How can Blockchain change our perspectives in Gaming?
As Blockchain technology transforms and develops continuously through times, its applications have now exceeded far beyond the Finance industry. The characteristics of Blockchain technology which is decentralized in nature, transparent due to the fact that it cannot be interchanged and cryptography compatible promote robust data encryption.
Such characteristics of blockchain technology make its applications in Gaming industry more efficient than ever before. Current gaming industry is now facing major problems such as indistinct data systems including the possession of in-game items, a centralized network where players data can be easily hacked and sold for many other entities, high transaction fees due to third parties involvement and many other frustrating experiences.
Fortunately, many gaming projects that use Blockchain technology have been developing to maximize the potential of this new technology.
Blockchain potentials in Gaming
A “true” form of Digital Asset possession
Video games such as World of Warcraft, Runescape or CSGO, players have to invest an enormous amount of time and hard-earned money to possess in-game items which are not entirely owned by players. Most online games nowadays are built on a centralized system that is entirely controlled by developers and game creators. This means that all in-game assets players have to grind day by day and invest a lot of money to possess can be altered and removed by the developers.
The concept of smart contract is very familiar in the world of Blockchain. Basically, certain conditions about digital assets or in-game items possession will be written and coded into a digital contract using Blockchain technology. That contract will automatically verify a player’s ownership over a digital asset when certain conditions are met and the player will have all rights to do whatever you do with them from trading to selling it to other websites that are built on a same blockchain system. Moreover, if the game server shuts down or even after the game is closed, your items will still have values due to the scarcity and rareness since you are the only true owner of them.
Decentralized Game Economy
Building on a blockchain system, the majority of the games will use Cryptocurrency. The use of Cryptocurrency in gaming on a decentralized system will eliminate third parties that verify transactions such as banks. Having third parties like banks, transaction fees are often high and the process can be considered to be slow, causing players experience less enjoyable
Furthermore, cryptocurrency can also solve the problem of bureaucracy and eliminate inefficient intermediates, a time-consuming process to enhance players’ experience even more.
Secure, transparent and impenetrable system
Information is a valuable asset to many minor to major businesses due to the fact that they can make tons of money out of them. As a user, you do not want your privacy to be compromised at all. Blockchain is a decentralized network with users’ data stored on a variety of networks that are distributed everywhere. The fact that information is not stored in one place makes hacking into the system seemingly impossible.
Moreover, trading NFTs, virtual items is now more secure than ever before. A decentralized marketplace makes every in-game item associated with the owner’s public keys that validate ownership rights, enabling the trade only when the owner approves the trade with the private key. Noticeable digital assets exchange platforms can be named: Wax, OpenSea, RareBit,…
A future of Blockchain gaming
Blockchain in gaming has been showing its huge potential in connecting the virtual world to lifelike reality. With advancements in virtual reality, this world is more likely to become much more intertwined with our real-world experience than we can currently imagine.
There is no doubt that Blockchain will take over Gaming industry in the near future since every potential Blockchain technology is discovered day by day. People will put faith more in a decentralized, transparent and secure problem where they can enjoy their gaming experience without their information being compromised, freely trading, making money from what they love and seeing gaming as a way to live their life.
