7 Ways How Blockchain is Redefining The Gaming Industry

Blockchain helps us to store our data on a decentralized and distributed network that offers the same transparency to each participant. Blockchain is a chain of blocks and here, each block contains the address of the following block which is called a hashcode. Blockchain technology is the base of cryptocurrencies. Data integrity and security are the other important features of blockchain. Blockchain is highly advanced and secure and no one steals data and information. It is counted as the most advanced and secure technology. Due to technology advancement of blockchain, most game development companies are using this platform.

At present, the gaming world has become so advanced with innovative technologies like Blockchain, Web3.0, Metaverse, and NFT. Blockchain not only reshaped the whole gaming industry but also offered us great revenue models. By using blockchain technology we are able to transform the traditional game into a tech-oriented platform so users can feel more connected and can play on advanced tech-oriented engaging platforms.

According to gaming industry experts, blockchain is in high demand, and in 2020 it will generate $140 Billion in revenue from its users and in the next few years it will be $1 trillion. 

Here, in this article, you are going to know about the importance of blockchain technology in the online game world.

 

The State of the Gaming Industry Today 

In traditional online gaming, most games are based on centralized networks. A centralized network means all kinds of data are stored on a server and that server is fully controlled by the game provider company and users have no control over it. It means all control and power of data regulation is in the hand of the game company. 

How Can Blockchain Benefit the Gaming Industry?

Blockchain technology is really redefining the gaming industry with its advanced and rich features that traditional gaming platforms and technology do not count. That’s why, within a short time period, blockchain has created a huge base in the market for both users and companies. Its advanced services help us to lead the game world. 

 

Let's take a look at its advanced features and services so we can understand the importance of blockchain in the gaming industry.

• Asset Ownership 

Here, a unique NFT (non-fungible token) is used to represent the asset and all tokens are connected to each other by using a distributed network. It helps us to make a secure ownership of in-game items. 

• Transparency 

This technology offers us a transparent system that adds many benefits to our services. Due to having a decentralized structure, developers are able to make a self-dependent system in the games so that each user can get the same transparency

• Giving Power Back to The Users

Here, you can introduce a voting system so users can tell you their choices and it helps developers to develop user-oriented services. With this right, the gaming world is becoming more democratic.

• Streamlining Payments 

Blockchain offers you decentralized servers and that helps you to decrease the cost spent on each transaction.

• Security

Blockchain uses highly advanced and complex encryption strategies that are impossible to crack for anyone. It helps us to make our data more secure. Blockchain is well-known for providing robust security.

•  Profiles for Integrated Gaming

In traditional gaming platforms, you have to make a profile to access their platforms and for each platform, a new profile is required. But in a blockchain platform, a single profile will work on all the platforms and you have no need to create a profile each time when you are going to access or play in the blockchain.

• Trading Resources and Getting a Reward

By using this platform, you can develop a rich feature-oriented gaming application that will help players to gain incentives through the mining process. So, it helps plates to play and gain.

Limitations of Blockchain Technology in Gaming

While you are going to develop your own game on blockchain technology then it is a very easy process in comparison to traditional one. There are a few areas where it is lacking sometimes. Below are the key points where you can face some issues not always but sometimes. 

• Scalability
• Demand
• Centralization
• Maintenance
• Resources

Examples of Blockchain Games

• CryptoKitties

CryptoKitties is counted as one of the best blockchain games that were launched in 2017. It uses the Ethereum blockchain to trade virtual currencies. These games also allow their players to buy, trade, and breed. After the massive success of this game, investors are inclined to develop blockchain games. For that, they are finding the best game development company that can deliver them perfect game software.

• Cryptobots

The Cryptobots is also another blockchain-based multiplayer game and in this, you can compete with other players with the help of robots. To add up your skills you can buy robots. Nowadays, multiplayer games are in high demand. In the virtual world, multiplayer helps to play a game in a more interesting way. 

• Fomo3D

This game is based on a time ticker. To play it have you to buy keys (tokens) and as players buy keys the ticker will move forward. As much as keys you have the ticker will go more forward. Players also get dividends on the tokens. In this, the last person who has the tokens will the game, and the winner decided.

 

Conclusion

After reading this article you can know easily about the blockchain and its advantages in the gaming world. The invention of blockchain technology has changed the whole gaming experience for both users and players. With a lot of positive advancements, the demand of blockchain is increasing for games. If you are having a business idea with a perfect scenario then you can bring your visionary idea to the real world with the help of a Blockchain Baccarat Game Development.