The world of gaming has been able to adapt to changes with fluidity and without compromise. It’s possible to argue that it has been one of the best industries to deal with change and actually benefit from whatever developments are experienced.
We have seen the rise of the internet help gaming reach new heights, with online play having been able to create new business opportunities for developers and new gaming sessions for individuals. The emergence of internet connectivity has allowed players to communicate with each other virtually, play multiplayer games with others worldwide, or even engage in pastimes that were once only possible to enjoy in a physical capacity.
However, as technology continues to show no bounds, the gaming industry is continuing to thrive and make the most of new technologies that are coming to its forefront. Blockchain technology is now playing its role and is arguably the next step in creating immersive and secure gaming experiences, just like it has across the healthcare industry.
What is blockchain technology?
Blockchain technology is widely associated with cryptocurrency. It’s the decentralized and secure ledger that is used to store transactions that are made, as well as to provide various security features to those who use crypto like Bitcoin and its alternatives.
With cryptocurrency continuing to be embraced and adopted more and more by populations globally, there has become a greater need for businesses to accept virtual currency is here to stay and isn’t just going through a phase. This has led to gaming developers to look to try and capitalize on its presence, as they understand that there is money otherwise being left at the table, something the iGaming industry is fully aware of.
There are many Canadian Crypto casinos available already that allow players to use their preferred digital tokens if they wish to wager with them. They are able to play all of the same games like slots and live dealer options in the same way as those who use traditional Canadian dollars, but they can simply play with Bitcoin or other accepted methods.
As iGaming companies are showing the way, either gaming companies are beginning to make the move to implement crypto payments within their titles, whether it be as microtransactions, in-app purchases, or by other means.
Why is blockchain the future of gaming?
The blockchain has become a popular option in next-gen gaming because it’s giving people the opportunity to actually obtain ownership and control of the games that they play. Essentially, they are being able to obtain more value and potentially profit from the games they play when using cryptocurrency.
Due to the capabilities of blockchain technology, gamers are able to use the ledger to see who has ownership of an item, as each transaction is visible due to its transparency. They can now own the items that have been created within the game and have full control over them. In traditional gaming, they would only have “borrowed” these items when paying with fiat currency, but the decentralized nature of virtual currency means they can have sole ownership. They can then look to sell these items to other gamers for crypto, or keep them as a form of investment and then potentially cash in on them at a later date.
This isn’t a new concept, though, as we have seen the implementation of NFTs (non-fungible tokens) within games in the past, too. These digital assets also provide players with the unique ability to have complete ownership of whatever they have bought, as they are representative of the original item that was created. They can then hold real-world value, which can become lucrative due to the scarcity of the item. In terms of gaming, this can create more immersive experiences, as players will want to be the sole owner and be the only person to have them in their possession.
Aside from the tangible in-game benefits that are easy to witness and understand, blockchain technology can also help to enhance the security that games have when it has been implemented. As mentioned, any transaction that has been made on the ledger is transparent, thus allowing people to see from start to end everything that has happened during that process. In addition, anonymity is available, which can improve player safety. The blockchain uses a combination of cryptographic algorithms and decentralized networks, helping to reduce fraud and hacking risks that may be experienced.
Final Thoughts
Blockchain technology can certainly provide a number of benefits when introduced and incorporated into gaming. With gamers continually looking to obtain the next-best thing when it comes to the experiences that they receive, it wouldn’t be a surprise if ownership of the items that they acquire became one of the many things they have on a long list of demands.
While gaming sessions could be transformed with the use of blockchain, the security bonuses cannot be overlooked, either. With a safer way of being able to play online, there is no doubt we should see the inclusion of blockchain more so in games to be released in the near future.
