The gaming industry is vast, having an anticipated income of $143 billion by 2020. Blockchain technology and Cryptocurrency are two domains that are significantly affecting the gaming division; that is the reason it tends to be said that the gaming business is one of the fastest developing industries on the planet.
Current Scenario of the Gaming Industry
- The gaming industry revolves around cash. Few of them permit the gamer to purchase digital gold, even though it is time consuming and lengthy process. Hence, players utilize real cash to purchase in-game resources. This is one of the ways the gaming industry gets huge revenues.
- The gaming industry is expected to attract 128.5 billion dollars of revenue in the following years. With such a pace of development, and with blockchain technology offering solutions to the long list of problems, it will reach great heights.
- In the forthcoming years, players could convert the in-game purchases to new items in new games, by expanding the value of their time and currency. On the other hand, they could take cash out of the net assets of the gaming sector.
What Blockchain has to offer for the Gaming Industry?
The casino news, gaming and business have consistently been a temptation for numerous businesses like Mintdice. When Initial Coin Offerings become very popular, gaming developers tried to launch decentralized applications for gaming on the blockchain. These blockchain platforms utilize strong information encryption technology that makes it impossible for hackers to penetrate the system. In this way, gaming engineers will have an exceptionally secure environment to create games on the blockchains. Likewise, gamers can play high adventure games and more on blockchain platforms.
Is the Gaming Industry Ready for Blockchain?
The end goal is still years away; however, the benefits of blockchain are clear, and the gaming atmosphere is generally positive.
- Blockchain gives a safe marketplace to purchase and sell in-game resources.
- Blockchain can encourage the creation of interoperable profiles for gamers.
- Blockchain will empower the projection of the significant value of intangible resources.
- Blockchain could be the standard for player experience, the exchanges of digital products, and the back-end structure of the games.
- As the gaming business concentrates on in-game resources, blockchain could solve various related issues like creating shortage, removing fraudulent items, and boosting more purchases by making items transferable over games.
How can blockchain integration be helpful?
Blockchain integration helps to make in-game virtual resources increasingly valuable, worth collecting and liquid, by opening up digital collectibles. Exchanging in-game virtual resources on the blockchain could be executed by smart contracts for smooth peer-to-peer transaction in a reliable environment, where all exchange history can be accessed by anybody on the blockchain.
Advantages of using Blockchain in the Gaming industry
Regardless of the size and development, organizations need to manage with obstacles, and the gaming business is not an exception. Blockchain, P2P technology can change the gaming business in a large number of ways. Below given are a few points:
- Giving Players a more personalized gaming experience
- Improved security of gaming assets
- Avoids Fraudulence
- Quicker Processing of Payments
- Regularizing voting mechanism
The mixture of blockchain technology and gaming holds an incredible guarantee for the development of the two businesses. The crossing of blockchain technology, gaming, and cryptocurrencies are promising. Combined with the fleeting ascent of eSports and an opportunity for developers to adapt and participate in the gaming network, will assuredly encourage the new gaming sector.