It wouldn’t be wrong to state that the global gaming industry has already scaled up to a massive level and the usurped growth isn’t going to stop anytime soon. While the projected global revenue for this sector is assumed to be somewhere in the ballpark of $140 billion by 2020, the intervention of decentralised Blockchain technology is expected to play a pivotal role in the same. That said, every game developer or even a game entrepreneur must be aware of Blockchain’s potential and should understand the role of decentralisation, in regards to the sector.
However, before delving deeper into the more intricate concepts of Blockchain technology it is important to discuss a bit about Blockchain gaming:
What is Blockchain Gaming: How Decentralisation comes into the Play?
Games have always been the go-to platforms for the implementation of newer technologies and if memory serves us right, something similar happened when CryptoKitties was launched with Ethereum at the helm. This game popularised the decentralised or rather open platforms which in a way helped developers extract value out of the projects.
While this was a mere beginning, a lot of game developers started relying on decentralised technology for getting their innovative ideas out in the market. To simplify things further, any game that involves backend Blockchain technology while involving mechanics into the scheme of things categorises as a Blockchain-empowered game.
The Concept of Decentralisation in Regards to Gaming
Previously, in case of classic and old school games, the gaming assets were stored exclusively at the publisher server. However, decentralisation or rather the inclusion of Blockchain gaming made sure that the gaming possessions could be traded and stored in real-time. What makes Blockchain technology a major inclusion in the gaming circuit is the involvement of point-to-point transmission, better and evolved encryption algorithm, distributed storage of data, consensus mechanism, and a host of other features. In regards to the gaming industry, decentralisation can effectively minimize transmission costs while amplifying productivity.
For those who would be interested in the nooks and crannies of Blockchain gaming, the players are in complete control of the accounts, aren’t supervised, and can even invest while playing the same. Apart from that, game developers believe that adopting decentralisation into the scheme of things with Blockchain would make way for non-fungible user assets and improve scalability as well. The in-game models, in case of Blockchain gaming, are typically integrated with cryptocurrencies which even allows developers to monetise certain entities.
Out and Out Benefits of Blockchain Gaming
Amalgamating decentralisation with gaming comes with a predefined set of benefits, including decentralised exchange of assets, secured payments, and enhanced scalability. However, each benefit needs to be discussed in detail for validating the inclusion of Blockchain technology.
In-game items have always been questionable entities and besides the gaming sector, even these have evolved almost rapidly. With Blockchain technology at the helm, it becomes easier to establish provenance via Smart Contracts. As the physical and abstract items are tethered together in regards to Blockchain technology, it becomes possible to monitor the exchange of items and even crypto-collectibles. In simpler words, the decentralized platform ties physical assets to the financial assets, and minimises fraudulency.
Decentralisation helps create native tokens which can be used as gaming entities. While this is a safe and secured process, it also allows gamers to play and invest in lucrative in-game activities sans hassles. In addition to that, proper implementation of Blockchain technology, in regards to gaming, makes sure that game creations can be monetized. The P2P interface is something that validates Blockchain gaming in the best possible manner.
Other Benefits of Decentralisation
It is quite obvious that decentralisation has the capability to revolutionise the gaming industry especially when it comes to creating multiple gaming universes. The concept of distributed ledger associated with Blockchain makes way for Smart Contracts which makes interlinking an immediate possibility.
Moreover, with this technology at the helm, the value of in-game entities will increase and as mentioned previously, it would be easier to monetize certain stuffs. Decentralisation creates a virtual space which in a way promotes seamless sharing, gifting, and trading of virtual gaming items.
Moreover, decentralisation also comes forth with highly secured and safe storage facilities for the gamers as encrypted ledgers are involved. Any piece of data associated with the gaming interface is therefore in safe hands courtesy impenetrable encryptions. Apart from that, frauds are kept to a minimum and therefore the developers can always keep a tab on the lost revenue.
What most gamers are increasingly realising is that paying for fees via fiat currencies can be highly expensive in the long run! Therefore, it eventually boils down to Blockchain empowered tokens with a decentralised scheme that actually levies minimal charges. Moreover, there aren’t any scammers watching over these secured transactions.
Unlike the regulated gaming sectors where black market presence is imminent, decentralisation makes sure that the server owner is in complete control of the items, platforms, and assets. Apart from that, the inclusion of Blockchain technology also makes way for open-source validation which eventually allows better customisations and increased valuation of the involved entities. That said, for games that require unanimous voting, Blockchain gaming comes as a blessing in disguise as the risk of manipulation and corruption is kept to a minimum. The concept of decentralised smart contract is something that renders a lot of credibility to the voting system and makes manipulations harder than usual.
As discussed, the concept of decentralisation has already been impacting the gaming arena in several positive ways, via availability of better decision making, virtual goods tokenisation, better and secured payments, and other avenues. However, as Blockchain technology keeps evolving, it is only appropriate that gamers, developers, and even gaming entrepreneurs will keep on adding newer innovations to this already diversified arena. However, going into the future, it is important to deal with the existing bottlenecks like scalability and sustainability. Going into the future, developers must account for slow networks and one-dimensional games while addressing them with immediate attention. That said, despite a fair share of pitfalls, nothing beats the intersection of decentralization, cryptocurrencies, Blockchain, and gaming; thereby facilitating a newer technological landscape.