The Gaming Industry Embraces Blockchain TechDate Written: January 15 2019 Written By: Samantha Joule Fow
For most of us, the idea of paying for things in denominations of coins and tokens is a bit of an abstract concept. But gamers have been running closed and open-system virtual economies using digital coins and tokens for years. Blockchain technology is giving game developers a step-up in the design and functioning of in-game ecosystems, while at the same time bringing a user base of billions to the blockchain and cryptocurrency scene.
The synergy between blockchain-based cryptocurrency and gaming is clear, and some of the world’s largest video game companies are venturing into the blockchain gaming space. Blockchain has become such a popular topic within the gaming world that major industry players formed the Blockchain Game Alliance in 2018.
Big Gaming Companies Form Blockchain Alliance
The Blockchain Game Alliance is a coalition of gaming companies that came together to advocate for greater integration of blockchain technology in the gaming industry. Currently, the Alliance is focusing its attention on encouraging more gaming companies to integrate blockchain technology into their systems. Part of this involves the creation of common practices and standards for blockchain use among companies.
The Alliance was spearheaded by internationally-renowned game developer Ubisoft, but other influential companies quickly joined suit. Now, in addition to Ubisoft, Alto, Gimli, Fig, Ultra, B2Expand, ConsenSys, Everdreamsoft and Injin are all actively working to see more blockchain and cryptocurrency technology in gaming. The Alliance will bring together these gaming giants to discuss how to positively use blockchain in the gaming industry.
While the organization has been criticized as yet another big-tech play in the grass-roots blockchain tech markets, the Blockchain Game Alliance will help “democratize blockchain within the gaming industry” according to Nicolas Gilot, co-CEO of Ultra 1. And regardless of the impacts the Alliance will have on the politics of the cryptocurrency markets, one thing is for sure: synergy is in the works.
Blockchain Tech Improves Quality and Security of Virtual Gaming
Blockchain tech can bring a lot of value to the multi-billion-dollar gaming markets; and likewise, gaming can bring a lot of value to the blockchain and cryptocurrency markets. Cryptocurrency and blockchain technology are starting to catch on. Online searches pertaining to blockchain technology increased about 250 percent last year as more of the public is being informed about the potential benefits of this exciting technology. In the world of gaming, this includes the ability to move characters, achievements, and assets across game platforms easily and securely. It also gives players the opportunity to own their in-game assets outright, rather than letting a gaming platform control all of their hard-earned virtual commodities.
Blockchain technology is becoming more popular throughout the gaming industry, and the smart money is on its continued growth. The formation of the Blockchain Game Alliance goes to show how much effort big gaming companies are putting into advocating for the use of blockchain technology in video games. And with influential companies such as Ubisoft, Microsoft, and Sony embracing blockchain, how much longer will it before every large corporation runs critical systems on blockchains of their own?