Blockchain in Game - Mobiloitte Blog

Impact of Blockchain on Game Industry

The game industry looks like one of the exciting areas for the blockchain infusion. As the blockchain and cryptocurrency industry grows, its applications in businesses also expand. Especially for the developers, startup entrepreneurs, technology and web-driven projects adoption of blockchain is a must to stay afloat. Many industries such as agriculture, energy, and art are now integrating blockchain into their operations. Another unsuspecting player who is joining the campaign is online gaming. Well, many projects are already picking up and the gaming sector is truly thriving.

Global gaming sector is very huge, it will have a projected revenue of US $ 143 billion by 2020. Many industries are bringing the blockchain technology in the video game industry. For example, Enjin has introduced a framework for game developers such as wallets, game plugins, software development kits and other apps for virtual item management. Highly powerful data encryption technologies are used by blockchain platforms like the private key, the public key to secure crypto token transactions.

So, now let’s delve in and explore the impact of blockchain on the game development industry:

Blockchain in gaming helps in securely buying and selling in-game assets

With rapidly increasing interest in cryptocurrencies, buying and selling crypto tokens securely is now easy. If your game is developed on blockchain and allow players to buy and sell in-game assets using digital currencies, they have enough secured means to do those transactions.

Parallel gaming universes

Do you know that blockchain distributed ledger will make it possible for you as a gamer to use your characters and items across several games? Yes, it is possible because all your data will be verified through smart contracts. Instead of this, you should ask how it works? Well, blockchain copyrights you data and provides an option of storing data that will be used in games in digital assets form. Moreover, the advantage is that this technology will make it possible for many gaming companies to join hands and create a parallel gaming universe.

Safe and secure storage

Introducing encrypted blockchain ledgers to the gaming industry will go a long way in guaranteeing you secure storage of your game items. Until your data is in the blockchain you can say goodbye to any hacker’s dream of accessing it. Blockchain also allows players to securely store in-game assets. Do you know that hackers love centralized servers? It’s just a target for them but if they can break the encryption, all assets stored on the server are theirs.

Blockchain-based games allow players to truly own their in-game assets

One of the benefits of blockchain in gaming is that players own their assets. A blockchain based game use the smart contracts to govern transactions because these are executed automatically upon the fulfillment of conditions coded in them and are irreversible. When a blockchain powered-game is launched all in-game assets that your players bought using smart contracts are transferred to their public addresses. Hence, no centralized agent can change the public addresses where the assets are stored.

Blockchain in gaming enables interoperable profiles of players

If the game is created on the blockchain, your players can take their unique public address from one game to another. Also, they can transact with their cryptocurrencies from the same public address across those different games.

Saves money on payment processing

As you are already aware of the gaming industry that it is very huge and it is possible to pay for your games an expensive fee that comes with it. The advantage is that the blockchain will allow you to pay without considering whether the amount is small or high, without involving the credit or debit card companies. And hence, it is decentralized fees implemented here are small.

Proof of asset scarcity

As blockchain is open source the game developers can create rare virtual assets such as swords, armors and other in-game cosmetics to make them more valuable. One of the best examples that use this technology is the Crypto Kitties Game.

Now you can clearly see that the use of blockchain will have a massive impact on all aspects of the gaming world. Since the blockchain technology is evolving, it will revolutionize the gaming sector further and we must admit now that it is becoming a vital part of today as well as the future.

Also read: How Blockchain Technology is Making Transformation in Business World