How Blockchain Can Build the Gaming Economy

Overview Blockchain technology has the potential to redefine the gaming industry through building a more transparent entertainment economy.

Blockchain’s use cases extend far beyond the finance industry. As more people become familiar with blockchain, they are embracing the new technology and leveraging its benefits.

In the gaming industry, the decentralized, steady and secure properties of blockchain can make it a popular tool as games — and their growing assets — become more complex.

As developers build new games or in-game advancements, blockchain is set to improve the user experience through ownership, globalization and more.

Owning Hard-Earned In-Game Tools

Game developers are continuously expanding the pool of in-game purchases, extending playtime by enticing gamers with the objective of earning these assets. But currently, despite hours of effort to earn these in-game tools and upgrades, gamers still do not own the digital assets. Developers are able to change — or even remove — the assets at their discretion.

Blockchain-enabled developments can transfer the ownership to the players. Smart contracts, which are lines of code stored on blockchain that can automatically execute when the predetermined conditions are met, allow assets to be automatically transferred to the player. The immutability of blockchain data means that with smart contracts, developers cannot take these assets back.

With this development, gamers are therefore able to monetize their skills — selling their game-winning digital assets, exchanging with or even buying from other players to progress in their favorite games.

Instant Worldwide Exchanges

Gaming is a global industry, with professional players from all over the world coming together through digital platforms. Transferring or buying digital assets across the globe, however, has been more difficult, with processes taking multiple days and putting the brakes on games between players in different countries.

Blockchain enables almost instantaneous payments across the world, lifting the restrictions currently on global multiplayer games. Blockchain technology — such as stablecoins — can essentially mirror any asset and are not subject to trade embargoes or other constraints.

As it makes transactions more transparent and efficient for players, blockchain can revolutionize the gaming world by creating opportunities for both players and developers that enable a new entertainment market.

Learn more about some other applications of blockchain.

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