The gaming industry generates at least $110 Billion in revenue every year. And this number is growing rapidly with involvement from almost every country in the world. It is a connection that transcends borders, race and language. There is no segregation based on age or gender. You’ve either played games, or you’ve watched others play; and if you haven’t done either then you will at least know someone who is involved in this industry, one way or another. By entering this industry, this is just another way in which aelf will change the world.
You may have heard of cryptocurrency or blockchain technology affecting a particular industry like finance, medical, or insurance. But how can blockchain technology impact the gaming industry?
Fraud is strife throughout the virtual goods market. With blockchain technology, ‘true ownership’ of virtual goods can easily be facilitated and become immutable. Regardless of what happens to a platform, game or account one’s goods are always safe. You may have played a game where you purchased something in game only to find it did not actually credit your account. You then spend the next 2 weeks trying to convince support that you purchased the items and you have not received them. Blockchain technology will make this frustration a thing of the past.
Another benefit is the use of payments through blockchain tech for game distribution. Current payment systems are slow, flawed and cumbersome. The use of stolen cards, currency conversions, regulations regarding payments from a particular country are just some of the problems faced by distributors. And then there is piracy… need I say more? Removing the middle man, speeding up transactions, lowering fees, ensuring true payments and true distribution are just some of the ways in which blockchain can benefit gaming systems through purchases.
And now we come to the most interesting of them all. Games actually built on blockchain technology. By recording your account, stats, actions etc on the blockchain, there is no room for lost achievements. In no way could your progress be altered. It will also mean that actions or random events created by the system cannot be tweaked, or adjusted maliciously. It creates a truly fair system. I can imagine any gamer is right now sitting on the edge of their seat thinking of all the possibilities I haven’t even mentioned yet where blockchain technology could improve an already flourishing industry. Those of you who aren’t so involved, hopefully can still see the benefits and even understand a little more of how blockchain technology can have real world applications.
aelf has taken its first step into the gaming industry with the recently announced partnership with Fair.Game. Fair City is the third blockchain game independently produced and developed by Fair.Game. The game combines traditional business stimulation gameplay with the concept of blockchain, building a prosperous city together. This game will utilize multiple benefits mentioned above from being built on blockchain, from fair trading of game assets, to open and transparent asset distribution and immutable.
This is only the first step. As aelf leads the way in blockchain technology just imagine when this becomes mainstream on all gaming platforms. Countering fraud, ease of distribution, minimizing system glitches, providing an all-round fairer and more trustworthy system are just some of the ways blockchain technology and aelf can make a difference in this already burgeoning industry.
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.
