How can blockchain revolutionize the online gaming industry?

The online gaming industry is one of the booming industries with projected revenue of US$ 143 billion by 2020. This is one of the sectors which is flourishing after the advent of internet and becoming bigger day by day with millions users adding on daily basis.

After the internet, blockchain is the next thing which can revolutionize gaming. This technology has the potential to streamline every industry. However, to gaming, it has specific implications which can make gaming far more efficient that it is today.

How gaming works?

Gaming platforms have unique dynamics and attributes. Besides this, there is a constant need of upgrades as they need to maintain a certain charm to keep the gamers engaged. This makes gaming platform ever-evolving with daily tasks for developers. To understand the need of blockchain in gambling, let first go through the basics of gaming.

1. For playing a popular game, one needs to spend money. Many gaming platforms are based on accumulation of digital gold, however, players need to spend a hefty amount of time to collect those coins. Therefore, they use their fiat money to buy in-game assets.
2. Since they need to buy and sell the in-game assets, a robust system needs to be deployed for the players.
3. Most of the times, players are engaged in multiple games. As a result, they create multiple profiles, which they need to be interlinked across different platforms. This too, can be achieved with technology.
4. Game developers need a safer environment to create and monetize their games.
5. There is a rapid increase in people spending fiat money on virtual assets. With millions of gaming platforms, the amount of money spent the games is overwhelming. This can only be maintained with a technological supervening.
6. Upon accumulating the virtual coins, they need to be stored securely. Security of virtual currency is essential for gamers, as they have spent their money on it and earned them as rewards. Gaming platforms currently use centralized security systems which make them vulnerable to hackers.
7. If you have played online games, then you’ll know that you never really own the assets. It is always owned by the website and this is where a changed has to be introduced.
8. Games can function erratically sometimes, changing the rules and making it harder for you to win. With induction of blockchain, players will have control on the gaming platforms to a large degree.
9. Gamers can also be developers, but it is too hard for a gamer to join the gaming website to become one of them. Introduction of blockchain into gaming industry would also open the doors to gamers who have a knack for game development.
10. There have been incidents of fraudulent transactions in virtual game platforms. This concern will also be addressed with blockchain.

Inclusion of blockchain changes way gaming is executed today. The distribution of virtual assets could be done with a much safer environment using cryptocurrencies. With cryptos, players won’t have to use 3rd party payment which they do in case of fiat currency transactions. It also makes the purchase of in-game assets easy and fast.

Integration of blockchain into the gaming platforms has already begun. Yobit has introduced Yobit coin, a cryptocurrency, with which users can play the following games:

1. Numeric Games
2. Slot Machines
3. Sports Betting
4. Casino Game

This particular platform will allow all the gamers to play these games online. Yobit coin is an ERC20 token, which will support transactions in their platform.

Adaptable to game developers and entrepreneurs

Blockchains are integrated with private-key and public-key data encryption technologies which make crypto transactions safer. It is not possible to hack into the these encrypted transactions with all the technology we have today.

Moreover, blockchains are not latched to servers which hackers can target and infiltrate into. The information is spread across the network through nodes and these nodes contain full information about the database.

It is impossible for hackers to delete and modify the existing transactions in the blockchain. The infamous “Distributed Denial of Service” (DDOS) attack is also futile against blockchains. This technology works on the basis of consensus algorithms like “Proof of Work” (POW). These algorithms make blockchain secure and transparent in every aspect.

With the crypto surge, it has now become easier to buy and sell crypto tokens. Games developed on blockchain have easy access to crypto tokens resulting in easy purchase and sale of in-game assets. And it is way more secure than the other modes of payment.

Private keys secure the players by rendering the transactions safer. However, to ensure maximum safety, there are certain guidelines that users need to adhere to. Avoiding risky websites, taking regular backups, avoid keeping too many cryptos in the wallet are some basic steps to begin with.

Interoperable profile of players

Blockchain enables you to link different profiles across the network which makes the gaming experience very handy. Players on the blockchain can create unique public address from one game to another and link them within a safer environment.

Using the same public address, their cryptos can be transacted across different games. This technology has substantially increased the extent of the crypto users.

Get value of intangible assets with blockchain

On top of all the above mentioned advantages, blockchains will also help the traders and investors peg the value of intangible assets. This would encourage the blockchain game development to flourish as people won’t hesitate to assess the value of their digital collectibles.

Blockchain is secure to store in-game assets

Centralized servers are easy target servers, they can easily track and break the encryption to steal the information or assets.

Blockchains make it nearly impossible for them to decode the encryption. The digital assets can be securely kept in the crypto wallets which provide foolproof security against any black-hat practice.

For instance, Yobit has its own wallet in which gamers can secure their assets. In this wallet they can secure all their crypto coins like Bitcoin and Ether alongwith the in-game assets.

True ownership of in-game assets

The existing gaming platforms don’t let the game own their in-game purchases. With blockchain games, gamers will have full authority over their assets. Smart contracts will be used to confirm each transaction and it will give a validity of ownership to the gamers.

Unlike the current manual database systems, smart contracts work automatically and once a contract is made, it is irreversible. Blockchains use the public addresses for placing the transactions and in-game assets are safely locked with smart contracts. They also show the protocols the users so they can easily follow them.

With a decentralized blockchain, smart contracts record all the executions and these records are inalterable. These addresses can’t be changed with centralized access systems, therefore, they save the in-game assets with a safer environment.

Comes with greater control over the favorite games

Decentralized apps or DApps are changing the trend for the game developers and entrepreneurs. The concept of DApps is being broadly adapted by the industry as it provides safety and convenience at the same time.

There are salient features in the DApps which make them different from the other apps.

1. Smart contracts are embedded in its backend while the front-end may have a different language.
2. Decentralized blockchain is the base of DApp.
3. Only crypto tokens can be used as per the standard cryptographic algorithm and it doesn’t work on proof of stake algorithm.
4. The data storage on the decentralized blockchain is done as per the adherence to cryptographic standards.
5. Only an open-source is used.
6. Most of all, DApps run autonomously and every single change is done after a consensus is reached.

Blockchain in gaming begins a new domain

The current scenario of gaming development makes it very hard for an aspiring developer to join the industry. There is a ruthless competitive environment in the major companies which create the centralized games. It is nearly impossible to an aspiring designer to create his/her own game.

With the advent of DApps, this has become easy for aspirants who want to develop their own games. A DApp can be easily if the developer has got the following skills.

1. Ethereum, smart contract and DApp development.
2. Creation of Ethereum account.
3. Installation of tools required.
4. Coding of smart contracts.
5. Execution of smart contracts including tests and deployment.

Blockchain games use open-source platforms and the coding can be learn easily with some guidance. They also allow you to replicate the base code and start building your game with it.

Collaboration with developers to improve the game

 The onset of blockchain games have also opened a communication channel between players and developers. The consensus based development environment allows the developers to interact with gamers and use their valuable inputs.

Following this system, any player or developer can her his idea which could make the game better. If the proposed idea is agreed upon by the whole community, then the changes are implemented.

Rare in-game assets are now possible with blockchain

This has already started happening as blockchain has made the collection of rare digital collectibles. It would help enhance the whole industry to eke out significant revenues.

Smart contract become essential in keeping the in-game assets and help storing them securely in any type of interaction.

Prevention of fraud

The biggest benefit of blockchain to any domain is its decentralized ledger making the business. In the gaming sector as well, there have been instances of thefts of the in-game assets and blockchain can prevent all that. The transparency and dissemination of information in blockchains make it the most secure mechanism for transaction of assets and their storage.

Buoyed by this, a lot of blockchain gaming development service has become a new firmament for the whole world. There are many companies that providing cost-effective services across the globe. With the widespread adaptation of blockchain, it has also become easy for these companies to flourish.

Technoloader is a Blockchain Development Company which develops blockchain games of every ilk. We have expertise in every aspect of blockchain game and have a team which can make everything easy for you. We are known for our impeccable services and timely delivery across the globe.