Business Technology 3 Ways Blockchain Technology Will Revolutionise the Gaming Industry February 3, 2020/ By:Woofan/ No Comments The gaming industry is not just one of the fastest-growing technology industries worldwide. It is also the biggest of all entertainment industries. Like any other business sector, however, it faces many difficulties at various points of its operation, such as illegal trading and complicated payment options. Discover how blockchain technology can change the rules of the game and revolutionise this booming industry. Benefits of Blockchain Technology for Gaming Blockchain technology is a decentralised system that works like a public ledger system. No single user has full control over the blockchain system. Data can be distributed and shared, but it cannot be altered. All modifications made over the system are recorded in detail, from the time of the change to the exact adjustments implemented. Here are some of the ways the blockchain can revolutionise the gaming world: Provides Better Control Over Gaming Assets The blockchain gives gamers and developers full control over their assets and finances. Blockchain technology providers can also enable transactions on a peer-to-peer system, which allows individuals to start, oversee, or stop game asset trading without any restrictions. Prevents Fraudulent Transactions Illegal transactions and malicious attacks are not uncommon in the gaming industry. After all, the centralised system that most gaming systems and businesses rely on is incredibly vulnerable to breaches. Hackers only need to crack its system to get in and have free rein over its contents. It is no wonder they never run out of ways to steal assets to sell over the Internet. Some commit identity theft, while others take over a gamer’s account or developer’s software. Blockchain technology eliminates such vulnerabilities with its decentralised system. To steal data from a blockchain-based network, hackers would have to change every block leading to the one that contains the information, program, or software they want. Aside from this, they will also need to deal with various top-level security protocols. Reduces Reliance on Intermediaries In the current online game setup, there are three groups involved in in-game asset transactions: the players, the game developers, and a third-party platform. Since purchases are made through its server, the third-party platform controls all transactions made between gamers and developers. Whenever a user buys a game or an in-game asset, the platform gets a cut from the payment. Most purchased in-game assets stay in the server even though the player has already paid for it. Meanwhile, developers are required to pay the platform a certain amount to continue selling their software over the server. Blockchain technology can simplify the process by eliminating the need for mediators with transparent, decentralised transactions. Since the transaction data is in the block created by the gamers’ pc, the asset is automatically owned by the gamer. Anyone interested in an asset or software can transact directly with the developer or player owning it. Level the Playing Field with Blockchain Technology Blockchain technology is a decentralised and transparent transaction platform that gives equal opportunities for players and game developers alike. With blockchain on the headlines of cryptocurrency news often, it is only a matter of time before it takes the gaming world by storm.