The Future of Gaming is on Blockchain
Blockchain has 128 million mentions on Google. You’ve heard about blockchain applications for finance, healthcare, manufacturing, retail and even fundraising. The usefulness of the technology, with private access to a decentralized, traceable, unchangeable ‘ledger’ of activities, is undisputed in these industries. According to IBM, “blockchain can do for business what the internet did for communication.”
But why does blockchain hold promise for gaming? Many of the benefits blockchain delivers to other industries apply to gaming. Remember, gaming has several audiences. The gamer plays for the challenge and the winnings. The operator wants a profitable business. Spectators enjoy the gaming lifestyle and following their favorite players or games. These audiences have a variety of needs including accountability, accuracy, and easy access.
Gaming Challenges Blockchain can address
Although some games pay players, most games require fees to play. Paying for game currencies, characters or other virtual ‘goods’ is a tactic many games use to gain followers. Yet players struggle as they shift from game to game for several reasons.
- Information about what players can own, how they can play or trade and how much they’ll pay varies from game to game. Currently, no standards exist. The result? Mistrust and misunderstanding.
- Online crime, including identity theft and hacking to steal or ransom winnings adds an element of unwanted risk to gaming.
Players want protected privacy, nimbleness, consistency and transparency from online games. It can happen — with blockchain.
Blockchain’s Solution for Gaming
With blockchain technology applied to gaming, hosting can become decentralized, allowing global ‘hosts’ to quickly set up an online game. Importantly, blockchain-structured gaming gives players visibility to key gaming elements such as:
- Pay-2-Play settlements. Transactions are readily trackable and cannot be altered in the blockchain ledger.
- Provably fair random number generation (RNG). Fairness is a requirement for building trust and credibility with players. Blockchain technology combines RNG with hashing to create uniquely ‘fingerprinted’ results that can’t be duplicated — ever again.
The New World of Gaming with Blockchain
The net result of incorporating blockchain technology into gaming is a better player ecosystem:
- Fairness is verifiable, which builds trust and game adoption.
- Payouts are decentralized and clear, speeding returns to players and hosts.
- Gaming set-up and rules become standardized, delivering consistent play wherever games are held.