Blockchain is Taking Gaming to New Heights - Wanna know how?
These days, blockchain technology encompasses far more than just cryptocurrencies. And, while these currencies are by far the most well-known application of blockchain, the potential of blockchain extends far beyond a simple transfer of value.
The gaming industry, for example, has always been somewhat contentious due to a variety of issues. Many players are concerned about the security of their data, fraudulent activities, high fees, and, most importantly, unfair and hidden odds.
In these cases, P2P refers to player-to-player rather than peer-to-peer. As with the other P2P industries that blockchain is disrupting, such as FinTech, there are already a plethora of ways in which blockchain technology is being used to address these and many other issues confronting the gaming industry.
Online fraud has a significant impact on the gaming industry. One of the primary benefits of blockchain technology is that it allows for highly secure data encryption. Furthermore, the player has complete access to and transparency over all of this. In other words, blockchain is a game changer for venues like online casinos, lotteries, and anything else that relies on random number generation.
Furthermore, hackers will have a particularly difficult time, if at all possible, destroying a decentralised blockchain network, ensuring that gamer data remains secure. This is an inherent feature of distributed ledger technology in which nodes in the ledger share the maintenance of distributed databases and each node has complete information in the entire database.
Making In-Game Purchases Much More Convenient
In-game purchases are especially popular, and they are currently one of the most important ways for game developers to monetize their growing user base, keeping them in business and players playing.
By allowing players to purchase in-game assets with a dedicated cryptocurrency, intermediaries and delays are eliminated. In other words, players will be able to buy in-game items instantly and at a lower price.
Player Profiles That Are Interoperable
If the game is built on the blockchain, players will be able to transfer their unique public address from game to game. This means they will be able to use their cryptocurrencies across multiple games using the same public address.
This results in unprecedented flexibility and cross-platform interoperability, far exceeding the capabilities and constraints of existing centralised solutions.
Total Asset Possession
Players do not truly own their in-game purchases in the majority of existing gaming solutions. One distinct advantage of blockchain games is that they allow players to truly own their assets by utilising smart contracts to govern in-game transactions.
These smart contracts are executed automatically if the predefined conditions are met, and the results, like any other smart contract, cannot be reversed.
When a blockchain-powered game is launched, all in-game assets purchased by users via smart contracts are immediately transferred to their public address. Another significant advantage is that these smart contracts provide complete transparency, allowing all players to easily examine the implied rules. This is how block chain is taking gaming to new heights