Blockchain technology is definitely a big deal right now. It is probably the most searched word in 2018, especially after the Bitcoin expansion last year. But what has gotten most people excited is the technology’s potential in various mainstream industries. Among the industries benefiting hugely from the technology is the mobile gaming industry. So, what is blockchain technology and how will it change the future of gaming industry?
What is blockchain technology?
The blockchain is decentralized public ledger for cryptocurrency transactions. In simple terms, it is a digital public ledger that records and verifies transactions of cryptocurrencies. With blockchain technology, users can transact in what is typically referred to as peer-to-peer transactions. Although the technology was originally designed to power bitcoin, it is currently being adopted in various industries for transactions verification.
How blockchain technology is changing the future of gaming
The introduction of online casinos was a significant milestone in the gaming industry. It gave players who could not afford the time to go casinos an opportunity to play while on the go. With gurus such as Dooma Wendschuh, the gaming experience will never be the same. However, both online and physical gaming platforms have been struggling with problems of cost and lack of trust from players/gamers. It is very costly to operate an online casino as well the physical one. At the same time, players do not have confidence in the online platform due to possible interference of the third party.
So how is blockchain changing the future of gaming industry? Well, the technology is transforming this industry in different ways. In a nutshell, blockchain is coming in to address the obstacles that the gaming industry is facing today. Here are three ways that the technology is changing the future of gaming.
The blockchain technology is transferring the power back to the hands of the gamers. The technology is achieving this by addressing the issue of trust to improve transparency and fairness. The current model of gaming gives casinos the power to manipulate results. But this will never be a problem in future. The chain technology is making use of smart contracts to ensure that all games are generated and stored publicly.
Improved safety is all about the hacking of the gaming platforms. Zero hacking is what blockchain networks are providing. Due to the centralized models, hackings are prevalent in the online gaming platforms. The current networks (centralized networks) provide hackers with a single point of access, and that makes it easy to execute a hacking. With the blockchain’s decentralized systems are spread across multiple points, making it difficult for hackers to gain access.
Reduced cost of operation
The blockchain technology is reducing the cost running gaming platforms significantly through decentralization. With the blockchain-based gaming networks that are promising high scaling, all that will be needed is a decentralized application (dApp) to run a gaming platform. So, the cost of renting halls and running for online casinos will be a thing of past with this technology. With the cost of operating gaming platform reduced, developers (casino owners) will make more money, and the effect will trickle down to the players/gamers.
Blockchain technology is here to improve the gaming industry. The technology will make the gaming platform better for both the developers and gamers. As the number of blockchain-based gaming platforms continues to increase, there is no doubt that we are looking for better gaming experience in future.