The gaming industry constantly heading towards evolution, and one of the latest steps forward involves blockchain technology. This is a decentralized ledger technology that’s often associated with cryptocurrencies, but its uses stretch far beyond the financial world. Below, we take a look at how blockchain is influencing the gaming industry.
Heightened Security
Blockchain uses powerful encryption technology to secure transactions (changes) on the ledger, which are shared across multiple computers and viewable by everyone. This system of simultaneous and transparent changes means that hackers will find it pretty much impossible to breach stored data. Seeing as there are no dedicated servers to attack a blockchain, both developers and gamers have a safer place to explore their passions, whether they’re playing a 3rd person moba on a new ecosystem or building the next game with an exploding token.
Safeguarding the Future of Game Titles
One of the issues facing the traditional gaming systems is improvements in technology, which means there are enormous libraries of games that are unplayable on modern devices. This isn’t something to worry about with blockchain games because the gaming networks are immutable, which means they can never change. Essentially, it means that any deployed game over a blockchain will always be accessible in all forms, and it doesn’t matter how many updates are made.
Improving In-Game Asset Ownership
Many games have in-game assets including vehicles, outfits, weapons, pets, and so much more. However, traditional gaming systems come with vulnerabilities that mean players can lose their items. For example, the Call of Duty Warzone 2.0 servers constantly crashed in November 2022, and it led to many gamers “losing loot”.
If blockchain technology was employed by these games, such issues wouldn’t be an issue. For example, items can be minted as NFTs and stored in digital wallets, which means that ownership can never be changed unless items are sold or traded.
Strengthening Payment Systems
The gaming industry relies on centralized payment systems like Visa, Mastercard, and PayPal. Although these are largely secure, there’s a lot of data stored on exposable servers, and there have been countless instances where gamers have had their payment details breached.
By adopting cryptocurrency payments, the gaming payment system can become much more secure. Even though there are barriers to overcome before this happens, companies like Flexa are working alongside crypto project team Ampera, which has the capacity to collateralize crypto and traditional payments.
Boosting Interest in NFT Gaming
The overall value of blockchain gaming stood at around $4.6 billion at the end of 2022, and it’s estimated that this will rise to $65.7 billion before 2027. With figures like this, it means that people are willing to spend money on intangible assets (like in-game NFTs) for the right game. For example, the upcoming P2E game Pikamoon (PIKA) has attracted more than $3.9 million in presale investments during a bear market, which shows how much buzz there is around NFT gaming.
Blockchain is a powerful technology with the power to make the gaming industry a much safer place for everyone, from developers to gamers.
