Blockchain Technology in the Gaming Industry
Blockchain technology is more than just an cryptocurrency. And the world has now started to find out the advantages of this blockchain technology. If you look at art, agriculture, energy, Blockchain has reached a most valuable place in those sectors. The versatility of Blockchain technology has also made it more effective in the gaming industry.
The gaming industry has always been one of the controversial sector due to some implicit issues. Players feel worried about unprotected data, high fees, hidden odds and fraudulent activities. However, these issues can be resolved with Blockchain technology. In fact, companies are already started using blockchain technology to build trust among players.
Benefits to resolve the issues in gaming industry with Blockchain technology
1. Making payment processing cost-effective
The gaming industry is reachable and accessible from all over the world. Although players get a chance to leverage their fiat currencies, which are not effective in terms of cost-effectiveness. A player has to pay expensive fees to exploit online gaming.
With Blockchain, players can keep their debit or credit cards away. No matter how small a payment is, this blockchain technology offers a decentralized method for it. There is no way for hackers /scammers to steal information or manipulate the sector.
2. Minimizing fraudulent activities
The gaming industry can't endure the maximum hit of online frauds. Hence, the gaming industry constantly looks for techniques that can save lost revenues.
Blockchain can save billions by abolishing every chance of fraud. Many Companies has already started using the cryptocurrency to reduce fraudulent activities.
3. Storage safety and security
Game items constantly face security issues from hackers. Hence, storing the player's data online seems a risk for game companies. But Blockchain encryption has come out to be a viable solution.
Data stored with blockchain technology encryption makes it impossible for hackers to breach. This technology requires correct nodes at the correct time in order to rift. Which is why game items get double security which saves from breaches.
4. Better control over the gaming economy
The government can put rules and regulate the economies of an industry. Harsh regulations give rise to gaming markets, that is never good for any industry. Gaming companies have been suffering from these issues as well. Game developers have lost their control over the trade. And that harms their capability to gain maximum revenues.
With Blockchain technology, there is no need to create policies. A game developer can collect royalties from every gaming ecosystem on an ongoing basis. In addition, blockchain technology allows a game developer to start /stop selling assets without any restriction.
5. Reducing the price of gaming items
The high price of gaming items limits the client base for developers. This is also a reason why players look for stolen game items in the digital market. However, Blockchain comes with economical micro-transaction benefits. This can allow developers to sell their power-ups at affordable prices without losing profits.
Moreover, a customer can control his expenditure when playing online games. These pointers make it more clear why Blockchain technology is the next gaming industry disruption. It is visible that Blockchain is the future of the secure and flourishing gaming industry.
Blockchain has the great potential to change the entire gaming ecosystem by making it more expansive and giving control back to players. Blockchain technology’s deep-rooted features of decentralization and enhanced security to encourage customers to trade in invest in games, in-game digital goods and enjoy unique gaming experiences. Blockchain also can create an open-sourced, more transparent and fair marketplace ecosystem.
This technology will not only benefit the online gaming ecosystem by opening it to new possibilities yet will also boost the awareness around and credibility of Blockchain technology. If you wanna build your own blockchain game?You are on the right place engage with us to get a deep knowledge from our blockchain experts.