There is a strong argument to be had regarding the future of blockchain technology, with the impact already rather clear to see in regard to cryptocurrency in general. Of course, one of the major selling points for many in regard to virtual currency is because of the various benefits that blockchain technology provides, however it seems that it could have a significant role in a number of other industries.
The iGaming industry is one such example where the technology has had a significant impact, with it clearly having an impact on mobile gaming and in the creation of apps that have been created by developers.
Operators who work in these particular markets are using blockchain technology to their benefit and to the benefit of their customers as they are now providing members with the opportunity to play crypto casino games via the use of digital assets as they continue to introduce payment services that can allow for transactions to be made successfully and easily.
Indeed, the advantages that are obtained include faster transactions that can also result in being cheaper, whilst they can enhance their validity via the use of the transparent and decentralized nature that is used, while also providing a certain degree of anonymity with each transaction that is made.
With all of this in mind, though, what really is blockchain technology, and how has it had an impact on the games that are now being developed to be played by gamers all around the world easily?
Defining blockchain technology
One of the issues that some may have found when they take a closer look at cryptocurrency and all of the technology that is involved is that the language can be rather technical and jargon-based at times. Therefore, there are many that are looking to find ways in which it becomes easier to understand and digest.
Thankfully, blockchain technology can be deciphered in an easier way, as it can be described as being a digital record sheet that shows each transaction that is made via the use of virtual currency. The technology is incorruptible and stores encrypted blocks of data that are linked together that can then create a single chronological ledger. Furthermore, it allows for an element of trust to be had, as each transaction is transparent and shows each and every stage clearly.
That does not mean that people can not be anonymous, though, as the blockchain protects the identity of those who wish to remain unknown. It can be revealed if the two parties involved agree to be uncovered.
Blockchain-based games on the rise
Blockchain-based gaming is a new innovation that has certainly started to have a huge impact, with the iGaming industry has witnessed a surge in recent years in regard to the number of titles that are being produced.
Developers are now no longer able to enjoy centralized control as the game’s assets are stored across multiple servers in a decentralized way, which also enables the use of non-fungible tokens (NFTs) and cryptocurrency as forms of payment.
There are a number of significant positives that can be enjoyed, including:
- Gamers now have more control over the experiences that they receive when they are playing their favorite titles.
- A new way of gaming via the use of ‘play-to-earn’ titles is now available.
- Virtual gaming resources such as themes, currencies, and coins are available through NFT technology.
- An increase in security is enjoyed by developers.
- A new gaming ecosystem has been created that is based on a win-win process.
Three significant development trends are expected to be experienced
There are three significant blockchain-based game trends expected to be experienced following the continued development of the technology:
A greater sociable gaming experience is expected to be able to be provided where players are able to collaborate in real-time, as they will be able to use blockchain technology to manage, store, and access game characters and virtual assets.
Open Web Gaming
The metaverse has been a rather big deal in recent years, and the rise of blockchain-based games will see there be a positive impact on Open Web Games.
These games will allow players to be able to access games via a range of different sources that will enhance playing experiences through the open and decentralized ecosystem that has been created which provides a variety of game assets and resources that can be bought by players via the use of NFTs and cryptocurrency.
Virtual Gaming Transactions
Virtual gaming transactions have been growing at a rather solid rate in recent years, with NFT transactions accounting for much of them.
These transactions, which have already proven to be rather popular with gamers so far, will provide developers with the opportunity to target new audiences that were perhaps unreachable at one point before.
It is clear that blockchain-based games have already had a positive impact on the industry, but it is also rather easy to see that they will continue to do so in the very near future as blockchain technology continues to evolve and be adopted by newer industries.