Is Blockchain Technology Changing the Gaming Industry?

Blockchain is a technology known mainly for the creation of Bitcoin and other digital currencies – you can read more about new digital currencies on Trulycoin. However, it also has other uses. The technology can be used for things like tracking ownership of documents and physical or digital assets, as well as voting rights. Another important use of blockchain technology is online gaming. Here, we will look at ways in which the technology is changing the gaming industry, and look at some exciting new developments.

One way blockchain technology can be used in online gaming is to handle payments. Cryptocurrencies can be used to pay in many internet games – money can be sent directly from the player to the game developer, cutting out the middle man.

There are also whole games built around the technology. There are virtual ‘worlds’, which players can buy land in, and do whatever they like with it. Proof of ownership is stored on the network, making it as close to real life as a game can be! The game has no limit, and players can continue to buy land and provide services and have their own businesses.

Blockchain technology can also be used to bridge the gap between gaming and real life – known as augmented reality. One way in which this can be done is by awarding ‘experience points’ in a game for something a player has done in real life. XP can be used to purchase extras and upgrades within the game, giving players an incentive to do well in the physical world.

Blockchain can also be used to make games more collaborative. Using the technology, players can join up to form teams, and if those lower in the pecking order need to pay the leader to join the team, it is safe and secure.