The Use of Blockchain in the eSports Industry
E-sports is a new strain of sports. A business, which has seen its global revenue rose from $194 million to $463 million in the same period — a 239% increase — and is expected to smash $1 billion by 2019. It’s probably hard to understand and associate with typical sports and competitions. But it is involving more and more players, who are becoming world-famous millionaires, entrepreneurs, who are tripping over themselves to invest hundreds of millions of dollars and other people, who are eager to develop it or create something extraordinary.
The first competitive gaming tournament was organised by Stanford University in 1972. Gamers participated in playing game called “SpaceWar” for a chance to win a free year’s subscription to Rolling Stone magazine. However, this industry is growing faster, than we could imagine, with 2.2 billion gamers across the world competing for glory and prize pools of up to 24 $ million and with a huge audience. Games and platforms are being developed with adoption of cutting edge innovations and technologies including blockchain.
The biggest synergies between the blockchain and eSports are observed in betting. Betting is tied with eSports, creating excitement, interest and good deal of income in the space. Blockchain technology creates a trustworthy, secure ecosystem for low fee betting outside the control of a central party. It opens up the possibility of making bets for those who were once hesitant or fearful of getting involved or being robbed. With usage of blockchain these people can do it with their mind at ease, which generates an influx of new bettors. It also makes it transparent and trustworthy, due to the way it logs and keeps all transactions of all participants across the network. With blockchain people are not able to falsify or change results of matches.
On top of that, the blockchain technology solves the problem of trustless transactions. Players, can’t always withdraw their hard-earned reward, because the payment is easily forged. Here blockchain is able to increase trust and reliability by making transactions transparents and secure.
Blockchain also helps fight fraud via PayPal donation on YouTube and Twitch. Fans of online games usually donate to their favourite player while watching his game. There were several precedents when viewers gave huge donations (more than $50 000) and then asked for “chargeback”. In vast majority of cases the chargeback would be approved, meaning that the streamer not only had to return all money but also had to pay a high fee for transaction. In this case, if gamers receive cryptocurrency over blockchain, this problem will be solved, because all transactions will be irreversible due to the blockchain technology and it will be impossible to cheat.
Having said all of this, the true is that the blockchain technology has a great impact on eSports industry which is not fully revealed. There are just a few early examples that lie on the surface. What if we have a closer look at it, we will definitely find more issues to be solved. The blockchain is the perfect technology, which can transform eSports industry, making it more transparent, reliable and secure.
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