Recent studies show that by the end of 2023, there will be 3 billion active gamers around the world. While the industry is growing rapidly, there are certain concerns that players have voiced throughout the years which largely remain unsolved.
However, things are changing for the better thanks to the introduction of blockchain technology. Let’s take a closer look at how it works.
Common issues that players face in the gaming industry
The following are some of the major issues that the gaming industry is currently experiencing.
- It is necessary to create a safe and reliable space where game providers can develop and introduce new games to their players. It further involves monetizing the game, which is risky if the environment is not secure.
- Players often need to pay fiat money to make purchases within games, to buy in-game assets. It is a lengthy and tedious possession which most players would like to avoid, or find an alternative solution for.
- Many games have their own currency, which players can sell and buy. The system for doing so is currently not as safe as players hope for.
- A single player may play multiple games. To do so, they need to create profiles on each game platform. It is a process that players want to shorten by making their game accounts interoperable.
- Players want a secure space to store their game assets. When they are not playing games, the assets are generally stored in the gaming company’s server. The system is centralised, and can be hacked by experts.
- The value of virtual assets is on the rise, with many people spending fiat money to purchase them. As such a situation persists, it is vital to introduce new technology to the space for further enhancement.
- While players use their fiat money to buy in game assets, they do not technically own them. The rights over the in-game assets ultimately rest with the gaming company.
- The gaming company has the power to cancel, modify or shut down a game abruptly, which is often a headache for players.
- Several players wish to collaborate with or work with the game developers to bring positive changes to the games they play and the industry in general. New technology can introduce such opportunities.
- Fraudulent activities plague the game industry, particularly while making transactions, which needs to change.
How blockchain technology helps resolve the issues in the gaming industry
Though there are several problems in the gaming industry, blockchain technology is proving to be the one-stop solution for many of them. The following are some of the benefits that blockchain technology is and can introduce in the gaming industry.
In-game purchases are made easier with the help of blockchain technology. Players can make such purchases easily through various cryptocurrencies like Bitcoin, Ethereum, Tether and Tron.
By doing so, there is no need to involve a third party or a centralised system in the purchase, which often lengthens the transactions. The purchases happen instantly with minimal hassle in this case. Plus, the transactions happen anonymously yet securely.
The transactions made through blockchain technology are highly safe as they are based on state of the art encryption technology. Such transactions are impossible to hack or manipulate. The system works with multiple servers, so it is not possible for expert hackers to tap into a centralised system and steal, modify or destroy sensitive information.
Furthermore, game developers can use this system to securely build and monetize their games. All in all, blockchain technology enhances safety in the gaming industry.
Each player registered on the blockchain network has a unique public address. It can be used to improve their interoperability across various games. The single address can be used to enable multiple cryptocurrency transactions across different games. Therefore, players no longer need to create several profiles to play various games.
Blockchain based virtual asset purchases involve the use of smart contacts, which enable players to take ownership. It helps them gain more control over their in-game purchases rather than letting the game company take ownership. Plus, players can voice their concerns over the sudden modification or cancellation of games by the respective companies. Moreover, it facilitates a space for game developers to grow and collaborate with such companies. It is because developments in blockchain apps work are based on community consensus, and are not enabled by a top-down system.
To sum up, blockchain technology is proving to be the key to resolve a number of issues that the gaming industry faces today, and fuel its growth in the upcoming years. The Authlink platform is creating new opportunities across various industries using blockchain technology as well, mainly bridging the real and virtual worlds by creating digital assets.
It is transforming the way businesses manage their physical products, and how customers interact with their purchases. All in all, the future looks promising for blockchain technology. Schedule a demo of the Authlink platform or sign up for the beta version today to explore more.