Blockchain & Gaming go together like Peanut Butter & Jelly
Blockchain technology and perception has come a long way since Satoshi Nakamoto first published the Bitcoin whitepaper in 2008. Blockchain platforms use highly powerful data encryption technology to secure digital tokens that facilitate and record transactions. This makes it (basically) impossible to hack or manipulate the data and ensures safety for all parties involved. Boasting an estimation of 2.5 billion gamers worldwide, gaming is viewed as a primary avenue to mainstream blockchain adoption. Computers revolutionized the gaming industry and innovation continues to thrive as new means of gaming, such as Virtual/Augmented Reality and Artificial Intelligence, have emerged in recent years. Improved smartphone technology and rise of mobile gaming is evidence that the $120+ billion global gaming market will not be slowing down anytime soon. So what does blockchain technology have to offer to the fastest growing tech sector? Well, a lot actually...
Fraudulent Activity
As games moved online to connect players around the world, agents looked to exploit anything they could for personal gain. There is the infamous Runescape item duplication glitch as well as countless instances of unlimited NBA2K VC or FIFA Ultimate Team pack hacks. Blockchain encryption and distributed ledgers aim to solve fraudulent transactions and create fair environments.
Payment Processing
Blockchain technology offers cost effective payment methods that don’t require 3rd party financial services. As in-game micro-transactions rise as the primary source of gaming revenue, it’s crucial to cut out unnecessary transaction fees charged by credit card companies and give the game financial liberty.
Token Ownership
Remember when you could go sell your paper cards at a store and recoup (maybe profit) your investment? You had that ability because you owned your cards and there was an agreement that once you gave away your card, it was no longer yours. Assets on a blockchain cannot be manipulated, duplicated or imitated. This means that when I give away a card on the blockchain, there is a record of who now owns that card and a record of me giving it away.
Blockchain is relatively new in the gaming world and its entrance has sent ripples of excitement in multiple industries as innovators figure out how powerful the technology can be. Blockchain gaming might very well be the catalyst that sparks mainstream adoption and it’s important that resources are continued to be pumped in so that gaming can represent blockchain in the best possible light when the time is right.
If you’re reading this, congrats!
The early bird$ usually get the worm$
:)
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