Special Report Highlights Benefits of Blockchain Tech in Gaming
Blockchain technology is revolutionizing the gaming industry by changing the way the industry runs. Block and Chain Game Studios is passionate about this, and we’re not alone. Others like us, including Singapore-based company Huobi, have been focused on transforming the traditional gaming industry to one that utilizes blockchain tech. And while both Block and Chain
Game Studios and Huobi offer gaming products and services that are based on blockchain, they’re also committed to increasing knowledge and use of this incredible technology. In fact, Huobi Research recently wrote a special report detailing the problems with the current gaming industry’s structure and how blockchain technology will revolutionize it.
The Current Problems with the Gaming Industry
The Huobi Special Report on blockchain technology discusses the current weakness of the gaming industry before digging into how to solve them. One of the problems the report notes is centralization of the gaming industry. To decentralization advocates, the issues caused by central control in gaming markets should come as no surprise.
According to the Huobi Special Report, centralization has created divisions within the industry by stressing developers to produce games that will bring players back. Central authority also prevents players from having the ability to own their in-game assets or negotiate in any way. With blockchain technology these problems can be resolved and possibly lead to the mass adoption of the technology inside and outside of the gaming industry.
As Huobi founder and CEO Leon Li Lin stated that “we firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community.” This is the exact type of thing Block and Chain Game Studios is looking forward to as well.
Improving Games with Blockchain Tech
Incorporating blockchain technology into video games will bring a better experience to the gamer, and enterprising game developers are always finding new ways that blockchain can make a positive impact. One benefit of blockchain is that the player’s assets are recorded, stored and managed on a decentralized blockchain network, making the in-game assets more valuable to the players. But Huobi’s interest in blockchain technology has shown just how much the utilization of the technology has spread.
The more companies are finding ways to improve the gaming industry, the closer blockchain technology becomes to entering the mainstream. The gaming industry currently has more than 2.3 billion active gamers worldwide and is the gaming market is predicted to reach $137.9 billion in the next year. Most active gamers are millennials who have grown up with technology and most experts believe that they will be more accepting of blockchain integration.
Over time, utilization of this technology will transform how games are played. Players will have true ownership of their assets, interactions between virtual worlds will be streamlined, and in-game economies will be more functional than ever the economy within the game. Every day is just another step towards mass adoption of the technology not only with in the gaming industry but also with industries across the economy. Block and Chain Game Studios is right at the cutting edge of the blockchain tech evolution, and we’re glad to see other game makers across the industry also looking to achieve the widespread integration of blockchain technology.
Join The Block & Chain Community!