The blockchain ecosystem is growing at a fast pace, impacting more and more people every day. While the technology is mostly used in cryptocurrency networks, it also allows for innovative solutions in a wide range of industries.
The blockchain provides several use cases in the gaming industry that could revolutionize the sector. Let’s have a look at what they are.
Yet another important use-case of the blockchain in gaming is the tokenization of in-game items and avatars, like in the game Alien Worlds. As such, gamers can transfer and resell powerful characters or items for real money or crypto, making the time spent in a game worth their while. While in conventional games, game items and avatars cannot be transferred and only stored in the game.
Gaming companies have the power to manipulate the drop rate and the economy of their games. They can also lock or bind in-game items, making them untradable.
In contrast, games built on top of blockchain networks enable the creation of decentralized marketplaces. This removes the need for trust between players while also providing censorship resistance. All players are able to freely buy, sell, and trade their in-game assets on a peer-to-peer basis.
Before a player can wager in a game, they are often required to deposit funds with the establishment (e.g., converting cash into chips). This is an issue for customers because their funds may not be protected in the case of the establishment becoming insolvent, or the establishment is not required to prove that it has the ability to payout certain winnings.
A blockchain-based solution for escrow is applied here. A smart contract-based escrow application can be utilized to store player funds when players want to wager on games. This will allow players to directly interact with games offered by gaming establishments by using their cryptocurrency wallets while keeping control of their fund.
The fairness of a game is also paramount to establishments in the gaming industry. Issues surrounding fairness generally center on the mechanisms of the game.
By utilizing blockchain-based solution for games, it will be easier for players and regulators to ascertain whether a game has run fairly. Additionally, each state of the game can be verified on the blockchain, thereby allowing for players, regulators, and third parties to verify and audit the results of the game.
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