Blockchain technology has the potential to change our everyday life. Until now, this technology was only used for creating cryptocurrencies, with Bitcoin at the helm of all the others. Then Ethereum entered the arena and caused quite a stir and gave Bitcoin a bit of a run for its money’s worth.
Sure, Bitcoins are the latest craze of online trading, and if you are a working professional with a steady source of income, Bitcoin trading is a good way to invest and make more out of what you actually earn. In fact, you can use Bitcoins in many online marketplaces, including in casino sites.
Bitcoins are decentralized, and all transfers happen through blockchain technology, which means that you have instant transfer of funds in the most secure way possible. It is not possible to hack bitcoins easily, since the hacker would have to overcome all the network resources consisting of hundreds and thousands of computers, which requires a phenomenal amount of computing power.
Blockchain and Online Gaming: Why is it the right mix?
However, it did not do so just because it pitched Ethers as virtual currency against Bitcoin. It did so because it followed the footsteps of FaceBook to become a platform instead. Developers can now develop their own applications within, using blockchain technology.
Now, all the sectors relying on digital tech are incorporating this technology. And it is not because it is the new bandwagon. Well, it is, but there is a good reason behind it. Blockchain technology comes with a great security feature, and wherein there is complete transparency and no possibility of outside interference on its operation. That means no cheating and not hacking.
So it is obvious that the gaming sector would take advantage of speed; especially the online kind.
Virtual Currencies
Many online games like spelautomater online rely on virtual currencies for their primary income. But they have suffered from hacking for far too long. And usually, it’s the legitimate players who fall at the mercy of the hackers.
With blockchain technology, these incidents are bound to decrease, because the encryption and decentralized verification make it exponentially harder for hackers to get into the system. So, virtual currencies and virtual assets of consumers will stay safe with this technology protecting the accounts and databases.
It can also be speculated that the current virtual currencies will either be replaced with crypto-currencies or a combination of both.
Online Gaming platforms
Now that Ethereum has made it possible to make applications within the blockchain powered platform, the newer gaming engines will be built on the foundation instead of incorporating it via plugins and extensions.
Older engines will make it difficult to incorporate this technology without extensive research and programming. This will need a lot of resources and man-hours, which might not be the best possible solution. On the other hand, creating new game engines for online gaming from scratch also presents a formidable challenge.
Online gaming is carving out a firm future for itself, and blockchain technology is going to play a huge part in it. The change will be slow, but sure.