In this era of ever-advancing technology, one of the biggest gainers in the gaming world. According to statistics, there are about 2.2 billion people who play video games. In the year 2017, the gaming market was able to generate over $108.9 billion. This is a 7.8% increase. As time passes, gaming is getting compared to professional sports rather than the film industry.
There are a number of obstacles that come into the gaming industry, for instance, fraud by third-party companies, the crisis in the budget, lack of transparency while playing, censorship in some countries, etc. the biggest solution to these problems is the use of blockchain technology in the industry.
Blockchain technology has been implemented in various industries. It keeps a public record of all the financial transactions and manages them through a peer-to-peer network instead of a centralized entity.
How is blockchain technology affecting the gaming?
It is believed that blockchain is the biggest thing to happen since the internet invention. As much as this is a big claim, there is a lot of revolution brought in the gaming industry. This is based on the fact that it is set to impact the industry in two main ways, that is, market efficiency and the offer of security.
Betting companies have implemented the use of blockchain technology so that it can provide the maximum security needed. The digital marketplace is quite an established industry, especially in the gaming world. For instance, Cryptocup uses smart contracts in purchases of tokens that represent the 32 teams in the world cup. The value of your team will increase based on the rules and performance of the game and your team.
Using blockchain technology enables all the trades to become centralized thus lowering the transaction fees. Items available enable you to trade between games as it will be able to track your transactions. As of now, the blockchain technology understanding is very limited because it is still very young but the itemization of games enables the holders to monetize their trades while at the same time you have fun.
Blockchain technology prevents fraud in trading.
As technology changes for the better in the gaming industry, the cryptocurrency marketplace has also attracted a lot of fraudsters. There are reports of various coins losing millions of coins to hackers. However, so long as the right measures are taken, then this is a 100% secure industry.
In using blockchain technology, it is difficult to execute fraud due to the transparency that is in this industry. Any transaction record is verified by all the parties in that chain around the world. It is very easy to trace the acquiring of game items within the blockchain thus creating a really fair environment for working.
As at the moment, the gaming industry is steadily rising and by the year 2020, its income hit $128.5 billion. With this growth, there is expected breakthroughs and blockchain technology will offer a lot of innovative solutions to problems with long histories.
In the near future, it will be possible to convert in-game new items into new games thus at the long last increasing in time and money value. In addition, it will be possible to cash out the new liquidity of the gaming marketplace. Blockchain technology offers players confidence as well as financial security.
With the many benefits that come with the implementation of blockchain technology, there will be a lot of competition especially with the long-term players in this industry. The finish line of blockchain technology in the gaming industry is still far from proper realization but it is definitely promising.