The gaming industry has grown really fast in the last three decades. The game developing studios are always working on developing new technologies for gamers so that they could stick to their game. Earlier there were Single-player games, then came Multiplayer online games. Online games are so popular that the industry has reached a billion dollars mark. And now, there is one new category in online gaming that is growing really fast- Blockchain gaming.
What is Blockchain Gaming
Developers and gamers are turning their interest in blockchain gaming from regular online gaming. In online gaming, there is only one server for a game, where all the games must connect. In online gaming, a developer can even make changes in the game whenever he wants. When a gamer exists from a game, he has to lose all his progress and all the purchases. In Blockchain gaming, there is no issue of losing the database, because unlike online games, here data is stored in on a decentralized network or “blockchain network.” This means multiple computers throughout the world, and there are cryptographic protocols used to determine which copies of the ledger are authentic. In other words, it is stored on a network similar to the kind used with cryptocurrencies such as Bitcoin.
This allows players to truly own at least some items found in the game. These items exist on a separate network, apart from the servers used by the developer. This means that once the item is issued, there is a limit to what kind of changes the developer can make to it.
Blockchain gaming in Asia
Blockchain gaming is growing and making its market worldwide. According to Cam Pham, a blockchain researcher, 2020 could just be profitable especially thanks to blockchain technology. Asian gaming market was a big hit last year, it touched the marke of $41.5 billion. The inclusion of esports in the 2020 Asian Games is also going to expand gaming in Asian countries. Asian countries that had the biggest share last year were: South Korea, Japan, and China.
South Korea has only 1% of the world population still the country had a 30% share of world’s cryptocurrency trading platforms. That’s because the Korean government legitimized the blockchain and cryptocurrency industry in 2018. The same is with the Japanese government, which seems to favor cryptocurrency and blockchain. Japan has a self-regulatory organization for the cryptocurrency: Japan Cryptocurrency Business Association (JCBA). The organization released new guidance for cryptocurrency custody operators that will help developers in complying with the regulations while creating blockchain games.
The Chinese government is also turning towards cryptocurrency. In an article published last month, Chinese President Xi Jinping said that “major countries are stepping up their efforts to plan the development of blockchain technology,” He further added that China should put in “greater effort to strengthen basic research in the field and boost innovation.”
Blockchain Gaming is profitable than regular online gaming, so people are now engaging in it. They are learning the value of virtual assets as they are being aware of Blockchain Technology as well.