Blockchain is now essential to technological advancement and is no longer just a passing trend. This technology could have an impact on all sectors of the economy, including the gaming sector, by enhancing transaction security. However, there are more benefits of Blockchain in the context of gaming. The GaaS (game-as-a-service) model benefits greatly from the advancement of Blockchain technology.
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More than 3.24 million players have been identified as active; making the gaming industry larger than it appears. By 2026, the gaming market will reach a value of $321 billion, predicts PWC. Furthermore, Grindley predicted that by 2027, the GaaS market could grow to $7.24 billion.
Therefore, the question arises of how Blockchain can help to strengthen the gaming industry. Let us open the mystery box and try to understand the benefit and impact of Blockchain in the gaming industry.
Blockchain in Gaming Industry
Blockchain generates a chain of blocks that cannot be altered without the appropriate authorization. All connected devices benefit from block chain’s assistance in creating block replication. Any time data on a connected device is changed, all other connected devices are updated. Data changes will be easier to spot and keep synchronized due to this. The method has been reorganized to compare the building blocks of each connected device in order to gather data.
The face of gaming has changed a lot over the period. Nowadays, gaming has much more to offer than just pure enjoyment. NFTs are used in many games that let players earn money. You can purchase a number of game assets and in-game items that call for secure transactions.
Players can buy, sell, or trade in-game items with other players in video games incorporating Blockchain technology elements, such as Cryptocurrencies and NFTs. Each transaction includes a fee that the game publisher takes as revenue.
Its benefit in the Gaming Industry
Gaming enthusiasts are greatly attracted by the ability provided by Blockchain to own in-game assets. The player can later sell these assets and profit from them. As a result, Blockchain gaming is becoming more and more popular. The blockchain game development company favors this revenue model on the other side of the table.
Let us take further to analyse the benefits of Blockchain.
Secure Environment
Blockchain can secure transactions involving crypto tokens by using data encryption technologies. One of these data encryption methods that ensure security is private key-public key. Blockchain maintains network security by using excellent consensus algorithms. As a result, data modification by hackers is impossible. It secures the gaming experience for the player and aids in the security of the game developer.
Saving on cost
The subscription costs are too high for a game. These games allow players from all over the world to communicate with one another online. Additionally, even though players can use fiat currencies as leverage, the transactions are not profitable. In addition, the time it takes to complete these transactions ruins the gaming experience. Blockchain, however, permits instant payments at any time, anywhere.
The gamer can use any size of transaction and payment with the support of debit or credit cards. Fraudsters cannot hack information or manipulate transactions because of decentralization.
Fraud Control
The gaming industry is the most impacted by online fraud. Hackers are getting better at exploiting technical weaknesses. As a result, the industry is always looking for ways to boost profits.
Blockchain can stop all forms of fraud and save billions of dollars in losses. If you’re developing a Blockchain game, construct your smart contracts carefully. Fraud prevention in Blockchain gaming is also aided by a fully transparent ledger of all transactions.
Ownership Rights
In conventional gaming, the player cannot claim ownership even after paying for an item. The in-game assets, on the other hand, grant ownership if they are made with support for Blockchain. Smart contracts can claim credit for this.
Smart contracts automatically carry out the conditions coded in them, and the outcome is irreversible. As a result, every in-game item that the smart contracts players purchase is transferred to their public addresses. Every player can see the rules thanks to smart contracts’ complete transparency.
The immutable execution results of smart contracts are recorded on the decentralized Blockchain. No centralized agent has the ability to change the location of the assets’ public address. As a result, nobody can change an asset’s ownership.
Conclusion
Blockchain technology has existed for a while. However, the significance of Blockchain Development Companies and Blockchain Consulting Services has grown over the past few years. It’s also regarded as the top option for the gaming industry because of its advantages in various industries.
It not only improves gamers’ experiences, but it also gives game developers a better way to monetize their work. There is no denying that such gaming’s earning features are like a feather in the cap, but by adding transaction security, it becomes more valuable than anything else. We will undoubtedly see more incredible Blockchain features in the years to come.
