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Blockchain can change the video gaming industry

Blockchain can change the video gaming industry

The blockchain technology has found some innovative uses ranging across various industries.The question you may ask though is – how is blockchain and video gaming related?

Well, it could be the next big merger and an integration of blockchain and video gaming can be a game changing scenario. Blockchain is the technology being cryptocurrencies like bitcoin and ethereum and is considered a public ledger. Any transaction is noted in blocks as information tree and cannot be manipulated as the system is decentralized. There are many applications and products based on blockchain with more exposure than Finnish casino reviews.

Understanding the Potential of Blockchain and What it Brings to the Table

Now, these cryptocurrencies can be used for a wide range of purchasing activities. The most common among them is the bitcoin and you can use it to buy groceries, apparels, games to illegal drugs and arms from the dark web network.

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The technology of blockchain which uses smart contracts and enables users to block votes or share representations can be used for in-game purchases and trading of gaming items. We already have platforms such as GameCredits and Nexium which trades game subscriptions and in-app items. Game developers earn higher commissions selling items on such platforms and also enjoy chargeback security. Even in mobile games you can buy and sell characters, weapons, skills and other items.

Blockchain for the Gaming World: A Look

Now the advantage of blockchain is that you can create your IAPs in a game will be stored in blockchain wallets instead of game accounts and they will also be generated though blockchain. You will be entirely in ownership of your IAPs and able to trade them freely. You can also earn more cryptocurrency by liquidating your IAPs. But can all be good with such a situation?

Some of the drawbacks are there which could make the project fail. Users will be more likely to look for unique items or gold changing the in-game economy and gameplay. Games will become more of tracking and earning systems with the enjoyment factor taking an exit. Many gamer also say you will be able to own and sell your own character. But you may lose the ownership of your character if the game removes you from the servers or gets you banned.

The Other Benefits

If you want secure transactions when buying a game or even transacting within the games, you would find blockchain handy. It would ensure that the transactions are secure and instant, and there are no withholding delays that can happen with the traditional credit card methods that you would see today.

Apart from the drawbacks, blockhain and video gaming would bring many benefits. It would enable the players to trade their items in a game in a secure manner. It is too early to talk about how it would shape up, though we have mentioned some projects like Nexium and Robot Cache, which is using a similar approach.  How do you think will Blockchain affect gaming as we know it?

Photo: https://www.sportslaw.org/

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