Benefits of Blockchain Technology in Gaming Industry
Wednesday February 06, 2019,
4 min Read
Blockchain technology is more than just finance or a cryptocurrency.
Refer our blog to understand well concerning it: “Blockchain: Solution to digital world”
Art, agriculture, energy If you look at this, In those sectors. Blockchain has gained a valuable place because it is employed in several of the fields. So that the skillfulness of blockchain has additionally created it effectively within the gaming industry. Gaming Industry is a crucial sector but it also been a controversial sector due to some inherent issues.
We can note down some of the issues players feel worried about. Some of them are high fees, unprotected data, fraudulent activities, and hidden odds. To resolve these problems, We use Blockchain technology. In fact, to build trust among players, some of the companies already started using this technology.
This year’s Game Developers Conference occupied with some professionals who were mentioning blockchain and cryptocurrency.
Following are some ways by which how this technology can resolve problems for the gaming industry:
1. Making payment processing cost-effective
From everywhere the planet, the gaming industry is accessible. In terms of cost-effectiveness, players get a chance to leverage fiat currencies. To utilize online gaming, players have to pay expensive fees. By using Blockchain technology, gamers can keep their debit or credit cards away. No matter how small payment is, Blockchain technology always offers a decentralized method for it. Because of the decentralization, there is no way for a hacker to steal the information.
2. Minimizing fraudulent activities
Like the other sectors, the gaming industry also suffers the maximum hit of online frauds sometimes. Hence, the industry always in need to look for techniques that can save lost revenues. Blockchain can save billions of activities by abolishing every chance of fraud. Some of the companies like B2Expand has already started using the crypto economy to reduce fraudulent activities.
3. Storage safety and security
Game industry always faces a security threat from hackers. So, storing the data online seems to be a risky thing. But for this problem, Blockchain encryption has become a feasible solution. When we use the blockchain technology, it becomes impossible for the user to crack the data stored. This technology requires correct nodes at a correct time to crack. So because of this technology, game items gets double security that saves from the breach.
4. Better control over the gaming economy
The government can anytime put bans or regulate the economies of an industry. Harsh regulations of the economies give rise to black markets. When considered which is never good for any industry. Every sector can suffer from this problem and so gaming companies are also in a row. As game developers losing their control over a trade that automatically harms their ability to gain maximum revenues. With the help, we have no need to create policies. Blockchain developer can collect royalties from every gaming ecosystem on an ongoing basis. In addition to that, Blockchain also allows a game developer to begin or stop selling assets without any kind of restrictions.
5. Reducing the price of gaming items
Developers get affected by the high price of gaming items. This is one of the reasons why the gamers search for the stolen game items basically in the digital market. However, Blockchain comes with affordable micro-transaction benefits. This will help developers to sell their power-ups at cheap prices without even losing profit. While playing online games, the user can control his expenditure.
So some of the above points make it absolutely clear that Why blockchain is a next gaming industry disruption. Considering the other industries, We can also say that Blockchain is the future of a secure and rising gaming industry.