The Future of the Gaming Industry with Blockchain in 2020 and Beyond

Blockchain technology has become synonymous with Bitcoin, like two pedals on a bicycle or bacon and maple syrup. But to the shock of some Canadians, bacon and maple syrup can be indulged on separately – and the same applies for Bitcoin and the crypto worlds.

Blockchain technology has already helped other industries solve ongoing problems and refined processes. Yet, these developments are set to continue with online casinos – as well as video gamers – and their players profiting the most. Expect a visit to in the near future to be upgraded, enhanced and backed up by blockchain innovations.

So, what will blockchain technology do for the future of gaming?

1.     Cheaper Microtransactions and Game Purchases

When we play games on apps or on consoles, we are usually connected to the internet. This sparked the rise of microtransactions where players make in-game purchases for small bonuses and features. These purchases are not very big but making them frequently can soon add up. Another way gamers make payments is by buying the games from marketplaces such as Steam. The commonality between these two types of purchases is third party handling. When a gamer makes these payments, they also pay VISA and alike to verify and execute them.

Blockchain avoids all third part fees because it is decentralised. Payments are verified on the blockchain and can, therefore, make all gaming purchases cheaper.

2.     Security Among Gamers and Players

Blockchain technology eradicating microtransaction costs is more beneficial to gamers than gamblers, but the next eventuality of the technology will benefit everyone. Using the blockchain to verify payments means there is no need to enter bank details into sites (crypto wallets take care of that!). With no such data entered, the security of payers and their sensitive information is heightened to prevent becoming targets of fraud.

Naturally, the best casinos and game providers do already have protection in place for fiat transactions, but their measures are made even more robust with blockchain supported payments.

3.     Blockchain Games

Blockchain does not just have the power to refine the current games we play, but it even has the ability to create completely new games. A trend of blockchain-based games has just emerged with gamers being able to create virtual worlds that they continue to own, completely secure on the blockchain.

Another example is blockchain technology gamifying real life via apps. We may work out and get rewarded for our morning jog with a digital asset through these apps that turn regular activities into somewhat of a game. This has already been seen in people competing with work colleagues over how many steps they achieve throughout the day/week/month. But now there are blockchains and digital rewards involved.

How Soon Can We Expect These Developments?

The three blockchain developments in gaming are already in action, although they have not become mainstream just yet. By 2020, you can expect all of these improvements to gaming and online gambling to come to real fruition or be a lot more noticeable within the industry.

Recommended Articles