Lately, there is a lot of talk about the blockchain technology and it is that it has become a technological phenomenon that is taking on great dimensions. It is said that it may become the most common way to carry out financial transactions from here to the very near future due to its advantages, although there are those who do not forget the inconveniences they have, both this technology and the different cryptocurrencies created so far as the well-known Bitcoin.
The video game industry is one of the sectors with the highest volume of business in the world, with approximately 2.2 billion users and revenues of around 11 billion dollars, according to the data collected by the consultancy Newzoo. But in addition, it is expected that by 2020 it will reach 12.8 billion dollars.
One of the main reasons why this growth is expected is due to the entry into the playing field of blockchain technology. Characteristics such as the ability to exchange value between strangers without intermediaries can be really interesting, as well as transparency and traceability. These advances can mean an important development, especially in two important aspects: market efficiency and safety.
The concept of Blockchain
To better understand what this technology consists of, one can say that blockchains are generated publicly or privately, for example, Bitcoin or Ethereum, digital currencies, are based on the public blockchain. A chain of blocks is like a book of accounts that is carried around the world. It is impossible to falsify because if you want to change a transaction you have to change it for everyone.
Therefore, it is a gigantic database distributed by many participants and that works as a logbook with all the transactions carried out by the nodes, which in turn are assigned to the different computers involved in the system. Each time a message is generated through the node and through its chain of blocks, it is sent encrypted so that its content and sender remain anonymous in this platform of P2P (peer to peer) forming the blocks discussed above.
Transparency, decentralization, and security among other advantages for the industry
Blockchain technology is transforming several industries and the entertainment sector, specifically the gaming sector, is one of the first markets to experience this new form of payment. The gaming industry is beginning to realize the benefits that can be obtained with blockchain technology, also known as blockchain. Among its advantages, we can count on the guarantee of safer, transparent payments (since governments and public institutions do not intervene) and fast, where players and developers can make the most of games in digital format, ready to be purchased in the market to use them in different gaming platforms.
In addition, the decentralization of these cryptocurrencies ensures that there is no interference or blockage to third parties, being one of the reasons for these currencies. So much so that numerous gaming platforms like Betway Casino, Steam Games, G2A or PlayAsia Online, besides offering payments through PayPal, VISA or American Express cards and Neteller among others, they give the option to pay with various cryptocurrencies such as Bitcoin or Ethereum in some of the countries where they offer their services.
There is no doubt that these gaming platforms can open to more markets when they include them in all the countries in which they operate since more players will have the opportunity to access new games all over the world. That is, blockchain technology will allow players to acquire digital products, increase transparency between digital money transactions and connect users and developers around the world in a more secure and direct way.
Some drawbacks that this technology can pose
This type of technology has been criticized because it requires a high amount of technological resources to create the chain of blocks, such as a good CPU and graphics card, and in turn mining Bitcoin currency. This cryptocurrency, publicly, is created by the collaboration of different “miners” who help generate blocks and with them increase the number of Bitcoin coins, that is, this digital currency needs groups of “miners” to sustain themselves and thus create digital money that is put into circulation without the control of any public entity.
Currently, there is a very interesting business opportunity within the video game industry that is only possible to develop using blockchain technology.
The gamers spend a lot of time playing in winning those goods (weapons, powers, characters, clothing, etc.). But what happens when they have all been achieved? In the vast majority of cases, the user loses interest in the game.
What is it that the Blockchain would change? This technology would create a market for buying and selling these resources, regardless of the platform they belong to. In addition, one of the main benefits of the application of the blockchain is security, an aspect that plays a fundamental role in the entire change.
Today, platforms such as Reddit are used for this type of market, but they do not offer guarantees for a 100% secure exchange of goods.
With this premise was born in 2014 Gameflip, trying to cover a market niche not exploited so far. This website uses the blockchain of Ethereum for the exchange of digital assets.
Video games launch without intermediaries
Another of the most acclaimed initiatives by the gaming community has been the creation of blockchain-based platforms that connect developers directly with end users. Thus, both interested can get in touch to carry out the creation of a video game without the need for intermediaries.
This is the case of the Game Chain System project, more commonly known as GCS. Currently, it already has 20 million people registered to the platform. Its main objective is to create an exchange space between users free of external agents.
But that’s not all, this platform has a great project in hand. In the short-medium term, they want to open a section within their website that serves as a crowdfunding space, where the developers themselves can try to get financing to launch their projects.
It may seem unreal that all these advances will one day be possible to the level that is expected, but at the speed that this technology is advancing it is possible that in very short time video gamers will see it commercialized.
