Blockchain Technology: A Game Changer for Online Gaming?
The world of online gaming is in a state of constant evolution, with emerging technologies playing a significant role in shaping the future of the industry. One such technology is blockchain. Known primarily as the backbone of cryptocurrencies like Bitcoin, blockchain’s potential extends far beyond digital currencies. Its potential in the realm of online gaming is particularly intriguing and stands to dramatically reshape the industry.
Understanding Blockchain and its Relevance to Online Gaming
Blockchain technology is a decentralized digital ledger that records transactions across multiple computers. This decentralization ensures the data’s security and transparency. For the online gaming sector, blockchain’s promise lies in its ability to offer a higher degree of fairness and transparency — a crucial aspect for games such as online slots, where players need to trust the system’s impartiality.
Instilling Trust and Enhancing Fairness
In traditional online gaming platforms, players used to place their trust in gaming operators, believing that the system was fair. The introduction of blockchain disrupted this model by allowing the game mechanics to be audited and verified by the players themselves. This level of transparency is possible because the blockchain is a public ledger, where all transactions and changes are recorded and accessible to anyone. Through this, the players can verify the fairness of in-game purchases, loot drops, and even the randomness of outcomes in games, directly reducing the potential for unjust practices. Moreover, the use of blockchain technology also provides enhanced security, reducing the risk of fraud and hacking that can be rampant in traditional online gaming platforms.
Cryptocurrencies and the New Gaming Economy
The integration of blockchain technology in online gaming extends beyond fairness, opening the possibility of using cryptocurrencies for transactions. Cryptocurrencies, with their swift, secure, and low-cost transactions, could revolutionize how players purchase in-game items or credits. Furthermore, blockchain could facilitate true ownership of these digital assets, allowing players to trade them freely on blockchain marketplaces.
The Rising Popularity of Decentralized Gaming
Blockchain’s influence is already visible in the emergence of decentralized gaming — games built entirely on blockchain technology. These games allow players to have complete ownership of their in-game assets, which can be traded or sold independently of the game. This not only enhances the gaming experience but also opens up new economic opportunities for players.
Non-fungible Tokens (NFTs) and Gaming
The rise of non-fungible tokens (NFTs), a byproduct of blockchain technology, presents another exciting avenue within the gaming sector. NFTs are unique digital assets that can represent ownership of a particular item or piece of content. In online gaming, NFTs can be used to represent a piece of evidence for assets, such as: characters, equipment, or even virtual real estate.
Future Potential and Challenges
The adoption of blockchain in the online gaming industry is still in its infancy, but the potential is enormous. However, like any disruptive technology, blockchain isn’t without its challenges. Issues such as scalability, regulatory acceptance, and technical complexity need to be addressed for its widespread adoption.
Blockchain technology’s potential to create a more transparent, fair, and user-friendly online gaming experience is undeniable. As the industry continues to explore and embrace this technology, both players and gaming companies stand to reap significant benefits. Navigating the challenges and leveraging the opportunities, blockchain might indeed become a game-changer in online gaming’s evolutionary journey.
IPO Bound Yudiz Solutions gets DRHP nod, set to invest approx. 80 Million INR to launch world class gaming studio and multi-gaming platform
IPO bound Yudiz Solutions Ltd, a blockchain, AI, and gaming focussed enterprise technology company has received an NSE approval for an SME IPO. With this approval, the company is set to invest approx 80 Million INR to set up a gaming studio and a multi-gaming platform. The game studio will aim to produce over 40 games in a year.
Yudiz Solutions, which is already known to develop apps, will now be the first game developers to be publicly listed and have its own publishing platform.
The new Yudiz game studio will focus on creating high-quality games for multiple platforms. These games will leverage Yudiz’s cutting edge technology solutions and in-house expertise to design and develop the games. They will also develop games for other publishers and will also allow other developers to publish games on their new publishing platform. This will be the only gaming company to develop and publish their own and others games as well.
Bharat Patel, Chairman & Director, says “The new business ventures will enable sectoral growth, provide us with the necessary resources to drive innovation, expand our game portfolio, elevate the gaming experience and develop gamer communities. It will also enable us to forge strategic partnerships, attract top talent, and cement our position as strong contenders in the space”
With an EBITDA of 21.77% for FY 22-23, and a CAGR of 42.34% for the past three years, Yudiz also has a PAT of INR 2.75 CR in FY 22-23. With the recently approved DRHP the company will offload a public issue consisting of a fresh 27,17,600 equity shares.
Headquartered in Ahmedabad and is recognized as a global IT services providing solutions in AI/ML, AR/VR, IoT, as well as Blockchain, mobile app and web development across North America, Europe and Asia region. Yudiz is set to disrupt the market with their innovative solutions and products. MPL, Zydus, RR Kabel, IRM Energy, SportsBuzz are some of their clients.
BetConstruct Introduces Revolutionary Game Built on Blockchain Technology
BetConstruct presents Alligator Validator – the first-ever game entirely based on blockchain technology.
Alligator Validator, the one-of-a-kind game where all transactions are made using blockchain technology, is promised to be among the biggest innovations in the current iGaming market. The game is an explosive combination of fresh and vivid graphics, cutting-edge game mechanics and brand-new payment systems built on blockchain technology.
The blockchain technology adds extra security and transparency to the game – not requiring any centralised third parties to control the flow of funds and being processed independently by the smart contracts.
It is also a perfect addition for all Bahamut validators, as it gives an opportunity to improve validators’ positions and earn block rewards for helping to secure the network. Validators play an important role in securing the network by showing activity and validating blocks using the PoSA consensus mechanism. Thus, validator-partners who enable the game on their platforms not only add a unique and thrilling game to their catalogue but also maximise their ROI.
BetConstruct believes the innovation will shape the future of the iGaming market and make crypto games more accessible to a larger audience. Thanks to its fresh and distinctive premise, Alligator Validator will breathe new life into the player experience and help partners earn huge rewards for helping secure the network.
Add the game to your catalogue, and don’t miss the chance to become one of the first to encounter the new reality of iGaming!
London Blockchain Conference: Where iGaming Meets Blockchain Technology
If you are in iGaming, then you will want to attend the London Blockchain Conference at the Queen Elizabeth II Centre (QEII) in the heart of the capital between 31 May 2023 – 2 June 2023.
The iGaming industry is characterised by its rapid growth and tech-savvy platforms; however, it continues to face issues of fairness and trust.
So how does Blockchain help iGaming? Blockchain technology can vastly improve the iGaming industry. With issues like calculating odds, protecting and paying monetary stakes, slow settlement rates and high fees, data protection and digital security player Protection, and Safer Gambling plaguing the industry, Blockchain could be its saviour.
Integrating blockchain technology in iGaming platforms works to alleviate the issues mentioned above. Simultaneously, by establishing transparency and credibility as core components, such offerings enhance the industry’s reputation. The main benefits of using Blockchain include:
- Enhanced safety and security – Security is essential across all sectors, and iGaming is no different. Blockchain technology offers the iGaming industry enhanced safety and security.
- Transparency and provable fairness – One of the biggest challenges facing every iGaming business is the question of trust. Blockchain resolves this by demonstrating a detailed, immutable account of all played games, staked bets and accounts, accessible via a public ledger.
- Speeding up transactions at minimal fees – Players shouldn’t have to wait more than a few seconds for a webpage to load or for a transaction to be processed. Blockchain makes this possible.
- Privacy and anonymity – Most players want themselves and their accounts to remain anonymous and expect confidentiality. With Blockchain, your transactions are untraceable and use a digital footprint, and keys identify users.
- Better odds and return to player – ‘The house always win’. Unlike Blockchain, decentralisation and peer-to-peer transactions are two main features; this increases the odds and the total bet amount.
- Easier auditing processes for regulators – Platform integrations with Blockchain serve operators and regulators in the iGaming. Blockchain was designed to be self-governing.
Join us at the London Blockchain conference and hear from the leading industry figures, including the Malta Gaming Authority representatives, the HM Treasury board, and the head of the Securities and Exchange Commission of the Philippines regarding their country’s Blockchain and Digitization Initiative.
Other key panels of interest include the Future of Blockchain Tokens and Blockchain Venture Capital Investing.
With over 140+ speakers, the three-day conference will be this year’s flagship blockchain expo for enterprise and government and will demonstrate this with insightful and engaging panels, presentations and keynotes.
As the world’s leading technology-focused blockchain event, it aims to provide an avenue to discover the current emerging trends that help bring governments and enterprises onto the blockchain. Attendees can build relationships with influencers, developers and investors in the blockchain space, including iGaming. Attend the London Blockchain Conference and learn how to harness the potential of blockchain technology.
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