Online gaming is a rapidly growing market and with the introduction of blockchain, it has become even more attractive for the gaming enthusiasts, with the improved privacy and security the technology provides. Blockchain has made the gaming even more interesting by providing wallets or tokens which can secure and protect in-game items. A small portion of the potential gamers stayed away from online gaming due to trust issues and to avoid the hassle of online money transactions but the cryptocurrencies backed with blockchain has provided a solution for such trust problems by giving the gamers a more secure and private gaming environment.
With blockchain providing tokenization of in-game assets, it allows these assets to have value outside of the game and also be traded outside of the game making giving them more likely to spend higher amounts in the game. Fraudulent websites and fraudulent transactions are a major problem in gaming industry that is mitigated with the use of blockchain technology. There are delivery issues of virtual assets and sometimes players getting charged double or receiving fake items in virtual games. These problems make a large amount of people to stay away from online games. All such problems are avoided with blockchain as it has a record of verifiable transactions giving more transparency and security for the online gamers.
An online game built on blockchain technology smart contracts will also enable to have reputation management system that is advanced and which reduces many gaming issues like cheating, downtime in games and animosity between players. It ensures a positive gaming culture which nurtures a refreshing gaming experience for the players. It also brings transparency in gaming which automatically boosts the trust between players. With blockchain, there is no problem of confusion in gaming rules and also there is no fear of the gaming site withholding funds as the transactions happen between the players directly.
With the use of cryptocurrencies with blockchain, gamers are being able to lure other members with gifts and other gaming assets or loans to make the gaming more interesting for them. It gives the gamers an opportunity to interact and/or negotiate with other players directly without the involvement of the hosting sites. With blockchain the rewards or the profits the gamer makes stays with him or her rather than with the gaming sites and they can use it however they choose to.
Decentralised smart contract technology that blockchain has can solve a large number of problems that centralized technology was not able to solve and the tokenization is able to transform the economics of online gaming entirely. Seeing how blockchain has helped gaming industry, other industries are sure to take notice and adopt it making the reach of blockchain to other industries as well.