How Blockchain Is Changing The Gaming Industry

Our world is constantly revealing new ways of using blockchain technology. Most people remember cryptocurrencies and BitCoin at the mention of blockchain but then have no clue how it can be used further. However, this technology has such a colossal potential, more so than just a foundation for cryptocurrencies.

Blockchain affects various areas of human life, such as healthcare, banking, law, IoT and more. Due to the incredible advantages and opportunities it gives, we have seen it implemented across many industries over the last few years.

Especially interesting is the implementation of the technology to the game industry. There was a wave of changes in gaming in 2018. Moreover, in 2018 the industry achieved $108.9 billion and around 2.2 billion users.

Pros And Cons Of Blockchain In Gaming

As with any other technology, blockchain also has its pros and cons. Society split into two camps: one which is excited by blockchain and the second which looks with suspicion.

Pros

Many people are wondering how blockchain can be used in gaming. The technology is able to provide plenty of advantages for both gamers and developers:

Security and reliability

For new data records the consensus of blockchain hosts is needed. This process allows it to filter operations and record only legitimate transactions. It is impossible to switch the hash. Blockchain is thereby considered to be one of the most reliable and secure technologies.

Microtransactions

Fast, easy and accessible microtransactions are an advantage for developers in particular. Cost-effective ways to monetize their work changes the whole process for the better.

Low commissions

Low commissions are possible with blockchain. This means that in-game operations can be cost-efficient, resulting in lower prices for gamers.

Transparency

Transparency of purchases allows reducing illegal schemes in gaming.

High speed of transactions

Blockchain is to thank for lightning fast purchases.

Such great advantages are realized because of the unique way in which blockchain works. Moreover, the technology is decentralized, which means independence from authorities and transparency of purchases. There are no illegal markets with blockchain, only compliance with rules for prosperous and safe cooperation.

Also, the problem of cheating and hacking user accounts becomes downright impossible with innovative technology. This is inspiring to all gamers, developers and even publishers over the world. The new era of gaming is already started.

Cons

However, using blockchain in the game industry has one significant disadvantage:

Low speed

Mining of blocks is really a time-consuming process, which causes low speed in in-game transactions and processes. It is the main problem of blockchain games.

The Future Is Coming

PixelBit, a project with the mission to create a sustainable cryptocurrency, provides opportunities for gamers, developers and publishers to communicate effectively. Moreover, using all features of blockchain, they are going to qualitatively change the game industry and liberate it from most of its shortcomings. Blockchain is a tool for building the new future of gaming, and PixelBit is the mindful builder.

Gaming is undergoing changes. Blockchain technology opens a new world that is full of opportunities. As it continues to grow, it is inevitably going to revolutionize the game industry.

You can find out more about PixelBit on: https://pixelbit.cc/

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