How blockchain can redefine the gaming industry
At first glance, it may seem like the gaming industry has been static at its core, with the only thing changing being the graphics quality, but it is definitely not true. Technological advances every year push the gaming industry further, adding new elements and features, and now, more than ever, the industry is on the verge of change with the help of blockchain technology.
The use of microtransactions or micropayments is expected to increase in the games, encouraging trading between players. The difference that the method of microtransactions offers is that the payment can split into smaller chunks that go in different directions with the help of smart contracts that ensure the correct processing of every action. This may lead to increased benefits for everyone involved in the transaction, starting from the creator, who will earn income from every further resell of the asset. Blockchain technology can offer safety and security to users, providing faster and low-cost transactions across the world reserving privacy and data protection.
Another extremely exciting for many gamers prospect of the technology is the ability to offer new job opportunities using games as a way to earn income. Items and assets can now obtain value in the real world, implementing a widely discussed play-to-earn model. The active engagement of the players combined with the transferring of power and ownership of assets to the users instead of the companies is rebuilding the foundations of the gaming industry, shaping it in an exciting new way.
The active engagement of the players combined with the transferring of power and ownership of assets to the users instead of the companies is rebuilding the foundations of the gaming industry, shaping it in an exciting new way.
Data in blockchain technology is stored in blocks connected to each other in a chain-like structure which allows tracking all the modifications and transactions ever made in chronological order, reducing the unwanted modification probability to almost zero. This feature along with the decentralization system of the technology leads to safe and cheat-free games with the blockchain technology protecting user data and the game itself from hackers and manipulations. This way it becomes extremely difficult to duplicate an item since it is possible to pull all the information about the journey of the asset and proof its origins and the rightful owner. The same is achievable when a modification is made to the game. It is not only possible to identify what exactly was changed, but also who made the modification and more. Knowing the consequences of every action and trackability will eventually lead to responsible and safe gaming accessible to everyone.
The expected increase of players actively engaging themselves in the gaming world is very likely to lead to more instances of game addiction. Gaming addiction is, unfortunately, not a new concept with consequences such as mental health issues, financial hardships, and more. It is possible to apply the blockchain technology features to apply limits and track players who have exceeded those limits and to significantly reduce gaming addiction numbers, especially among younger players, and create a safe gaming environment.
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