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What are the Benefits of Blockchain In Online Gaming?

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blockchain technology in online gaming

Major developments are changing the gaming industry for the better ever since the start of the 21st century. We have come far from the 16-bit gaming consoles, and Gameboy Advance is a tale from the past. Nintendo DS is no longer relevant. Today, VR-based and highly immersive games contribute to annual revenue in excess of $100 billion. Games with real-life situations involve players emotionally and winning every match is necessary for them. Corporate giants sponsor eSports events. They also stay on the lookout for talented gamers and sponsor them to participate in major events. New and emerging technologies have played a vital part in revolutionizing the gaming industry. Earlier, internet speeds were slow but now we have faster internet, thanks to the Altice One Optimum and other ISPs. We also have better visual graphics compared to the pixelated ones before.

Gamers today personify game characters. Any wrong move reflects on their personal abilities. They take games very seriously. Player Unknown’s Battlegrounds (PUBG) and League of Legends enjoy a fan following that exceeds millions. When the interest is so high, it is only fair to provide an environment to gamers where they can also make digital payments safely. To enable this, blockchain came into play. The centralized payments systems in place currently are an easy target for cyberattacks and hackers. Blockchain can eliminate this problem with decentralized ledgers. Read about the benefits of blockchain that the gaming industry can benefit from.

Digital Gaming Challenges

The gaming industry has grown exponentially over the past couple of decades. Today, many challenges exist and gaming companies require state-of-the-art solutions to resolve them. Earlier, games were not close to real life as they are today. Neither were they as immersive or interactive. Technologies such as VR (virtual reality) headsets and 5G have revolutionized the industry. With that said, they also pose new challenges. Games have become more personalized and the trust gap is widening between players and developers. Most games come with in-app purchases now. Developers control the economy and users need the satisfaction of fair transactions by all means. In such a situation, blockchain can play a great role in strengthening this trust between gamers and developers!

The Benefits of Blockchain

Blockchain increases the accountability and transparency of any organization. The technology enables the creation of an environment that facilitates safe transactions over the web. It provides an encrypted decentralized ledger present on numerous “nodes”. Only the receiving and sending entities can view a financial transaction with the help of unique keys. There is no middleman involved. Nobody controls a blockchain, the database is scattered, and the transactions cannot be reversed. Following are some of the benefits of blockchain in the gaming industry.

Transparency

Gamers have to buy digital assets in order to progress in modern games. Guns, environments, cars, skins, and art are some of the examples of these assets. To acquire them, gamers have to spend money or complete certain tasks. In most instances, game developers make payments necessary so that they can generate a good amount of revenue. However, due to the absence of blockchain, these transactions are not secure. Neither are they reliable or transparent. Users must be able to rely on these transactions. The same goes true for game developers. Many game hacking scripts are present in the market. Users can inject these scripts into the game and get assets for free. Similarly, users can also lose digital assets because of a simple hacking attempt. Blockchain can help to eliminate this issue and promote transparency. Everyone can see the transactions taking place fairly.

Value of Digital Assets

Note that the rarer a digital asset is, the higher is its value. Therefore, in the prevailing system, buyers cannot know how rare a particular asset is. However, if companies issue these assets on a blockchain, players can see the number of these assets. Not only does this increase the trust between the seller and the buyer, but also increases the value of the asset.

Security of Digital Assets

The most secure way of storing data online is blockchain. This is because blockchain uses decentralized ledgers to create multiple information backups. A change in the information on the ledgers is not possible. And if a change does take place, the inconsistency with the other ledgers on the blockchain will be evident. On the other hand, gaming platforms use centralized servers. They are a prime target for hackers. Additionally, users play games on their mobile phones or desktop PCs. Most of them do not take ample steps in ensuring their security on the web. Therefore, it is very easy to steal their digital gaming assets.

NFTs and Collectible Items

Gamers love to have collectible items. On a Blockchain, they can store game assets in the form of NFTs (non-fungible tokens). These tokens represent unique value and gamers can store them on a wallet. They can also sell or trade them in an open market.

Elimination of Scamming Attempts

Gamers usually trade digital assets on Wax, OpenSea, and RareBits. Their other option is a transaction taking place within the game. However, these exchanges are not transparent and may be accompanied by a possible scam attempt. Blockchain, on the other hand, can provide a decentralized exchange eliminating the risks of scam attempts.

Ease of Transactions

Gaming is a global phenomenon. People from different countries team up and create squads. Over the web, despite the geographical distance, they play as a single unit! Using traditional payment methods, players may send digital gifts to their friends. The payment process and legal implications may, however, hinder the process. Blockchain can help in making payments instantly.

The Future

Blockchain and gaming coming together will result in the exponential growth of the gaming industry in the future. Technologies such as VR and AR will further enhance real-world experiences. The addition of blockchain to the gaming industry will create a seamless gaming ecosystem while it works in the background!

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