Blockchain technology which came into the picture after the introduction of Bitcoin in 2009 through the whitepaper by Satoshi Nakamoto. Though the technology was known before also but the Bitcoin made it popular. Presently, Blockchain is not only limited to the financial industry but has diversified in other fields also like that of healthcare, education, agriculture, automotive, gaming and entertainment and many more. Basically, the fact that Blockchain technology is based on a decentralised model where the intermediary is not needed to maintain and administer is needed, attracted many industries. With the added advantages of transparency, security and privacy of the network which is assured by the Blockchain, many organisations are deploying the technology into the mainstream. In this article, let us see the Blockchain in gaming industry.
Blockchain In Gaming Industry | Applications
Gaming industry especially the online platforms are captivating the interest of a number of players across the world. But as the players are increasing day by day, the number of problems are being faced by them related to security, projection of the value of rewards, control over the favourite games, transparency is distribution, shutting down of game if the server fails and many more. Blockchain technology started rescuing the gaming industry and found the applications and the opportunity to revive the industry in the following ways:
Secure Environment for Developers and Entrepreneurs
Cryptographic techniques like private keys for a transaction, digital signature authentication and many more are deployed by the Blockchain to add the extra layer of security. As a developer of any game or entrepreneur developing the network for supporting particular games can assure the security from cyber attacks like DDoS, malware, ransomware and many more by deploying the Blockchain technology. Accessibility of the network can be given to a few of the participants on the basis of consensus mechanism and the security and safety can be assured.
Assures Removal of Grey Markets Trading
Game developers are supposed to design their games in closed ecosystems which assures that the value fed in the system cannot be extracted. If a player wants to sell his assets in exchange for money or wish to utilise in another game, he has to follow the days’ long procedure and finally turning to the grey market. Blockchain technology allows the owners to embed the rules into tokenized assets which would only impose the transaction fee every time the token been used for the transaction. Thus, the player will be to utilise the token in the way he wants to and this behaviour may lead to the ever-growing grey markets.
Ensures Interoperable Profiles of Players
Generally while playing different online games, you have to create a login account and set up the payment options by either filling your card details or online wallet details. But if Blockchain technology will be deployed in the gaming network, then the interoperable profiles of players can be assured. For instance, a unique public address can help you in playing different games rather than creating an account every time. Also, a transaction in cryptocurrencies from similar public address can be assured in a hassle-free manner with lower transaction fees.
Faster And Assured Transaction Of Rewards
Sometimes, the transaction after the game has been completed online, takeS longer than usual time to get transferred to the winning players. This results in decreasing credibility of the gaming platform along with decreased traffic too. But the smart contracts deployed by the Blockchain Technology can assure the timely payment. Smart contracts are meant to govern the transactions based on the pre-written conditions inside the contract and agreed by both the parties which ensure the timely payment along with maintaining the utmost transparency in the system.
Increased Control Of The Players
In the gaming industry, most players are at the disadvantageous end due to lack of any control over the games they wish to play or lack of notification of the changed rules, payment policy, number of players and many more. Decentralised apps based on Blockchain gaming platform can assure the tamper-proof or non-immutable data, even if it changes, it would be automatically informed to players connected to the network. With the decentralisation model, interference of middleman can be avoided, establishing direct contact between the players and owners of the game.
Allow The Infusion Of Creative Ideas
Either you are a developer or player in the gaming industry, you always crave for sometimes better or always have some better ideas. But either due to lack of developing skills or lack of knowledge of what actually players want to experience, you end up with the usual gaming. Blockchain applications in gaming will give you to learn to develop the DApp, building your games with the open-source codes, enable open communication between player and developer due to no centrality entity to control the structure and many more ideas to infuse for having the games meant for an adrenaline rush, brainstorming and fun along with winning the prize.
Some of the players inspired by the utility of Blockchain Technology developed hundreds of DApps and games as gaming Blockchain projects. Basically, Dapps functions on Ethereum blockchain network along with other blockchains like EOS, TRON, NEO and many more. Games like Cryptokitties, Gods Unchained, Cheeze Wizards, HyperSnaakes, EOS Dynasty, etc.
The intersection of Blockchain technology and the gaming industry is like making the lifelike reality possible in a virtual world. With the advance in Virtual reality, 3D mapping and many other technologies in the gaming sector, Blockchain is also trying to reinventing the experience of all the stakeholders of the industry. Blockchain in the gaming industry is not only meant for developers and entrepreneurs but for the players’ experience too. The new technology and online gaming can be the inseparable partners creating the history of Blockchain gaming for maintaining the transparency, security and ging value to the assets of the industry. Not only this, but it can also result in the expansion of the gaming industry due to evolved experience and increased facilities and the community.