Caption: Blockchain tech is something that so many gaming companies are beginning to explore further

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, though, it may very well be possible that online casinos do jump on board with the idea of harnessing blockchain tech, especially if it means they are able to release their very own branded crypto coins. Who knows, it may not be long before you are tipping a VR dealer with the casino’s very own take on a 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

There are games development companies who are a little ahead of their casino counterparts, with games platforms such as Fortnite and Call of Duty already building in the idea of having their very own crypto currencies.

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 been playing a game, only to be annoyed by a recurring glitch or flaw in the game’s interface?

Well, if blockchain developers have their way, gamers may soon become a part of improving the games they love. Blockchain is all about multiple users, not only sharing information up and down the chain, but also acting to make fixes where possible.

Although it is unclear exactly how this will work in practice, there are already established examples of open source software programs that work very well, like SourceForge and VLC Media Player.

So, it may not be long before you can jump into the code of your favorite battle royale game to update how an avatar moves or speaks.

Transparency Increases Consumer Confidence

Although there are many more benefits for gaming companies who adopt blockchain, the final one we will mention here is transparency.

With everyone involved on the chain able to see what everybody else is up to, there can no longer be any doubts about whether a game is unfairly rigged, or certain players are being given preferential treatment.