Gaming Industry to Touch New Heights With Blockchain Technology

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The world is completely changing with blockchain technology. The most well-known application of the technology are cryptocurrencies, but we need to realize that there are many more applications than just one, and many more to come. Various industries such as  agriculture, energy, and art are slowly adapting blockchain technology as well.

How to Change the Gaming Industry Using Blockchain Technology?

Creating Parallel Gaming Universes

It would be a great idea to avail continue access to gaming universes to the people playing online games. This can be achieved using blockchain-based distributed ledgers which will allow gamers to use a particular character from one game into several other games. DLT ensures us about the genuine data through various verification processes accomplished using Smart Contracts. So whatever a gamer creates may be stored as a digital asset of him and recorded over the blockchain distributed ledger.

A Substantial Increase in the Prices of Gaming Products

The best part in gaming is the possession of several in-game items which are difficult to use across different platforms. In order to increase the value of such virtual gaming assets using blockchain technology, there needs to be new ways of using those assets increasing the asset’s functional value, versatile platform availability may allow the gamers to trade (buy or sell) the virtual items in exchange of fiat currency and creating a virtual space which will allow gifting and sharing of these virtual assets improving their social value.

High Level of Security for the Games

Blockchain has the beautiful ability to encrypt the embedded data as a record on the distributed open ledger. This ensures a high level of security for the data that gets uploaded to the ledger. This can help the gamers to keep their game’s data safe from  hackers. It requires several levels of decoding mechanism involving higher mathematics. In this way, blockchain can handle and secure the virtual gaming assets.

Setting up Reward-Based Games

There are several games out there like Modern Combat, Call of Duty, Battlefield, and Madden which demands both skill and hours of dedication. If the player wants to go even from level 1 to level 10, he or she needs to invest long hours of dedicated time to crack with an aim to crack those levels of difficulty. But it has been observed that most of the time at the end of the day after spending in a lot of hours playing such games, the player left with nothing other than wasted time and sore thumbs. It seems damn that difficult to accomplish as the levels are created in such a way to thwart our progress. Using blockchain technology, the game developers can issue tokens for their game players so that they are pretty much incentivized at each level. Such a reward-based system will hamper the user to use the system multiple numbers of times and also the gamer won’t be depressed with the put-in dedicated time. The rewards programs already accustomed in many industries to enhance more sales.

Payments for Games

While making payments for the game purchases, we use fiat currencies via our debit/credit card. This is pretty huge in relation to the actual price of the game, as the buyer is charged with the Bank transactional charges as it is involved as a third party between the game owner and the buyer. Using blockchain technology, payments can be much slimmer. The third party is removed in here making the system decentralized and transparent.

Developer Recognization

There are lots of games in the market available today but there are merely very fewer game developers for the same. With a gaming market of over 2.2 billion active gamers in the world, 1 billion people spent cash to purchase games and game particulars. We all are familiar with the game names as it is the most heard and known part of any game we hardly recognize or try to know about the developer behind the game. The same case happens for those thousands of overlooked games which are never even downloaded. This is really unfair from a human perspective as the efforts behind any work are not recognized or appreciated with any rewards. This creates a negative impact on such game developers. Using blockchain technology, the developer will have that premium recognization of the game he/she developed as it becomes his own asset which will be known by his name. Such kind of encouragement needs to cultivated to embrace more talents and creations.

Disclaimer

Blockchain Stocks has not been paid to mention any stock /company within this article nor do we own any stock in any company mentioned in this article. More information about our full disclosure can be found here – Full Disclaimer.