One of the most successfully run online business is the online gaming industry surpassing around 50 billion as of 2018 according to a study by SuperData Research. With millions of users and game developers all across world, releasing new games almost every month, there is no going back for this industry. The biggest challenge this industry faces is the fake websites that gets released every now and then posing trust issues for the users. Even though there are multiple reputed gaming sites, it becomes hard for the users to verify the authenticity and reliability of a newly launched site.
By adopting blockchain technology, online gaming industry benefits highly by being able to bring a solution for the trust and transparency problems the users face. Blockchain technologies are used to transfer cryptocurrencies without the need for any middle man, bringing more security and anonymity for the transaction. The use of blockchain technology has definitely given a boost for the gaming industry in using cryptocurrencies. With blockchain technology, there is no need for a middle man like a bank to hold funds but it can be directly transferred between the buyer and seller. Each and every step of the transaction will be stored as a block in the chain with each block having an encoded pointer for the preceding and following block providing permanent, convenient, secure and private environment. There are more uses for blockchain in gaming industry than cryptocurrency transactions which is to store game plan in data structure. Each move of a player can be stored in a verifiable ledger as a transaction. It is the simplest way of documenting the moves in a game including the high score or the record score in a game. In gaming industry with blockchain technology, such player games are stored automatically and such historic data can be accessed by anonymous who has a key. Blockchain has basically upgraded gaming industry to provide new heights of entertainment for the game lovers.
Blockchain also has benefited the gaming industry by providing a better way of working for game developers. The industry is able to recruit developers remotely where they develop the games in their own studios and get paid through cryptocurrencies that uses blockchain technology. Developers are also able to use blockchain nodes which can store executable elements of the gaming program which when linked together at the time of ‘run’ gives a very unique gaming experience. Developers can associate blockchain based prizes which has associated cryptocurrencies to be activated upon reaching certain goals of the game. In a team gaming scenarios, it lets you send gifts or loans to other members of the team as well. Basically blockchain technology has provided a totally different and more entertaining gaming experience for the players.