To understand the impact of Blockchain on Gaming, we first have to be crystal clear about the basics.
WHAT IS BLOCKCHAIN IN SIMPLE WORDS?
Blockchain is a database or chain of blocks containing information stored electronically on a computer system. What differentiates a database and a blockchain is the way data is structured. A blockchain stores information in groups, popularly known as blocks. The information is stored in such a manner that it makes it nearly impossible to temper, hack or deceive the system.
Each block contains the following:
The data deposited inside a block varies on the type of blockchain. E.g., the Binance blockchain stores the transaction data, such as the name of sender and receiver and the number of coins.
All blocks have a hash, a unique, exclusive identity. It distinguishes the block and all of its content and is always novel, just as the fingerprint. Altering the block will cause the hash to change, making it easy to detect if any changes are made.
3. HASH OF THE PREVIOUS BLOCK.
The last and the foremost important part of the block is the hash of the previous block, which is essential to create a chain, and it is this technique makes the blockchain utterly secure.
Previous Hash: 0000
Previous Hash: 124k5h6g6f8q78o1
Previous Hash: 2d3f4g5h6j3k2l
The 1st block is called the “Genesis Block.”
Now, imagine tempering the second block. It automatically produces a new hash that creates a domino effect — the collective effect is created when one event causes a chain of similar events.
WHY IS THERE SO MUCH BALLYHOO AROUND BLOCKCHAIN TECH?
There have been numerous endeavors to build digital currencies, but none of them work quite well.
The striking issue was TRUST. How could one trust some random currency? What if the creators give all the currency to themselves or steal money from the digital wallet. But out of limitations and constraints comes creativity, hence, the blockchain — an entirely decentralized, automated transaction system.
HOW BLOCKCHAIN AFFECTS THE GAMING GALAXY?
Since the inception of gaming, it has been the most underrated, often neglected industry. Today, In terms of revenue, gaming is bigger than the Hollywood and Music industry combined. Initially, what started as a source of entertainment and recreation is employing millions of people across the globe, all credits to technological advancement. However, there are still certain drawbacks that are holding gaming to reach the zenith of its potential.
As modern-day gaming relies on the blessings of a centralized system, trust and transparency remain a stinging issue.
Blockchain Gaming has brought a tectonic shift in the gaming galaxy. It employs true item ownership from the same technology that lies at the nucleus of cryptocurrencies such as Binance Coins. The assurance that the entities owned by the gamers in the game have an intrinsic value and could reap lucrative benefits shun the feeling of toxic dependence with these games. It becomes infuriating when we spend a significant amount of money, time, and energy on our favorite game only to feel like your participation in the game is mere of a consumer. There are not enough things you could do.
However, NFTs and blockchain gaming is disrupting the drawbacks of regular gaming by offering ownership, money, and return on investment. While it requires efforts to acquire assets in games, there is also money to be found. Before you might realize it, your next big purchase could be funded by something you sold on a video game. Imagine what if someone has paid you to be a full-time gamer, doing what you fancy. Sounds too romantic to be true, not now, not certainly after the booming blockchain intervention in gaming.