Online games are booming. The industry is enjoying steady growth, but the pandemic has skyrocketed their rate of growth. The online gaming industry is expected to hit 81 US billion dollars by the year 2022. The gaming industry has been doing business more efficiently than ever before!

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This big industry has made a significant impact on the gaming economy by utilizing cryptocurrency’s blockchain technology. What is such a big deal? Who are the beneficiaries of using this new technology? Let us find out.

What is Blockchain Technology?

Before we dive and explore why online games use blockchain technology, let us understand what this blockchain technology means.

Blockchain, in simple terms, is a ledger. It functions as a ledger that records information and stores data. It does it in a way that the recorded data is impossible to change or tamper with.

A blockchain is also hack-proof. How is the blockchain hack-proof and impossible to change? That is because of how this technology works.

Blockchain is a network of ledgers. All these ledgers have the same data but are stored in different computer network systems around the world. Every new transaction being made is recorded in all of those blockchain ledgers.

So, if one of the ledgers is somehow hacked and tampered with, it will mismatch with other ledgers and spot the hacking.

Blockchain ensures a safe, secure network. It also ensures anonymity, and the ledger of transactions made on the blockchain is usually available for the public to read.

The Impact of Blockchain on Online Gaming

The joy of progressing through levels, learning new skills, and getting new tools and weapons as you explore virtual worlds and complete tasks is well known to anyone who has ever played a video game. There are many players so engrossed in their favorite games that they not only invest their free time into them but also invest real money into products that allow them to tailor their gaming experience.

There have also been times when long-term gamers have felt despair, rage, and sadness at the loss of a game in which they have invested a lot of time and money. Even worse, your account gets deleted-and you lose all the money you’ve earned or what you’ve purchased.

61% of those questioned on the importance of blockchain technology to online gaming said it could promote more engaging and innovative games, while 55% said it keeps money in the game so players will have more money to play with. According to the top use cases for blockchain in games, rewarding players with real-world value (54 percent) and increasing game adoption through network effects (45 percent) came in second and third, respectively.

In a sign of increasing interest in blockchain and NFTs, 72% of respondents say they would consider using these technologies for new games, and 56% plan on using them within the next year. Furthermore, 64% of respondents believe blockchain technology will be widely used in online games within two years, and 53% believe that NFTs will be widely used by that time.

You might not know where to go to jump into the blockchain “game” of cryptocurrencies and NFTs, but if you’re a gamer, you’re already on your way.

Traditional online games, like Minecraft, Hearthstone: Heroes of Warcraft, and Fortnite, are hosted on the gaming developer’s server, which has a variety of shortcomings that blockchain-based gaming can resolve.

Blockchain Can Help Solve Online Gaming Challenges

Distributed ledger technology, or blockchain, maintains data securely and encrypted across thousands of computers. By allowing anybody to verify the transaction records on a blockchain when it is publicly accessible, it promotes transparency. Since public blockchains are decentralized, shareable, and nearly unhackable, they can be used for recording and providing proof of all types of economic transactions.

There are many parts of gaming that gamers and developers find annoying. But now that blockchain technology has become available, they are looking for ways to use blockchains to fix some of the worst flaws in online gaming, so that everyone can enjoy the experience.

Why are Online Games Using Blockchain Technology?

So why are online games using blockchain technology? The main reason is to win the trust of gamers and ensure them of a fair game with no cheating. Other causes are involved, such as providing the gamer’s security of their money, protecting their identity, etc. Let’s take a look at them in detail.

Transparency

Transparency is the best way to build trust. Building trust has always been a significant issue between online gaming and gamers.

Some online games downright hide their data of game results. This could mean that they are cheating and robbing you of your money.

When an online game utilizes blockchain technology, you can see all of its record of game results. That way, you can ensure that the casino is not cheating or that the house is not consistently winning.

It is the best solution to transparency and building trust.

Anonymity

Although many online games already provide anonymity to their layers, blockchain comes with this feature as well. This anonymity allows the players/ gamers to protect their own identities.

The anonymity system of the blockchain provides wallet addresses to gamers. Gamers can use that to fund their wallet, upholding anonymity.

Fairness/Honesty

This feature is essential for software games like slots. The blockchain system uses a phenomenon named ‘Provably Fair.’ This can verify the authenticity of every software game you play in gaming. It uses cryptography to ensure the fairness of the game.

This cryptography is generated by taking seeds from the game and the player and later cross checking the game’s result with the generated cryptography.

As the graph is generated before the game has started, the game cannot cheat and change the result. Thus the result is a fair online game.

Effective Withdrawal of Funds

Withdrawing funds has always been a problem for online games. That’s because of all the middlemen involved. It takes about 4-5 days to withdraw. But, with blockchain technology, you can instantly withdraw your funds securely.

So these are the reasons why online games are using blockchain technology.

Conclusion

As you saw, blockchain technology ensures security, transparency, annuity, and instant withdrawal. All of these are to aid the game in building trust in its players.

Source: Plato Data Intelligence: PlatoData.io