The gaming industry is booming. According to the report by market research company New Market Research, the global gaming industry will reach USD 1190 billion by 2024 from an estimated USD 99 billion in 2016. There are more than 2 billion gamers today and that number is expected to grow exponentially in the coming years. In order to keep up with this growth, the gaming industry has adapted rapidly and innovated at lightning speed. This article will explore some of the ways blockchain gaming technology is revolutionizing the gaming industry, from player authentication to revenue sharing, as well as its relation to digital collectibles, player markets, and decentralized game hosting networks.
Player Authentication on Blockchain\n – Player Accounts Authenticated With Secure Proof of Ownership
There is no doubt that blockchain technology has become the standard in the gaming industry. This is not only because of its use in different gaming applications, but also because of its security properties. Blockchain’s security is based on the integrity of the data so that has huge implications on the gaming industry. Gaming is all about trust and validation between the player and the game.
With the help of blockchain technology, validation becomes easier and there are no chances of fraudulent activities. The blockchain technology has now become a trusted source to authenticate the player’s account and has also helped in creating an ecosystem of trust.
Revenue Sharing on Blockchain\n – Providing Proof-of-Play for Gamers and Publishers
In most of the gaming industry models, players are rewarded for playing games and getting rewarded for their actions is the essence of the model. However, in the case of centralized models, there is no mechanism to ensure the integrity of the model and thus the publisher controls the flow of money within the ecosystem. Furthermore, the whole reward mechanism is vulnerable to hacking and fraud. However, blockchain technology’s use in the revenue sharing ecosystem of gaming has brought about a revolutionary change.
Now, there is a mechanism to ensure the flow of money between the players and the game publishers is secured and auditable. When the revenue sharing model is implemented on the blockchain, it can provide a token that represents the right to receive a share of the revenue generated by the publisher. That token is created by the blockchain system and is governed by smart contracts.
Digital Collectibles on Blockchain\n – Creating Decentralized Exchange for Gaming Assets
The rise of blockchain technology in the gaming industry has led to a revolution in digital collectibles. The digital collectibles are not just digital assets that are used in the gaming industry; rather, it is a new category of assets that go beyond being just a consumable or an in-game asset. Digital collectibles have the potential to transform the way we think about and interact with collectibles across all industries. They are not just a collectible, but a smart contract that can represent any asset or a service.
Digital collectibles are a perfect example of what can be achieved when blockchain technology is used in the gaming industry. The blockchain technology has enabled the creation of decentralized exchange for gaming assets that has given rise to the emergence of blockchain-based digital collectibles.
Player Markets on Blockchain\n – Creating a New Marketplace in Gaming
In the gaming industry, publishers use a variety of platforms to host games. These platforms provide a variety of features, such as ads, publisher-controlled content, and chat services for players. Unfortunately, these platforms are centralized and owned by a few major publishers. Thus, the players are not able to enjoy a competitive marketplace. In order to tackle this problem, blockchain technology has helped in creating a new player market for gaming.
This marketplace has decentralized infrastructure that is owned by the players, and it provides them with a variety of functionalities, such as chat, player-controlled games, and an ad-free environment. These functionalities are powered by smart contracts that are executed on the blockchain and decentralized apps (DApps). Thus, the players can enjoy a competitive marketplace that is owned by them.
Decentralized Game Hosting Network on Blockchain\n – Eliminating High Costs and Latency in Gaming
Today, most of the gaming companies host their games on centralized servers. In centralized games, the server is responsible for the storage and retrieval of all the data, with all the players accessing the content from this server. This has led to high costs and latency in the gaming industry. This is because of the centralized nature of hosting.
The hosting has an impact on the gaming experience, as well as the revenue sharing model, which is hard to set up with the centralized hosting. Blockchain technology can now be used to decentralize the hosting, which can eliminate the centralized structure of hosting and the high costs associated with it. This can also be a great way to implement the revenue sharing model, without having to rely on the server.
Final Words:
Gamers can now enjoy their favorite games without any issues and they don’t have to spend a fortune on it. Furthermore, they can also earn profits on their gaming activity, without the risk of fraud and hacking. With the help of blockchain technology, gaming has become more convenient and secure. All these advancements have made it possible for blockchain to revolutionize the gaming industry.
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