5 Ways Blockchain Technology is Transforming Gaming

The global gaming industry has always had a talent for adopting emerging technologies before they caught on among the masses. Motion sensor gaming, virtual reality, augmented reality, and artificial intelligence are just a few of the areas where game developers have been pioneers, helping to popularize the use of these now everyday technologies.

However, one area that is often overlooked is the increasingly widespread adoption of blockchain technology by various components of the global gaming industry. Various blockchain technologies offer a number of advantages to game developers that can improve the player experience and create entirely new forms of gaming.

Read on to find out some of the key ways that blockchain technology is transforming gaming right now.

5 Ways Blockchain Technology is Transforming Gaming 1

Source: Pixabay

Ownership of In-Game Assets

One of the biggest developments in the past year has been the adoption of blockchain technologies by gaming companies to allow for true ownership of in-game assets among players. Unsurprisingly, this has been spearheaded by the development teams behind games such as Fortnite, PUBG, and Gods Unchained, where in-game assets such as mods, outfits, and collectible weapons can often accrue astonishing real-world value.

Given the fact that the blockchain allows for all transactions to be transparently traced via a decentralized ledger, specific in-game assets can now be owned by players in the same way that a real-world antiques or artifacts could be. Gods Unchained now uses blockchain to track the sale of all in-game assets, since the data in the blockchain is immutable and cannot be altered.

Independent Gaming Economies

A number of MMO games have now introduced their own blockchain-powered cryptocurrencies to players as a form of genuine in-game currency that can be used to purchase assets, pay other players for their services, and upgrade mods, armor, houses, and weapons. Some developers are even taking this further, allowing in-game cryptocurrency to be used in the real world.

One example is Age of Rust, an MMORPG that utilizes its own Ethereum-based cryptocurrency called Enjin. This can be earned by players who complete certain in-game objectives and quests. Once you have earned enough Enjin coin, you can exchange it for credit at companies such as Uber and Postmates. If the ability to use blockchain to truly monetize gameplay takes off, then implications for the industry and the wider economy could be profound.

5 Ways Blockchain Technology is Transforming Gaming 2

Source: Pixabay

Real-Money Online Cryptocurrency Games

Another notable way that blockchain is being used is to allow online gamers to gamble with cryptocurrency and potentially win back cryptocurrency jackpots. This can already be seen in the world of online casinos. Casino industry experts have long ranked real-money slots at countless platforms, to help users find exactly what they’re looking for; now that service has been extended to also provide specific sections that review casinos that accept and pay out in bitcoin.

Playing with bitcoin means that players no longer need to provide their credit card details to an online casino platform, enhancing security and discretion. It also allows online gamblers to potentially take advantage of the volatility of blockchain-powered assets such as bitcoin, as the amount they stand to win from online casino games could increase as the value of bitcoin rises. Likewise, a fall in the value of bitcoin reduces the real-money cost of playing.

Enhanced Security for Players

Finally, it is clear that blockchain technology is being utilized to enhance the security of players across the video gaming industry. Blockchain utilizes advanced cryptography to create a system that is transparent yet near-impossible to hack or alter in any way.

This presents obvious benefits to game developers looking to create fair games that cannot be rigged or altered. Developers of online games such as Beyond the Void already make use of blockchain’s ability to create open-source, transparent, and distributed gaming servers in order to allow for safer and fairer player experiences.

These are just some of the ways that blockchain technology is transforming gaming. Expect to see more of this in the future.

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