Many industries and companies are jumping the bandwagon of blockchain anticipating the revolutionary prospects of the technology. There are many promises of great future bound in the blockchain. From retail to supply chain, banking to health insurance, there are several industries that have the scope to be catered by blockchain technology. However, there is one more industry of video games that no one ever thought could also be delivered by it.
With the advent of the internet and mobile phones, the gaming industry is flourishing at a very fast rate and is reaching the doors of a common man. Games, since are a good way of engaging people in an activity, there are hordes of people joining the arena of gaming online and making digital purchases to support their interest. The growth of gaming industry is also calling for a major review of the security and transparency in this field.
The CEO of Lee Jacobson sees the solution of this problem in the blockchain technology and views it as the revolutionary force that will wash away the doubts of those investing in the gaming industry. The CEO promises a cut in the gaming fee, better benefits and secure and transferable digital purchases with the integration of blockchain technology in the video game industry.
Where innovation meets the trend
Although gaming and blockchain are two separate industries, they are now coming to a confluence because of the increasing competitiveness in the field of technology. The world is racing to adopt new technologies and incorporate into their systems without waiting for others to testify the usefulness of them. Companies these days are testing new technologies and struggling to stand out by introducing the best user experience for their clients. In the same respect, the world is expecting some new trends in blockchain technology in the year 2018. Where along with other industries, gaming is also going to be one disrupted most by the blockchain.
The evolution of blockchain is leaving a remarkable impact on the world, therefore, its speculated that the technology is going to change the dynamics of gaming altogether. Seeing the future progress of gaming industry there are many organizations experimenting with the crypto solutions for game developers.
These developers have been provided open sources for development by organizations through blockchain integration, they get a chance to design economic framework and make use of appropriate tools to develop games. This also supports the point that organizations that are willing to disrupt themselves and try new avenues grow better and bigger.
However, here is a brief account of how the industry can use the following ways and disrupt itself.
Continuous Evolution in the Gaming Industry.
Gaming is a continuously evolving industry and every day sees a new development in it. The integration of blockchain can bring a positive change in it, as it will update it with the latest technology.
The distributed ledger in the blockchain can immensely help gamers to connect with several computers on the network and build their own characters to play with mates.
This way they can also develop customized games. The usage of blockchain for gaming industry is quite extensive, gamers can simultaneously arrange characters on several games. There will also be an option of data that will be used in games or credit or game points that are used to be stored in the form of digital assets on the blockchain. The data storage of individual tailor-made character with copyrights can be possible through blockchain.
There are many gaming studios operating in the world, that through blockchain can connect and work together to create a virtual space for gaming or a network of gamers with their terms and conditions secured on the blockchain with smart contracts.
Value of Gaming Items
The blockchain has the potential to increase the value of all digital items, similarly, it can profit the gaming industry by increasing its virtual value too. The three ways that help in this regard are mentioned below.
Blockchain can provide ways for the increase in the functional value of digital items even out of the games.
Gamers can make safe transactions and purchases through blockchain without the fear of their credit getting stolen or hacked.
A virtual space through blockchain can be created where users share credit, trade and also gift items to others they like.
The digital items that are being shared in this space through blockchain should be called digital assets as they are items of value.
The encrypted language of blockchain allows storage of digital assets like game items on the ledger permanently.
The data that goes on the blockchain is unhackable, and even if someone decides to hack it and gets to read the right nodes at the right time, to decipher the encrypted language is nearly impossible. If the data on one block is so easy to hack, imagine the labor a hacker has to undergo when trying to steal information from all the blocks simultaneously. Users can keep their info fully secured on the network and can even keep them safe in their pocket in the form of digital asset.
Reduction in fraud and lost revenue
The most commonly noticed phenomenon on the internet is revenue lost to fraud. If the use of blockchain is ensured and digital money is saved on it, there is no doubt that billions of revenue can be secured per year with it. There are some platforms offering robust blockchain services to keep money from getting hacked and save billions from a loss.
Microfinancing in Gaming
Ask a gamer how big a hassle it is to be at the climax of your game and having no money left in your account to proceed. Blockchain in these situations can be a savior for these gamers, as the micro-financing features can be induced in games through it. Users can conveniently transfer money and use it the way they like.
The games can be given power-ups and value with blockchain wallet. The record book of blockchain keeps every minor detail of log in time to log out information secured on it, so only the time served on the game can be charged for.
The option of automatic in game transaction is always open to players, where money is transferred in the form of assets, without worrying about the rejection or approval of requests.
The blockchain can securely bring a change in the game development sector, by devising monetization policies for them and giving safe implementation pattern. The industry of mobile games is expected to exceed $132 Billion dollars by 2021. If this is the amount of profit gaming industry is making in the times of vulnerability, it can definitely go up high if a secure system like blockchain is implemented in it.
Saving Big on Payment
The decentralized methods of payment can allow users to pay even the smallest amount of money in the most secure manner possible without involving credit or debit cards and putting their whole bank account vulnerable to theft.
The developers through this system can charge a subscription fee and get a payment gateway.
The blockchain makes payment so secure that scammers cannot trap the gamer anyway. The data processing on ledger takes place in a manner that nobody can steal information or manipulate the market for gamers by changing prices or charging extra amount.
The gaming industry is the fastest growing industry in the world, the annual revenue generated by mobile game users is multiplying every year. Therefore, the implementation of blockchain in the development and processing of this industry can clear out the concerns of those involved in the development and playing of games. Blockchain can save records of payment to game algorithms and secure them from all kinds of theft.