Can Blockchain Technology Affect the Gaming Industry: Experts Talk
Blockchain is a disruptive technology of the 21st century. It has several applications beyond digital currencies. One of the first use cases of Blockchain is in the gaming industry. The gaming industry is evolving with new technology. According to experts, there is a massive impact of Blockchain technology in the gaming world.
Gaming experts say that it can completely change the industry with multiverse and immersive games. Apart from that, it offers transparency, security, and the ability to exchange digital assets in online games.
Moreover, some Blockchain-based games also allow players to earn digital coins. According to industry experts, Blockchain technology will revolutionize the gaming world. If you want to know how it will affect the gaming industry, read on.
Impact of Blockchain Technology on Gaming Industry
Blockchain offers solutions to some of the critical issues of the gaming industry. Take a look at the different problems and how Blockchain technology can solve them.
Blockchain in Gaming Industry by Nathan Jacobs
Nathan Jacobs, an independent security analyst shares some of the potential benefits in the gaming industry.
Modern online games use assets to complete various stages and missions of the game. You need to purchase virtual assets and items with real money in those games. But there is no transparency and proper verification that makes the games unreliable.
However, Blockchain technology can solve this problem because of the decentralized ledger. Every player can check and verify because it is open to everyone. As a result, it makes the gaming space trustworthy and secure to make transactions.
Another major problem of online games is the security issue. Players store their assets in a gaming account that lacks security. There is a risk of loss of their assets because they are not as secure as our bank accounts. Hackers and cyber-criminals may get access to your gaming accounts.
Blockchain can provide high-security storage for your gaming assets. The design of this technology is the most secure and unhackable. Along with that, it also makes the transactions secure with cryptographic encryption. So, it’s one of the potential benefits of Blockchain technology in the gaming industry.
3. Reduce the Time and Cost of Transactions in Games
People around the world play online games and make transactions. However, most of the online games do not offer an efficient payment processing platform. But Blockchain technology can solve this problem with the decentralized network, which allows instant payments with low-cost transactions.
Josh Chapman: “Blockchain Needs Gaming”
Josh Chapman, an investor, and video gaming expert states that Blockchain needs gaming for mass adoption. He is a managing partner of the esports and video gaming enterprise Konvoy Ventures. According to him, Blockchain can get more popularity and wide adoption if it can provide real value to the gaming industry.
Also, he claims that gaming can be a proving ground for Blockchain. As gaming is the most interactive way to learn anything, it can offer significant benefits for the mass adoption of the technology. People cannot realize that they are even using Blockchain for gaming and other applications.
Jonathan Sterling: Blockchain Brings Digital Multiverse
Jonathan, a fintech and cryptocurrency specialist, says that Blockchain brings a digital multiverse in the gaming industry. That means you can transfer assets and items between different games. He calls it interoperability, which allows players to collaborate and develop a gaming network. However, it requires a lot of cooperation between online gaming studios.
Along with that, Jonathan also shares some drawbacks of Blockchain in gaming. There may be some problems like tax implications and legal compliance to implement Blockchain in the gaming space. Also, he mentioned game developers may increase the price of virtual items as the games become popular.
The Bottom Line
I hope the above information has helped you to know how Blockchain can impact the gaming industry. If you are new to the Blockchain and cryptocurrency market but want to learn about it, you can read more here crypto profit
It’s a fact that many people are still not aware of Blockchain technology. So, gaming can help them, as Chapman claims that Blockchain needs gaming for mass adoption. Lastly, please share your views on this post in the comment section.