Blockchain Technology Makes The Online Gaming Industry A New World

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With blockchain emerging as a world changing development for several areas of businesses and even the health sector, it is still unknown which other areas of life the technology can’t fit into. It is no joke that several U.S based companies are investing heavily into the technology – they definitely see potential in its ability to change data security as we know it now.

The gaming sector is one place that has been pretty “quiet” with blockchain innovations all this while. Nonetheless, that doesn’t mean things aren’t happening in there. Today we take deep dive into the vast ocean of the online gaming world and explore how blockchain is been used in real world payments and several other things that are gradually changing how gaming in itself could be viewed.

Facilitation Of Ownership Of Virtual Goods

Anyone who is familiar with online businesses wouldn’t be new to the mention of online fraud. This act of dishonesty has so plagued the trading of virtual goods that some few trading platforms (who in themselves to are centralised) who act as “brokers” and security for trading of these virtual goods. In the gaming sphere too you have the problem of unprecedented shutdowns of certain online gaming platforms. Often than not it is not the shutdown that hurts, but the reality of losing any virtual goods you came to own through your hard work. It is because of these issues that Enjin Coin and OPSkins’ WAX have been developed.

Enjin Coin uses the Ethereum blockchain network to help people create and manage virtual goods. It allows gaming platform users to “develop” their own currencies and goods they own and backing them with the Enjin token and provision of a wallet that also enables you to do cross-platform trading. Thus, gamers are able to trade in goods with gamers on other gaming platforms.

Worldwide Asset eXchange (WAX), works in a similar manner by using its own WAX tokens to trade or exchange any virtual asset you own on a gaming platform for cryptocurrency. What should be noted is that WAX tokens were not designed for only gamers’ needs, which means that we could see it appearing as a token for several other virtual goods on different online marketplaces.

Blockchain Powered Games Development

Ethereum seemed to have taken the wind out of every other developer in the sector’s sails, but apparently took its foot of the pedal along the way when it came with its cryptokitties. The game saw the ethereum platform suffer serious scaling issues as thousands trooped in to have their own experience. For your information, cute animal faces is not the only kind of game blockchain can be used for.

Do you remember that kind of game you used to play on Facebook where you owned a farm and you did whatever you wanted with the piece of land you had? Well yhup, there is the “blockchainised” version of it now. Decentraland, as it is called, runs on the Ethereum blockchain network. Over here you are given a plot of land where you get to create that superb estate you have always been imagining all your life – houses, superstructures, lakes, golf courses – you name them, you are only limited by your ability to imagine.

Blockchain is also being used to speed up and transform how payments are done within the online gaming industry. What we have now is a rather sluggish and tedious process of dozens of manual transaction verification and payment of awful sums to so called “middlemen”. But lately we have seen some few online gaming platforms introduce blockchain enhanced payment systems like the use of cryptocurrencies. One developer who is already knee-deep into this project is GameCredits, which is already working on its own cryptocurrency and game store to become the “sole payment system for the online gaming industry”.

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