Blockchain transforms gaming industry in ways many people are only beginning to understand. To many of us, blockchain is an alien concept that keeps getting bandied around by everyone from business people to social media influencers. So what does it actually mean?

Essentially, blockchain technology is a new digital way of sharing and storing information that is completely decentralized. It is the people who use the blockchain themselves who also maintain and develop it on a peer-to-peer network, a bit like an online co-op.

While almost any business sector with an online presence has been affected by blockchain tech in one way or another, there are some that are well on the way to being revolutionized by it, from companies who are just dipping their toe in the blockchain waters, all the way through to those who are using it to disrupt enormous industries.

Here are some examples of how blockchain could benefit the online gaming industry:

Increased Security

One of the main touted benefits of blockchain technology is that it can increase the security of a website or product, because its blocks are impossible to hack by those wishing to mine or harvest a customer’s information.

Most online gaming companies already have very secure platforms, and so have not felt the need to adopt blockchain technology and crypto, at least until its processes are completely up to scratch.

The trusted sites already accept a huge amount of payment methods that do not rely on blockchain, and the lack of adoption of the tech in the industry is seemingly not hindering them swelling with a range of different styles and formats of popular casino games, nor attracting the customers they desire.

In the future, online casinos may adopt blockchain technology. This could allow them to launch their own branded crypto coins. Who knows — you might soon be tipping a VR dealer with the casino’s own version of bitcoin.

Caption: Blockchain technology is already intertwined into the working of so many aspects of life in the online sphere

Crypto is For Everyone, Not Just Bitcoin and Ethereum

Some game development companies are ahead of casinos. Platforms like Fortnite and Call of Duty are already exploring their own cryptocurrencies.

In the world of Fortnite, the coins players can buy, exchange, and collect are called V-Bucks. It’s in a player’s best interest to buy the coins, as they garner discounts for in-game purchases and add-ons.

The next obvious move, is for such in-game currencies to be floated on mainstream trading platforms such as Coinbase or Kraken, where they can be exchanged for other more established crypto currencies.

Game Development Brought into the Hands of Gamers Themselves

Have you ever played a game and been annoyed by a recurring glitch or flaw in the interface? If blockchain developers succeed, gamers may soon help improve the games they love. Blockchain allows multiple users to share data and even fix issues across the chain.

It’s not yet clear how this will work in practice. However, open-source software like SourceForge and VLC Media Player already show the potential. Soon, you might be able to dive into the code of your favorite battle royale game to tweak how an avatar moves or speaks.

Transparency Increases Consumer Confidence

Although there are many more benefits for gaming companies who adopt blockchain, one of the most important is transparency. With everyone on the chain able to see what others are doing, doubts about unfair play disappear. Players can see that games aren’t rigged or favoring certain users. Blockchain transforms the gaming industry by adding this transparency. It builds trust between developers and players.