How can Blockchain technology Revamp Gaming Industry

By CIOReview | Thursday, January 3, 2019

Technologies like artificial intelligence, virtual reality, and augmented reality have transformed the gaming industry in the last decade. The blockchain is another technology which is set to redefine the gaming industry. Blockchain technology can enable a new way for players and developers to interact with gaming platforms. Here are a few ways in which blockchain technology can impact the gaming industry:

Control over virtual assets: gaming companies store their game assets on centralized servers because of the risk of assets being duplicated. Centralized servers forbid the gamers to buy, sell, or trade assets outside the game platform. This also means that the players don’t own their purchased gaming virtual assets. Blockchain provides full transparency and decentralized control of virtual assets, which allows the gamers to have full ownership of their virtual assets. It will also enable the gamers to use their virtual assets across different gaming platforms, allowing players to have a more personalized video game experience.

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Reward for Interaction: Blockchain provides tokenization for gaming platforms, by which gamers will be able to earn tokens for playing, reviewing, and sharing the game on the social media platforms. Players can also get incentives for providing reviews and feedback to the developers.

Credibility and accountability: Blockchain is an immutable ledger that records all the transactions which cannot be altered without the authorization of the majority of the network. Blockchain technology allows players to use their account across multiple gaming services as it tracks and documents all the gamer’s interaction, gaming history, and trading of game assets.

Security for Games: Gamers work hard to acquire the ownership of a virtual good on the gaming platforms. Fraudsters copy a virtual product from a gaming platform and sell it, which decreases the value of that product. Blockchain technology creates an immutable ledger of an item, which prevents any illegal trading, hacking, and stealing of the goods.

Transparent and Faster Payment Method: Blockchain technology provides a secure and faster method of a transaction between the gamers and the developers. The quicker payment method allows the developers to reinvest in another game. Blockchain technology also provides access to multiple revenue opportunities.

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