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Blockchain Tech Breaks Through Console Gaming

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Blockchain Tech Breaks Through Console Gaming

Blockchain technology was introduced to the public through Bitcoin, back when the still-unknown Satoshi Nakamoto developed and released this new invention to the internet’s sandbox of technological innovation back in 2008.  And while blockchain technology may have gotten its start in cryptocurrency, it’s becoming a subject of increasing interest among gaming companies. Game developers around the world – including Block and Chain Game Studios - have already starting using blockchain technology in Massively Multiplayer Online Roleplaying Games (“MMORGs”), casino games, Player Versus Player battle games (“PvP”), but most of the blockchain technology applications in gaming have been isolated to online and mobile experiences.

Mobile and online gaming is a growing sector of the gaming market worldwide, but many of us can’t shake our love of the classic console-based gaming experience.  Fortunately for those of us who love the feel of a game controller in our hands, game developers are currently researching ways to incorporate blockchain-tech into console-based games.  

Building New Gaming Experiences on the Blockchain

Blockchain technology basically consists of a decentralized ledger that records transactions between two parties without having to go through an intermediary. The benefits of this system were immediately brought to light by cryptocurrencies, which use the blockchain to record transactions in an unforgeable and transparent record. Since this time, however, the applications of blockchain tech have evolved. Today, enterprising tech entrepreneurs are finding new ways to apply blockchain technology, and this includes new innovations in the gaming industry.

Companies are researching new ways to incorporate blockchain technology into their gaming systems to create better gaming experiences. While the companies themselves have yet to confirm any rumors, there are murmurs across the industry that Microsoft is planning a new Xbox One console, codename Scarlett, that will rely on blockchain technology. Among a number of speed and efficiency improvements, this potential next-generation Xbox will not require discs. And while Microsoft has the deep pockets many game developers rely on, it’s not the only name in the growing blockchain tech gaming market.

Competing Companies In Consoles Look to Cut a New Competitive Edge

Blockchain technology was launched into the public domain, so big corporations don’t have a stranglehold on this exciting new technology. So while Microsoft is working on Scarlett, another company – Blok Party – is hot on its heels. Blok Party is utilizing blockchain tech to change the way games are played on traditional consoles. The company has created the first blockchain-based console game called Play Table which is powered by the Ethereum blockchain. It is changing the way tabletop games are played by creating a system that allows objects to have an identity, be able to be customized and secure the ownership of the object.       

Gaming is a multi-billion dollar business, and the increasing use of blockchain technology across the industry will almost certainly earn up-and-coming game developers a greater competitive edge in a famously cutthroat industry. This is an important step towards democratizing the increasingly-corporate gaming world, but even more importantly it may facilitate the mainstream integration of this exciting new technology across the entertainment industry.

If projects like Microsoft’s Scarlett and Blok Party’s Play Table are successful, then gaming may be changed for good. As technology continues to evolve not only will the gaming industry change but also other industries such as financial institutions.

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