Role of Blockchain in Gaming
Technology is the most uncertain thing in this world of innovations. It would be accurate to say that time, tide, and technology wait for nobody. The full potential of new technology could never be seen first, but eventually, as time passes and developers explore it, its real potential is revealed. One such technology is Blockchain. We bring an innovative blockchain ecosystem for gamers and developers under one roof. This technology was developed mainly to back cryptocurrencies like Bitcoins.
Soon, it made its way into the accounting sector for immutable and transparent accounting; then, it was implemented by many in online payment gateways or more secured transfers. The next in line for Blockchain Technology is the gaming industry. It can support the verification and authentication of digital information transmission, including cryptocurrency transfers, data records, and user information, without a mediator’s need.
Benefits to Gaming Industry
The Blockchain is more than just a cryptocurrency or finance technology. The developers have just started finding out its benefits in the gaming sector:
Cost-Efficient & Secured
Online game players are always worried about the chances of unprotected data, high fees, online frauds, and other hidden complications. Blockchain technology can keep your debit and credit cards safe while making an online purchase of games. Gaming companies can create fiat currencies with Blockchain, and the users can buy those instead of directly using debit or credit cards. Blockchain technology can assure the authentication of payments, and there are fewer chances of scammer where your card information would be stolen. This technology offers a decentralized method of payment.
Minimizing Frauds
The gaming industry reports the highest number of online frauds every year. Blockchain can save the users from this problem. This would save lots of revenue and time; at the same time, user information is secured through blockchain nodes.
Safety of storage
The items purchased by users in an online game always face the threat of being stolen or misused by hackers. Storing data for an online gaming company is a big challenge. Data stored in Blockchain-enabled encryption makes it impossible for hackers to breach in. This technology requires correct digital signatures to preview data so that the authenticated user can use it.
Reducing the cost of in-game items
Every gaming company loses lots of player base due to the high prices of in-game items. This is also the reason for players looking for stolen items in the gaming industry. Blockchain offers the benefit of low costs per transaction, however small it may be; by following this way, the company saves lots of expenses and can transfer this to the users by reducing the cost of in-game items. Blockchain technology thus brings more player base for the company.
Conclusion
The above points show by Blockchain is the next big thing in the gaming industry. The gaming companies should adopt it to keep the information of their players safe and protect them from hackers and fraudsters at the same time.
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