase in-game products with virtual and real money, experts agree that blockchain would control such transactions.
Cryptocurrency and video games are considered to have a great relationship via blockchain technology. Blockchain addresses several of the gaming industry’s long-standing issues.
1. Making the gaming industry more secure
Blockchain, along with the power of decentralization and its highly robust data encryption strategies, makes it almost impossible for hackers to hack into data across the server.
As a result, it provides a safe atmosphere for both game entrepreneurs and developers, resulting in improved performance. Since there is no server to destroy, hackers would be unable to bring down a decentralized blockchain network.
2. Enhancing the ownership of In-Game Assets
Blockchain technology can also contribute to in-game asset ownership by bringing more transparency and legislation to the gaming industry. One of the most significant characteristics of blockchain-supported gaming is actual digital ownership, which will enable users to exchange scarce assets and gain profits.
Smart contracts are used to handle all transactions in a blockchain-based game. These smart contracts run automatically based on pre-programmed parameters, and transactions are irreversible. As a result, when you launch a blockchain-based game, all in-game assets purchased via smart contracts are automatically transferred to players’ public addresses.
Besides that, no centralized body is involved in the operation of smart contracts. This means that no one can modify the public address where the in-game assets are kept, and no one can secretly replace the ownership of those assets. They will still be the property of the game player to whom they belong.
3. Enhancing the value projection of intangible assets
Players had invested approximately $6.7 million by December 6th after Cryptokitties released on November 28th, 2017. According to these statistics, players would emphasize intangible digital collectibles when an exciting game is created on the blockchain.
If you create an engaging blockchain game, players would be willing to place real value on intangible digital collectibles. The collaboration of cryptocurrency and video games that are engaging and enjoyable to play is bound to bring a surge in investments,
4. Control Over Favorite Video Games
Gaming networks built on the blockchain are not mutable. This ensures that network-deployed gaming apps and their series will stay unchanged indefinitely. This allows you to download and install video games and their different versions from any location without risking your gaming experience.
5. Trading resources and getting rewards
Gamers and developers can use blockchain technology to create resource-rich games and apps, including the upgradation of game versions and gaining incentives through mining processes used in blockchain gaming. This allows them to work together to build an immersive user experience in the app and receive tokens.
6. Enhancing payments mediums
Cryptocurrencies are incredibly private and stable. There have already been several cases of significant networks being compromised in the gaming industry, with users’ credit card details being leaked online and sold on black markets.
Local crypto tokens or other related tokens are used to conduct payments in blockchain gaming applications, providing an enhanced transaction experience. Cryptocurrency and video games collaborating this way can enhance payment scenarios for gamers.
The history of cryptocurrency and video games can be traced back several years from the collaborations with crypto companies like Twitch and Stream. Twitch and Steam are two of the biggest names in gaming, and if they’re getting started with crypto payments, that might be an indication that there’s a future for integrating cryptocurrency and video games.
7. Profiles for Integrated Gaming
Before accessing the platform’s games and other services, most gaming platforms enable users to create a gaming profile. However, users of blockchain gaming applications can make a single, integrated gaming profile that can be accessed and run through multiple gaming portals.
Users of blockchain gaming applications can build a single, integrated gaming profile that can be accessed and run through multiple gaming portals. With the added accessibility of interlinking operations in applications, this approach improves the user experience for gamers.
We can see now how cryptocurrency and video games together can bring an enhanced, safer, and seamless gaming experience. The crypto gaming industry is still in its early stages. This ensures that in the coming years, players will be able to experience new games.
The gaming industry has never disappointed its customers. While the internet was a big step forward for the gaming industry, it couldn’t keep corrupt individuals and unethical players out.
Fortunately, blockchain-based gaming is the next move in securing video games and setting a long-term industry standard. Therefore, there are multiple ways by which cryptocurrency and video games can revolutionize the entire gaming industry.
How Blockchain Is Redefining Gaming Industry was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.