Blockchain technology is often associated with cryptocurrencies, but the blockchain is much more than that, being a global online database that everyone can access to make digital assets or real assets move from one person to the next in a direct, swift, and affordable manner.
Blockchain is useful because the documentation cannot be changed easily: Once someone enters a transaction, it will be labeled with a sequence that identifies it and linked to the next chain. If you want to tamper with the data, you’ll need to change the whole chain, making it nearly impossible to hack.
Although there are many different ways to use blockchain, as it’s essentially a record that cannot be changed, one of the widespread examples is cryptocurrency, the integration of which has already made many industries more reliable, helping businesses to operate effectively.
Did the Online Gaming Market Become Better?
The market size of the global blockchain in gaming was valued at USD 4.83 billion in 2022, and one of the main reasons is the growth of popular gambling options in crypto casino platforms. It is not a secret that nowadays a big group of gamers prefer playing on websites rather than going after traditional gaming offers.
Moreover, according to a report, the aforementioned number will grow at a rate of 68.3% per year until 2030. The use of cryptocurrencies is one of the reasons for such growth in the industry.
Given that games often make money through in-app purchases, affiliate marking, and advertising, cryptocurrencies make all of these monetization options faster and more secure, eliminating the need to use a third party, which makes the process instant. It’s also secure as blockchain is immutable and transparent. Lastly, the transaction will be virtually anonymous since it will only be linked to the user’s public key, and not real-world identification or personal information.
Blockchain can give developers a chance to create unique gaming experiences and opportunities to expand their products, an example of this is the P2E or “play to earn” experience. In P2E, gamers are rewarded using cryptocurrencies based on how well they’re doing, which they can use to purchase digital assets or sell to other players. Other platforms, such as casino games, allow players to gamble their crypto to earn more.
All About NFTs, and How Are They Related to The Blockchain Industry
Another term that’s synonymous with blockchain technology is NFT or Non-Fungible Tokens which are digital assets such as art, music, in-game items, or videos, these assets are tokenized via blockchain with unique identification codes.
The difference between NFTs and cryptocurrencies is the “fungible” part. Cryptocurrencies are fungible, meaning they can be exchanged for one another as they’re always equal in value which makes cryptos ideal for transactions on the blockchain. On the other hand, NFTs are not fungible because they have a digital signature making them unique and impossible to trade with one another.
NFTs started to gain traction in 2014, and the market in 2021 reached an impressive $41 billion. This is almost at the level of the entire global fine art market. NFTs allow artists and content creators to monetize their online assets, for example, the digital artist Mike Winkelmann created the NFT “EVERYDAY: The First 5000 Days” that managed to be sold at $69.3 million at Christie’s.
Regardless of the Business Type, It Is All About Transparency
Blockchain’s transparency makes it ideal for other forms of documentation in different business operations, one example is the supply chain management in logistics companies. When a shipment leaves a point, the blockchain will record the arrival at the warehouse or the next checkpoint, this means that a business owner can have more visibility of the process.
Another unique use of blockchain technology is traceability in the food industry where companies can link every step in the supply chain if there’s a need to recall or investigate a certain batch. By using blockchain, you can easily trace back the problematic batches and announce recall promptly during emergencies.
Internal and external audit documentation can also benefit from the use of blockchain technology. The permanent and transparent recording creates a paper trail that’s hard to manipulate or change manually. Companies will be able to save time and prevent fraudulent activities at the same time.
Thanks to blockchain’s transparency, speed, and immutability, businesses can improve and explore more opportunities. With all of this progress, there’s no telling what further improvements blockchain can trigger.
There are still parties who are doubtful of the technology and restrictions are being made. One example is the United States Securities and Exchange Commission’s regulation of cryptocurrencies which can make crypto lose its decentralized appeal. Only time will tell if the intervention from the government still allows more room for blockchain to create innovation and foster growth.