You might have come across the ‘Blockchain technology’ while reading about cryptocurrencies. But, currently, it has not been limited to the finance industry. It has stepped into many other fields like agriculture, art, energy and such. Another industry that has embraced this amazing technology of blockchain is the gaming industry. There are lots of online casinos with free welcome bonus no deposit required that allow cryptocurrencies backed by Blockchain technology.
Learn all about Blockchain technology and how it’s been used in the world of online gaming.
What is Blockchain technology?
Blockchain technology is based on the cryptography through which list of records known as blocks is linked. Each of these blocks stores the transaction data along with the transaction timestamp and with the previous block’s cryptographic hash. The transaction data once stored in these blockchains become immune to any further modification.
How is the technology of Blockchain useful in the gaming industry?
There are various uses of blockchain and cryptocurrency in the gaming industry that can solve many issues this industry is facing currently.
Reduction in Deceitful activities
Blockchain’s one of the impressive features is its immunity from theft. The gaming industry often witnesses online frauds which lead to a reduction in companies’ revenues. Blockchain helps save billions of finance by cutting down fraudulent activities. The best example that already exists is B2Expand that has implemented Blockchain crypto economy and is seeing the reduction in deceitful activities.
Minimising the gaming items’ prices
Often the deceitful activities involve the theft of gaming items, piracy and such. This occurs due to the high price of these items which many players cannot afford. And even if some can afford, they will try to save money by using fraudulent ways. In such cases, blockchain helps with micro-transactions that are affordable to everyone. This, in turn, helps the game developers to trade their products at affordable prices to consumers without having to give up their profits.
Securing online games
The gaming industry faces the threat of hackers hacking their games and game items. It has always been a concern for the developers in storing these data online. Blockchain encryption comes with an optimum solution that can help game developers save their games without the thought of them being stolen. It is impossible for the hacker to decode the Blockchain encryption to steal the data bringing a sigh of relief to the developers.
More control of the gaming industry on their Economy
The governments of many countries regulate the gaming industry with strict laws. These harsh regulations often end up giving birth to the black markets. And the black markets affect the economy of the gaming industry adversely. The game developers will lose control over their business. Being a decentralized system, blockchain basically remains immune from governments and any single authority. The developers can develop their game and avail it to anyone and everyone that are willing to buy it without thinking of the third parties’ involvement like government. The transactions remain between the developers and consumers giving them more authority to deal with their businesses.