BlockChain has made it big with cryptocurrency entering the different segments. What is really predicted is that the technology will not fade, but see a growth in this trend, securing and improving business processes. Joining this bandwagon is the online gaming industry that has shown a steady interest in adopting to the new innovations in technology. For example, online card games to play rummy, 3 patti and poker have brought different improvisations to tap into their respective markets and give players an improved gameplay experience. With India, all set to hit 585 million by 2020, digital games are entering a golden era. Blockchain can build the trust factor that seems to be a problem in different segments of gaming.
The challenge with Digital Games
The range of digital games are huge, right from social games like Candy Crush to real money games. Indians still are hesitant to deposit money with gaming websites. Even though 80% of online transactions are secure, there has been cases of fraudulent activities as well. But with blockchain coming into the picture, this hesitation will be reduced to a large limit.
There can be multiple things that can be done to make the players feel more secure on a digital games platform. Rather than paying the business to manage revenue, players could use a blockchain based platform to connect. Even on online betting sites, there are different platforms that charge a good amount to manage sports bet. This can be completely avoided and reduce costs, with blockchain coming into the picture. Right from transaction fees, service fee and more of the same kind, players just need to pay directly with digital currency and enjoy the games. It makes transactions fast and takes the hassle and the hesitation of making digital payments, making the player enjoy the game to the fullest.
Blockchain simplifying online banking and digital payments
Recently, one news caught everyone’s attention, published on Financial Express on 21st July. The news stated that the Reserve Bank of India has requested the apex court of India to regulate cryptocurrencies. However, India has been slowly moving towards a cashless economy with different initiatives like demonetization, aadhar based KYC and digital applications like BHIM among others. The year 2018 has seen 25% increase in electronic transactions and over 95% growth in UPI. One big change that is still expected in India, is the blockchain technology. With the cryptocurrency mode along with a distributed ledger system, Blockchain will be able to provide a transparent and secure system, that is away from technical glitches. This mode of transactions will eliminate the requirement of a middle man, removing the cost attached to it. In short, Blockchain can bring a revolutionized and compact procedure to do any kind of online payments.
The Paying Gamer
The Indian gamers are not very high spenders when it comes to online games. Free games are of course the preferred choice. But, an engaged and paying gamer spends over one third of their online entertainment budget on digital games. One of the segments that show engagement among the players are the local games with the digital avatars. Players know how to play the game, understand the logic of different fantasy games and relate to games that they have played in their childhood, like ludo. Hence, a quick rummy game download, or any other game is not they think twice about. Further, with most of the games now on an app friendly look, it is fast and easy for the player. It is in these games, that the player doesn’t hesitate to pay and play and with blockchain technology, this transition will improve to a large extent.
Of course, there are reasons that drive the urban player towards these games. Among them are stress relief and social interaction that remain the key factors. What the player is looking for is a blend of simplicity with challenge. The player doesn’t want anything highly complicated but demands maximum engagement. It is for this reason, Indian card games, ludo, scrabble and games based on Bollywood movie hits are very popular.
Conclusion
So, where are we heading from here? Both the Government and the digital gaming companies are working towards attaining the trust of the customer in their own ways. However, there is still a bit of indecisiveness in implementing blockchain in the system. Even though blockchain improves the security within the system, the acceptance is still pending. Experts believe that the incorporation of blockchain in digital games will improve transparency between the participants and the websites, while strengthening security with the help of high end encryption of data. Also, blockchain enables direct connection between the player and the digital gaming brand. Other than improving process, blockchain also paves the way for the development of more games with better security and of course players.
With India all set to become the next gaming sector of the world, it is best that we jump on the blockchain bandwagon and make the most of this new technological advancement.
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