Can Blockchain Technology Transform Gaming?

Since going mainstream, Blockchain technology has made big strides. Though much hesitance greeted its early days, it has since seen a meteoric rise in usage, with trading markets now specifically dedicated to the exchange of cryptocurrencies. Because of the security and efficiency of the database Blockchain makes use of, many industries, even beyond the crypto network, have adopted its technology.

 The Blockchain Sphere

As healthcare, entertainment, and logistics apply blockchain into their core systems, it’s safe to say that this tech continues to cement itself as a staple of the digital age. The next frontier for it to take on is gaming, especially as the industry is now predominantly online. The video game industry has grown into an empire worth 114 billion U.S. dollars in 2020, with mobile and PC gaming combined. But can these two inherent icons of modern innovation be combined into something transformative and new?

If one pictures blockchain technology as a literal chain, one could surmise that it would envelop our world many times over — and that chaos would ensue should it ever break. However, that vision of doom seems to be just a distant hypothesis for now as the tech continues to improve the more industries adopt it. With its decentralized nature, irreversible data collection, and secure transfer of assets and information, it’s no wonder that there seems to be a utilization of blockchain in every category we look at.

A Gaming World with Blockchain

Alternative payments for gaming…

Cryptocurrency platforms have become the main bread and butter for blockchain. It is the most common use case associated with the technology, and these days, more commercial spaces are accepting the new form of currency and carrying operational wallets themselves. Because of a transparent way to transact that is largely considered “unhackable”, we are seeing blockchain technology in insurance contracts, Peer-to-Peer transactions, healthcare applications for data storage, protection of intellectual property and fraud in popular media, and big data security. That has already trickled over onto the gaming sector, with platforms like Big Fish Games accepting crypto payments now. This level of encryption could even be implemented on a bigger scale for gaming.

… and for in-game purchases

Online gaming has reached massive proportions in popularity as it has permeated every platform that one can game on. PC, console, and mobile users not only have their own selection of online game exclusives to choose from, but they also have a bunch of online multiplayer games that have become cross-platform. As is the norm for many of these online games, the base platform is usually free (hence, the more immediate ease and interest to try them), but features that essentially improve the “quality of life” for your in-game experience is blocked by a paywall. In-game assets, stat bonuses, and additional content all make use of actual currency from the real world. Even games that make use of in-game credits sell these to users for real fees.

Gaming Shift reveals that some free online games earn even more revenue than priced games because they earn from in-game purchases. Studies support that data with estimates showing how most Fortnite players end up spending money on in-game assets like unique skins, character animations, and the like. Paying real money for virtual assets is nothing new for gamers, and that’s what already makes it ripe for blockchain technology.

Increased transparency and safety for gamers

Online gaming, both video games and casino sites are more vulnerable due to being digital platforms. And with most online platforms offering some form of payment option, the companies have had to put an emphasis on promoting security and safety. This is why Foxy Bingo emphasizes how various checks and safeguards are always implemented to ensure all transactions are secure. The gaming platform has also been approved by the European Gaming and Betting Association, International Betting Integrity Association and multiple other gambling commissions, which shows their legitimacy in the gaming world. Yet, this process could be made even smoother by integrating blockchain technology. It would allow for an encrypted method of currency transfer that also shows gamers exactly where their payments are going, as well as giving them the confidence that their payment is 100% secure.

Imagine a gaming landscape where decentralized and cross-platform currency and software could be accessible. This would remove a lot of the hoops that people have to jump through today and even disrupt the market in a way that benefits the consumers. This adoption could result in gamers actually having ownership of their in-game assets as opposed to essentially “renting” it from the developers, and funding and maintenance for online games could be much more doable, even from smaller games with niche markets. Plus, it could open up a whole new realm of possibility for the community that deals in modding and custom DLCs.

It could be a natural transition that completely transforms the way we game and how the industry leaders operate. For more predictions, reports, and guides to blockchain and cryptocurrency, keep following Blockoney.

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