Blockchain technology is enhancing the video game industry’s fairness, transparency, and trust between users around the world. Block & Chain Studios is harnessing the power of this technology to create games users can trust and enjoy.
Benefits of Blockchain Gaming
Blockchain technology is notorious for its decentralization, impenetrable encryption, and public tracking, creating absolute transparency. It provides security and authenticates currency and items in such a way that makes it impossible to replicate or manipulate data and to cheat the honesty and reliability of the blockchain system. As a result, blockchain technology has a huge potential to improve the video game world. That’s because it forms collaborative, trusting communities. Games are created, updated, and maintained through user participation, and game company ICOs help game makers to fund new and innovative gaming projects they want to see realized.
In 2014, there were an estimated 1.8 billion video game players. By 2017, that number rose to approximately 2.2 billion players. That number is going to continue to rise and, by 2021, the industry expects to see 2.7 billion users. Currently, there is a fear among these billions of users that fairness cannot be assured. Trust between users and developers is threatened by the lack of transparency and accountability at traditional gaming companies. As a result, the gaming world needs to meet up with their demand and supply users a more efficient, effective, and user-friendly model for increased ease and access.
Game developers are looking toward blockchain technology as a way to address these concerns and form a more trustworthy relationship among all developers and players. The blockchain makes it possible for gamers to make in-game purchases, or pay for additional in-game features like in-game consumables, premium content, and virtual goods. All this can be done in a transparent, trustless environment powered by smart contracts on the blockchain.
Security in a Virtual World
One of the more innovative concepts to come from the blockchain technology will be the ability for players to use their characters and virtual items between games. Blockchain will provide users extra security and allow virtual assets to hold credibility, making it more difficult for gamers to cheat or commit fraud. This means gamers can transfer characters, information, assets, and items between games in the same virtual worlds will allow for a more personalized and tailored experience. This lets gamers transfer hours of hard power-leveling work between games without needing to start from square one. Gamers can also buy, trade, gift, share, or sell items between worlds on the blockchain without wasting time or resources. This is an ideal situation for spin off games and sequels, where loyal players, who have invested time and effort onto one game can benefit in the other games, without abandoning their game of choice.
Block & Chain Studios sees the potential in blockchain gaming, and our team of talented game designers are putting their heads together to figure out the coolest and most exciting new applications of this important new technology. The blockchain brings tremendous potential value inside and outside of the gaming world, and the Block & Chain Team is working hard to bring mainstream games and game mechanics to the blockchain!
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