First, it is important to define Blockchain technology, a distributed registry that allows participants to share a common and constantly updated database. Broadly speaking, it functions as a kind of digital ledger where transactions are recorded securely, transparently and verifiable.
The main game-changing and entertainment-changing feature lies in its decentralised structure and the fact that it guarantees the integrity of information without requiring a central authority. This is how Blockchain technology emerges as a transformative catalyst in different areas, specifically in gaming and digital entertainment.
Traditional gaming systems have evolved into new platforms that benefit from these innovations, such as the emergence of new concepts like NFTs and smart contracts.
1) Decentralisation in gambling
At the outset, it is important to be clear about the concept of decentralisation in gambling. It refers to the elimination of intermediaries in entities such as traditional casinos. In their place, Blockchain technology is implemented, which allows transactions to take place directly between the users involved.
Of course, this process occurs through smart contracts, which are self-executing computer programmes that enable execution and ensure compliance with the rules. As for the advantages of using decentralised gaming platforms, you will find the following:
- Transparent transactions, which are visible on the public Blockchain.
- Secure funds and personal and financial information thanks to advanced cryptographic systems and Blockchain technology.
- Control of digital assets such as gaming tokens or cryptocurrencies, which can be stored, transferred and even exchanged.
In this sense, the crypto casino BC.Game emerges as a decentralized platform, utilizing Blockchain technology to enhance public engagement and thereby improve player trust. This technology has the transformative ability to provide security, transparency, legality and asset control; providing a fair and reliable gaming experience.
2) Blockchain and the rise of NFT in entertainment
If you are just getting into blockchain technology, you probably have no idea what NFTs are. Non-fungible tokens (NFTs) refer to the unique digital assets that exist in blockchain technology, especially on networks such as Ethereum. They do not work like Bitcoin can be exchanged and have the same value, but have a digital ownership of unique items, such as art, videos, music or any digital content.
Importantly, they provide the possibility to generate unique interactions between creators and followers through unique ownership, trade and collection. That is, creators can generate unique digital artworks on the Blockchain, where they can also buy, sell or trade them on specific marketplaces.
In this way, it can be visualised how it was able to revolutionise the fan experience and monetisation of content. For example, music, digital art, sports, collectables and even Gaming and Virtual Reality (VR).
3) Enhancing the user experience with smart contracts
Undoubtedly, smart contracts are used to automate and secure interactions and operations providing benefits for both players and producers. Among the advantages you can find the following:
- Efficiency: processes carried out by human resources such as identity verification, payment management and dispute resolution are automated; reducing costs and allowing focus on enhancing the user experience.
- Fraud reduction: contracts are immutable and resistant to manipulation.
- Fairness: all players will be treated fairly, transparently and according to the rules.
- Room for evolution: While smart contracts in Blockchain allow projects to be easily funded, this helps small ideas to turn into profitable projects thus giving a chance to new growth opportunities.
In terms of futuristic projects involving smart contracts, there are Decentraland and Sorare. Decentraland’s Virtual Reality (VR) platform uses contracts to manage the ownership and transfer of virtual land. Sorare, meanwhile, is a fantasy football game that applies contracts to manage rules, rewards and card trading.
4) Integration of cryptocurrencies into gaming platforms
In the context of the Blockchain, cryptocurrencies are also integrated, as they transformed economies by facilitating purchases, bets and rewards. Undeniably, this has led to a more dynamic and participatory economy, incentivising investment in gaming platforms.
In conclusion, the future of Blockchain in gaming and entertainment is promising thanks to its constant innovations, such as transparent voting systems, more interactive games and NFT expansion.
Therefore, trends augur its presence in the evolution and democratisation of these industries. Which may include more open games and a clearer deal when it comes to payment methods as in NFT gaming.