Revamping the Gaming Industry with Blockchain Technology
Blockchain technology in digital gaming will create decentralised gaming systems
The gaming industry has been evolving for the last decade. People of our age remember playing Super Mario on a 16-bit gaming console and how this simplistic gaming industry has now turned into a warehouse of emotion-churning, absorbed virtual reality games that reward precision and planning. If the gaming industry leverages blockchain technology in digital gaming, it can revolutionise the industry as blockchain offers powerful data encryption methods to secure crypto transactions.
Experts say gaming will be the first real use case for blockchain, restructuring the industry. This technology could turn the tables on the monopolistic console market, develop a multiverse, and provide more immersive gaming experience. Let’s explore the constraints of the gaming industry and its opportunities with widespread adoption of blockchain.
Challenges in Digital Gaming and Blockchain Solutions
As the industry evolves, new problems emerge. Problems did not pop up until a decade ago since the games were not similar to real life. With VR (Visual Reality) and 5G data streaming abilities, these problems need to be advocated before they restrain the growth of this gigantic industry.
Most of these hurdles lack transparency and trust between game developers and players. Digital games have an economy that is entirely controlled by developers inside them. Users seek fairness and transparency when it is about transactions and ownership of assets.
Transparency and Verifiability
One of the recent developments in modern games is the use of assets like guns, props, cars, planes, environments etc. to complete missions. Modern games rely on these assets in the absence of resource that can be bought with real money i.e., in-game purchase or earned based on the player’s progress in the game.
Digital games require being neutral for a player to work hard or spend money to obtain these assets. However, today, there is no accountability or transparency. As these are virtual assets, gamers can change the market scenario by providing assets to specific players. There has to have verifiability and transparency.
Blockchain enables these assets to be tokenised and creates a decentralised gaming asset market. Its ledger is open to everyone to check and verify which increases the trust factor. Besides, with blockchain, gamers can visit the decentralized markets to purchase virtual assets at a fair price based on an open order book.
Opportunities for Developers
Although blockchain may appear to be shifting power towards the players, it empowers developers. Smart contracts enable developers to regulate their gaming economies by putting specific predefined conditions to control trading. It can control the over-saturation of the in-game market and makes sure that trades are conducting fairly. Eventually, developers can imagine and set the foundations for an ecosystem that gamers will use to develop gaming economies. Then developers can use the free economies to generate revenue by charging trading fees to set up the financial system.
Digital gaming platforms are hosted on centralised servers and transactions are frequently made on mobile phones or desktops without ensuring the security protocols. Additionally, assets held in gaming accounts are liable to be stolen. They are not as secure as bank accounts, but a valuable gaming account could be.
Blockchain technology is popular for being the most secure way of storing value and designed to fight cyber-attacks. Preserving gaming assets on a blockchain would enhance the security for a gamer who has worked hard to gather them.
Blockchain technology is restructuring the gaming industry by allowing open communication between gamers and developers. Additionally, it can also help in creating decentralised gaming systems where no single authority controls the gaming system. The technology aims at enabling gamers to play, discover, compete, and socialise with zero friction. In short, leveraging blockchain in gaming could bring a revolutionary change in the gaming industry.