Is Blockchain Capable of Reforming the Game Industry?
Blockchain is immensely valuable in the gaming business. It can conceivably be utilised to secure the data in existing procedures. On the other hand, it may be utilised to make decentralised gaming frameworks where no organisation can control it. The worldwide gaming sector was said to have reached worldwide revenue of $143 billion in 2020.
How blockchain helps gamers and developers?
- Blockchain technology helps in preventing fraud: Consensus algorithms and modern cryptography shield blockchain networks from hackers. A public blockchain permits everybody to read every transaction. A totally open record of all transactions aids in preventing any fraud.
- It allows the players to store in-game assets securely: Hackers can always make way for centralised servers. It’s only one fixed target for them, and in the event that they can break the encryption, all the stored assets on the server can be theirs at once. But the Blockchain technology in the gaming business can change that. When players purchase collectibles in a game based on blockchain, they can securely store them in their crypto wallets.
- Blockchain technology provides a secure and safe environment for game developers and entrepreneurs: Blockchain platforms utilise eminently incredible data encryption technologies like the private key-public key to make sure that the crypto token transactions are secure. It is impossible to hack such data encryptions with today’s advanced computing technology. Hackers will not have the option to destroy a blockchain network that is decentralised as he/she won’t have just one server to destroy. Hackers can’t erase or modify existing transactions in the blockchain, and they cannot arrange a ‘Distributed Denial of Service (DDoS) against such networks. Blockchain networks use ‘Proof of Work’ (POW) or other algorithms that help to keep the network more secured. As a game developer or a game entrepreneur, when your game is developed on the blockchain, you have an extremely secure environment.
- It helps in purchasing and selling in-game assets securely: With tremendous growing interest in cryptocurrencies, it has become very easy to purchase and sell crypto tokens in a secured way. So, if you have developed your game on the blockchain mechanism and have permitted the players to purchase and sell their in-game assets utilising cryptocurrencies, they will have enough secured ways to complete those transactions.
- Blockchain enables players to collaborate with the developers to enhance the game features: Blockchain is revolutionising the gaming industry by enabling open communication among players and developers of a game. This is conceivable on the grounds that developments in blockchain applications are driven by the consensus of a community and not hierarchical. A player or some other developer can think of an extraordinary idea to improve a game. If the community allows, enhancements in the game will be made.
Apart from these, there are certainly other possibilities being unveiled using Blockchain in the Gaming sector to create value for the communities. Lets discuss more about it in the next blog.
Till then, Happy Blockchaining ! Happy Gaming !
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Originally published at https://medium.com on July 8, 2021.