Blockchain Holds Immense Potential For The Gaming Industry

by CXOtoday News Desk    Jan 10, 2018

cxotoday

Mobile gaming is a promising segment for blockchain adoption, with the fastest growing rate in the whole gaming industry and over $40 billion in revenues in 2017, states a latest study conducted by Tapinator, Inc.

The overall value of the global cryptocurrency market reached an all-time high of more than $700 billion on January 3, 2018, a clear indicator of the increased interest in the adoption of digital currencies and their underlying blockchain technology, the study noted.

Blockchain is already being successfully implemented across various market sectors and is expected to revolutionize a significant number of industries over the next decade, including the financial, healthcare, real estate, legal and gaming industries.

Technology companies such as Microsoft, Facebook, Google, Amazon, and Apple are upping the ante to bring the best experience to consumers through leveraging such technologies. They are also adding deep learning, neural networks, and natural language processing to the cocktail. In fact, SAP has developed a digital innovation platform of integrated transformational technologies: Leonardo. It brings cutting-edge technologies like the Big Data, Artificial Intelligence, Machine Learning, Analytics, Blockchain, and the Internet of Things (IoT) to one platform. SAP Leonardo integrates all into a seamless whole, with every component complementing each other.

Bitcoin broke the $11,000 threshold in less than a day after breaching the $10,000 mark. Bitcoin has risen over 70 percent since October and more than 900 percent since the year started. According to estimates, the cryptocurrency may surpass $40,000 by the end of 2018. The surges will push it further towards mainstream. Ethereum too created a buzz. It looks as if the march of Bitcoin is unstoppable. The incorruptibility of blockchains is great for economic transactions, particularly in countries like India where corruption is rampant.

Banks in India have already started experimenting with the new tech. ICICI Bank, Axis Bank, YES Bank, and Kotak Mahindra Bank are using it or plan to implement it in areas such as international trade finance and vendor financing. In India, 56 percent of companies surveyed by research firm PwC said blockchain is part of innovation strategy, though not many may have implemented it. The PwC Survey counts the most common uses as those for fund transfers, digital identity and payments infrastructure. 

Blockchain is picking up pace in India (Asia’s third-largest economy) as well as the world. According to the PwC report, 32 blockchain firms have been founded. However, the technology need not be restricted to financial transactions alone but can be leveraged for a range of several other fields such as real estate (the land deed experiment of the Honduras government was a massive success), tackling corruption, jurisprudence, etc.