Blockchain Technology in Gaming Industry
Blockchain technology is more than just finance or cryptocurrency. And the world has started finding out the advantages of this technology now.
If you look at art, energy, agriculture, Blockchain has gained a valuable place in those sectors. The versatility of Blockchain has also made it effective in the gaming industry.
The gaming industry has always been a controversial sector due to some inherent issues. Players feel worried about high fees, unprotected data, fraudulent activities, and hidden odds. However, these problems can be resolved with Blockchain technology. In fact, companies have already started using this technology to build trust among players.
This year’s Game Developers Conference was populated with professionals who were mentioning blockchain and cryptocurrency.
Here are all ways how this technology can resolve problems for the gaming industry:
1. Making payment processing cost-effective
The gaming industry is accessible from all over the world. Though players get a chance to leverage fiat currencies, they are not effective in terms of cost-effectiveness. A player has to pay expensive fees to utilize online gaming.
With Blockchain, gamers can keep their debit or credit cards away. No matter how small a payment is, this technology offers a decentralized method for it. There is no way for a scammer to steal information or manipulate the sector.
2. Minimizing fraudulent activities
The gaming industry suffers the maximum hit of online frauds. Hence, the industry constantly looks for techniques that can save lost revenues.
Blockchain can save billions by eradicating every chance of fraud. Companies such as B2Expand has already started using the crypto economy to reduce fraudulent activities.
3. Storage safety and security
Game items constantly face a security threat from the hackers. Hence, storing data online seems a risk for game companies. But Blockchain encryption has come out to be a sustainable solution.
Data stored with blockchain encryption makes it impossible for hackers to breach. This technology requires correct nodes at a correct time in order to breach. Which is why game items get a double security that saves from breaches.
4. Better control over gaming economy
The government can put bans or regulate the economies of an industry. Harsh regulations give rise to black markets, which is never good for any industry. Gaming companies have been suffering from this problem as well. Game developers are losing their control over the trade. And that harms their ability to gain maximum revenues.
With Blockchain, there is no need to create policies. A developer can collect royalties from every gaming ecosystem on an ongoing basis. Plus, blockchain allows a game developer to begin or stop selling assets without any restriction.
5. Reducing the price of gaming items
High price of gaming items limits the customer base for developers. This is also a reason why gamers look for stolen game items in the digital market. However, Blockchain comes with affordable micro-transaction benefits. This can allow developers to sell their power-ups at cheap prices without losing profits. Moreover, a user can control his expenditure when playing online games.
These pointers make it clear why Blockchain is the next gaming industry disruption. It is visible that Blockchain is the future of a secure and thriving gaming industry.