How Blockchain is Reevaluating the Gaming Industry?

How Blockchain is Reevaluating the Gaming Industry?

As per the reports, an estimated total of 2.2 billion people are currently playing video games, which would result in revenue generation of $ 143 billion by 2020.

What is Blockchain?

Fundamentally, blockchain records the information of a transaction. Once a piece of information is recorded you can’t change it virtually. In any blockchain, a block contains information like transactional data, hash (a unique reference) of that particular block and hash of the previous block. If any change is made to a single block, its hash will also be changed.

What are the Benefits of Blockchain?

These are the following benefits of using blockchain in any industry.

Quick and Highly Efficient

Traceability

Reduced Costs

Security

Blockchain allows the creation of a flawless supply chain management that works well for both the buyers and the suppliers

As blockchain is a decentralized distributed ledger. It does not require any centralized authority as a third-party vendor to validate a transaction.

the factor that ensures high security using the blockchain system is the availability of a copy of each transaction at each node in the Transparency network.

For validation of transactions, the system uses a consensus method in which several peers take part as per their consent and validate the transactions.

Blockchain offers improved efficiency and speed by rectifying time-consuming processes and automating them as per the industry need.

How Blockchain Revises Some of the Problems in the Game Industry?

These are some of the major problems that occur in the gaming and blockchain can easily eradicate such problems windustry ith its outstanding features and facilities.

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Verifiability and Transparency : In modern games, we see players need to complete various missions using certain assets. These assets could be anything from guns, cars, planes to props, environment, character, art, and others. However, due to their scarcity in the games, players need to purchase them using real-world money or can earn as the game progresses.

Since the availability of these assets in the game is virtual then there are chances that game developers could produce these assets in a large amount and create a rig in the market by providing them to certain players only. Because there’s no liability and transparency.

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Verifiable Assets Scarcity : Game developers offer assets in a limited amount. However, gamers can’t find out the scarcity of the assets (armor) with the current setup. If blockchain is included to enlist these assets, it becomes easy for them to verify assets availability reviewing block ledger. Not only the trust will increase but also the marketplace’s value as well. Even blockchain app developer can assist you with that.

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Collectable Items : Assets in any game remain unique and collectable. So using blockchains, these assets can be tagged with unique values like NFTs -Non-fungible tokens. It will help make the trade of these items easy, less expensive and storable on a wallet using these unique values.

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Security : The platforms on which games are developed are hosted on centralized servers and the purchase of assets used in the games done on mobile phones or desktops, which are not that secure. The gaming account where you manage all your earned assets is likely to be stolen. Because they do not provide security like bank accounts.

Blockchain is capable of changing all such security-related scenarios. Since they are unhackable so it would be the best approach to store digital assets on a blockchain. It would not only increase trust among gamers but also push them to work hard to collect more assets.

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Digital Assets Exchange : In the current plan of games, users can trade digital assets or exchange on platforms such as OpenSea, Wax, etc. However, if such transactions are performed on a decentralized system in the form of a token, it would be more transparent. On the other hand, there are chances that you can be exposed in front of scammers and end up purchasing fake assets. For such issues, Blockchain is the ultimate solution.

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Transaction Cost and Time : Currently, players from across the world participate in games like Counter-strike every day. If they want to share assets then how would they do it? Without taking any legal action or wasting days in payment processing.

Blockchain is renowned for making instant transactions across the world. So it would be the best option to reduce the time and cost of the transaction with blockchain development services.

Your Picture Here And Send To Back The global gaming industry is evolving every day and providing gamers with games like real-life experiences using top-notch VR technology. In the future, we would see even more refined, crisp and clear real-world experiences with the advancements in VR. The combination of gaming and blockchain will create an ecosystem that would work seamlessly.

Also, it would end all the problems that arise frequently in front of businessmen and entrepreneurs. Hire blockchain developerment company to create appealing and user-interactive online games and mobile app games using blockchain. That’s how the blockchain is reevaluating the gaming industry.

Conclusion

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