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Development of the Gaming Industry With Blockchain Technologies

Since it is quite unlikely that at this time, there is a single person who never played an online or video game, it seems unnecessary to explain the gaming industry. Even if you fall under the category of people who not only have an absolute lack of interest in gaming but also sort of resentment, you have probably played a game or two. Otherwise, you wouldn’t know that games aren’t your cup of tea!

But, do you know something about Blockchain Technologies? Well again, unless you have been living under the rock for the past several years, you certainly must have at least heard about blockchain and bitcoin! Right? We knew it! But here is the deal! Blockchain is often associated with cryptocurrencies and new waves in the financial world. Many people wouldn’t imagine that it can have something to do with games such as Dragon Island and an extensive list of others. Nonetheless, Blockchain technologies reach far beyond the financial sector, and besides many other industries, it affects the ways the gaming industry functions now.

What Are Blockchain Technologies

Okay, so before we tell you how blockchain helps the development of the gaming industry, we are going to look back at the blockchain technology meaning. When it first appeared, it was used by computer science professionals to explain how to structure and share data. Today it is labeled as the fifth evolution of computing. What is it? For all laypersons out there – in simple terms, the blockchain is a distributing database that exists at the same time on different computers. The peculiar thing about it is that it continually changes and grows because new sets of blocks are being added to it.  Blocks are encrypted, and this means that everyone can access them, but only someone with a specific key can add new recordings. In case you want to know more about it, check out articles about blockchain technology history.

How Does Blockchain Affect Gaming Industry

 

Continuous Gaming Universe

When we are thinking about how blockchain technologies innovative attempts to change the concept of gaming, the first thing that comes to mind is the distributed ledgers. They enable gamers to use whatever items they have to participate in multiple games at the same time. They can also participate in virtual reality videos with a 3D environment.

Cost-Effective Payment

small blocks

As everyone knows, even if you are playing basic online games, you have to pay for something – tokens or some other items if you want to progress. Of course, this is also possible with regular money we all use. However, in many cases, when you are using what we call fiat currency, you are not paying just the price of the item, but additional fees that at times can be pretty high. On the other hand, the blockchain technologies review shows that you make your transaction entirely fee-free.

Decreased Risk of Frauds

Another known fact when it comes to online gaming is that you can come across different types of scammers. If you are using Blockchain Technologies, the risk of becoming a victim of fraudulent activities is reduced to a minimum. It is not just in the gaming industry, but blockchain guarantees to save a lot of their user’s money by preventing and eliminating fraud. That is why more and more companies start using it.

Store Your Assets Safely

Because this is a shared database, everyone can see everything. But everything is encrypted,  and this means that only you can make changes in transactions, etc., as you are the only one with a special key. It also means that you can store all of your gaming items, money, and everything else without worrying that someone will be able to hack your account.

Final World

The fact is that we are living in an era of exceptionally fast technological progress. The continual array of new high-tech products can speak in favor of that. Indeed, Blockchain Technologies, cryptocurrencies, and so on are still at the beginning. Nonetheless, we must try to be informed and learn how to invest in blockchain technologies because there are a lot of predictions that they will create our new normal before we can imagine. What do you think about it?

Author’s Bio 

Alex has many irons in many fires, including starting an eCommerce store and his own marketing company. He is very busy, but the work is rewarding, and freedom has allowed him to fish, and see friends more regularly.

 

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