Blockchain technology in video games is an upcoming innovation that will change the way we view security in the computer gaming industry. The amalgamation of the blockchain and gaming industries promises to bring a lot of growth potential for both industries.
Every year, we encounter a new technology that revolutionizes our lives, especially the entertainment side. When it comes to the gaming industry, most of the effort goes into making the experience more realistic to boost the immersion factor. So far, the focus has entirely been on augmented reality and virtual reality to enrich the user experience.
We’re talking about revolutionary blockchain technology and the hypothetical “blockchain gaming.” It’s surprising to know how this technology is impacting games and got the attention of gaming companies because of the added security, strong user authentication, universally accessible games, and ease of gaming transactions.
The technology behind blockchain-based gaming
How do we define blockchain technology? It’s a unique way to record new data transactions. These aspects of information can be related to much more than cryptocurrency, the most common application of blockchain. A block carries information that is meant to be private. Medical records, court paperwork or voting records are all hypothetical uses of blockchain technology.
The blockchain is also a relatively new type of tech, as it was only created in 2008 by Satoshi Nakamoto. This mysterious figure created a new type of anonymous information transfer. Unlike others before it, blockchain is a secure funnel of information where users have to solve complex mathematical problems to verify transactions. With it being a secure way of transferring data, gaming started adopting blockchain technology.
Essential Features of blockchain technology in video games
An essential characteristic of blockchain is that it doesn’t require a mediator to transfer data. It has a direct way of handling information, and gaming needs just that. Think about it. How much data is an average game involved on a daily basis? Win/loss records, characters, specifications, and all the unlocked features – are just some of the forms of gaming data.
Thus, applying blockchain technology can genuinely make gaming a decentralized form of entertainment. Players everywhere could switch computers at will without fearing their information being compromised.
There have been several experiments on MMORPGs that allow storing data in the blockchain. The success rate of cyber attacks was several times less frequent during that period.
What is Bitcoin role in video games?
Studios like Halo Platform and other blockchain and gaming startups have invested in blockchain-powered games, coining the term “Bitcoin video games” by the general public. But what makes this new kind of game so special?
Halo Platform launched its Block and Chain Studio, an innovative project that will seek to bind blockchain and gaming together. So what will gaming look like in the future, and how are blockchain startups and gaming companies reshaping the industry?
Cryptocurrency will be used to make all microtransactions, regardless of the game’s country, genre, and producer. The best cryptocurrency games will be accessible to children due to the security of transactions.
Players and designers will cooperate in an extensive manner than ever before to promote blockchain gaming. Due to the complete intimacy of blockchain, user-generated content will become an integral part of every game. What we see at the release will only be a basis for user-generated DLC and other customizations.
Games will be better right away. Companies such as Mythical Games Blockchain are investing as much as $15 million in the development of blockchain gaming programs. Recently, the young owner of BitTorrent announced about making an investment of $100 million in blockchain games. As the world moves away from traditional information, blockchain technology in video games will attract more and more investors, resulting in a bigger budget and better results in the entire gaming sphere.
Most importantly, blockchain game players will have all their data secure and accessible with an exclusive private key across all platforms. Saved games, recorded duels, achievements, and everything else related to a gamer’s profile will be safely stored within blocks of information.
Companies like Epic Games and EA have often had problems with players’ accounts being compromised by third parties. Epic Games had to issue refunds after fraudulent Fortnite activity, and some teens hacked the Xbox empire. This shows how vulnerable the gaming industry is.
With blockchain technology in video games, gamers will be able to enjoy a truly interactive experience. Even underage games could be able to play more games without fear of being compromised.
Blockchain technology in video games – Revolution begins
When it comes to MMORPGs, one of the main concerns is the validity of the data. Blockchain removes this possibility. With every block of data being stored within a chain, it makes it harder to duplicate any aspect of it. Rankings, stats, and everything else that determines the skills of a player would be impossible to fake. The competition will be fairer.
Smart contracts can be built into gaming in a myriad of ways, ensuring the creation of wholly new applications by the games themselves. Because of the peer-to-peer nature of blockchain technology, all rewards, preparations, and payments will be securely delivered.
However, the real revolution will come when cryptocurrencies become the standard. Inflation, economic crises, and other global monetary fluctuations and problems will stop affecting the video game industry.
Once gaming becomes truly independent due to blockchain technology, investments will be plentiful, and gamers will be able to make money from blockchain-based gaming. The actual integration of gaming into our lives is just a few years away. More and more companies are competing for leadership in the new wave of cryptocurrency video games, and the future is certainly bright.
