Friday, May 24, 2024

    How cryptocurrencies and blockchain prevent digital frauds in the gaming industry

    Blockchain technology has recently become a phenomenon in various areas of the economy, driving innovation, growth and bringing added value. Among the most remarkable of these sectors is the gaming industry.

    Gaming is a use case that drives the actual adoption of blockchain technology by taking the incentive for the user and transforming it as a unique platform transaction. This drives innovation in development as well as consumer adoption.

    The gaming industry has always been a controversial sector due to some inherent challenges. Players feel worried about high fees, unprotected data, fraudulent activities and hidden odds. However, these problems are resolved with Blockchain technology.

    Niche industries like online betting, online bingo and gaming are already bringing this technology to the mainstream so that they can build trust among players. This way, they won’t have to worry about their data or possible payment frauds.

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    Here are all ways how this technology can resolve challenges in the gaming industry:

    1. Storage safety and security

    Game items regularly face a security threat from hackers. Hence, storing data online seems a risk for game companies. But Blockchain encryption has come out to be a sustainable solution. Data stored with blockchain encryption makes it impossible for hackers to breach. This technology requires correct nodes at the right time to cause a breach, which is why game items get double security protection that saves them from violations.

    1. Better control over gaming economy

    Regulatory governments can put bans or regulate the economies of an industry. Strict regulations encourage the rise of black markets, which is never suitable for any industry. Gaming companies have been suffering from this problem as well, with game developers and operators losing their control over the black trading market. This further influences their ability to gain maximum revenue.

    With Blockchain, there is no need to create policies. A developer can collect royalties from every crypto gaming ecosystem on an ongoing basis. Plus, blockchain allows a game developer to begin or stop selling assets without any restriction.

    1. Making payment processing cost-effective

    The gaming industry is accessible from all over the world. Though players get a chance to leverage fiat currencies, they are still not quite adapted in terms of cost-effectiveness.

    With Blockchain, gamers can keep their debit cards away. No matter how small the required wagering amount is, this technology offers a decentralised method for the transaction. There is no way for a scammer or a hacker to steal information or manipulate the process.

    1. Reducing the price of gaming items

    The high cost of gaming items limits the customer base for developers. This is also a reason why gamers look for stolen game items in the digital market. However, Blockchain comes with affordable micro-transaction benefits. This can allow developers to sell their power-ups at low prices without losing profits. Moreover, a user can control his expenditure when playing online games. These pointers make it clear why Blockchain is the latest gaming industry disruption. It is visible that Blockchain is the future of safe and thriving gaming industry.

    5.Mission – zero fraudulent activities

    Fraudsters use several ways to mimic human behaviour, including social media access, filling out of forms, and cursor movements. Using faked domain registrations, they trick algorithms into getting their space purchased as opposed to the big brands. They also invest in bot farms and could generate fake traffic using more than 5 million bots.

    The concept of blockchain can be applied to ad tech so that it offers a more transparent and efficient way of running online marketplaces. Using distributed systems and decentralised entries, it will become easier for advertisers to audit every ad and impression without getting cheated. The revolution is already taking place with companies bringing forward cutting-edge inventions and publishers using marketplaces that are fuelled by blockchain. This enables them to use encryption for maximum security. Executives recognise blockchain as the much-needed component that offers a high level of transparency – something that is acutely missing in the digital advertising space.

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