Blockchain can change the face of the gaming industry.
Blockchain has been evolved so rapidly in the last few years and it is not just limited to financial applications. The technology has heralded into many other applications and it is well-accepted in the gaming sector. Since the industry is on the verge of transformation, blockchain has the potential to redefine the modern gaming realm. It could turn the tables on the monopolistic console market, create a multiverse, and make games more immersive and boundary-blurring than ever.
However, like other industries, gaming also deals with a unique set of problems that need to be addressed. This is largely owing to the rapid development of gaming technology and the proliferation of emerging games. These issues did not exist a decade ago since the games were not prevalent in the real world. With the evolution and adoption of virtual reality (VR), augmented reality (AR), AI, IoT, and 5G data streaming capabilities, the industry is witnessing a mammoth growth.
Applications of Blockchain in Gaming
This is well documented and well understood that blockchain is temper-proof and significantly known for its shared digital ledger that records all the transactions in public and private P2P transactions.
Ensuring Secure Gaming Environment
In the gaming sector, the technology ensures a safe and secure environment for gamers. Its decentralized and highly robust data encryption techniques make it nearly impossible for malicious actors to compromise, delete, or modify existing data across the server. This means blockchain in the gaming industry ensures a secure environment for both game entrepreneurs and developers, which results in delivering improved gaming experience.
Assisting in Digital Assets Trading
Blockchain stores every data or transaction information in different blocks across a network and each block carries the hash address of a block in the next connected block. Along with the development of new gaming models and the best online gaming platforms, blockchain has come up as the perfect way to manage digital assets for favorite games. As modern games make use of digital assets to complete missions, it needs to be transparent and verifiability transactions for all assets gamers purchase. By using blockchain, game developers can ensure secure buying and selling of assets. The technology also enables the tokenization of these assets and the creation of decentralized gaming asset markets.
Enabling Gamers-Developers Collaboration
A blockchain-driven game utilizes smart contracts to manage all the transactions within the game. These contracts are executed automatically based on the conditions programmed in them. Blockchain can enable a source of communication between game players and the developers who created it. This will create and deliver a highly immersive experience to the gamers.
Considering these vital applications among others the use of blockchain in gaming will create an exciting and more immersive world where lifelike reality is possible in a virtual world. According to the Gaming Analyst firm NewZoo, the global gaming market is predicted to account for US$159.3 billion in 2020. The COVID-led stay home has revolutionized the industry and is expediting the market growth.