Euro Pacific Asia Consulting’s Shaun McCamley examines the role blockchain can play in the future development of both the online and land-based gaming industries.
At the core of any successful gaming business is the need to innovate across all areas of product and game development. Incorporating new technologies and platform advancements delivered to an audience continually hungry for innovation, and making the delivery and processes easier and more transparent, are keys to success.
The latest innovation to grab the interest of forward thinking gaming executives is something called the blockchain. An undeniably ingenious invention that has actually been around for a number of years, blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto.
Before looking at what applications blockchain can bring to your gaming enterprise, lets first answer the question that everyone is asking: what is blockchain and how does it work?
As a basic explanation, picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet from thousands of different computers.
Information held on a blockchain exists as a shared and continually reconciled database. This way of using the network has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized information exists for a hacker to corrupt.
Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet, so for an online gaming business these attributes are particularly helpful by providing an incorruptible digital ledger of economic transactions which are transparent and that can be…