5 Ways in which Blockchain will Disrupt the Gaming Industry?

The extremely competitive gaming industry is under a constant state of stress. This could be attributed to the constantly evolving technology landscape, intense competition, changing consumer habits and lack of regulation, which paves way for an unstructured industry where competitive edge becomes difficult to sustain. While the industry has been strongly impacted by technologies (AR, VR and AI) offering immersive experiences, the need for a revolutionary technology that can address the loopholes while transform it into an economic endeavor rather than being just an entertainment activity is strongly felt.

Today, with around 70 % of American population playing video games, the gaming industry has witnessed growth in leaps and bounds. According to statistics shared by Newzoo consultancy, the current global gaming market which stands at $108 billion is forecasted to reach $138 billion by 2020.

However, irrespective of the size and growth, businesses have to deal with obstacles, and the gaming industry isn’t any exception. Blockchain – a peer-to-peer technology has the potential to transform the gaming industry in multitude of ways. Here’s how:

Blockchain in Gaming

  • Providing Players with a More Personalized Gaming Experience: Gaming companies often store their assets on centralized servers fearing risk of asset duplication. Since, they do not have control over their purchased virtual assets, they are restricted from buying, selling or trading these assets beyond the gaming ecosystem. Blockchain brings the ownership and control of these assets in the hands of gamers or players by creating a transparent and decentralized ecosystem wherein players will be able to exchange their virtual assets with other players that too instantly. Apart from this, gamers will be able to exchange assets with players of other game, which will offer a more personalized gaming experience to the players.
  • Enhanced Security of Gaming Assets: Introducing Blockchain technology to the gaming industry will not just prevent illegal trading of virtual assets but will also check issues related to hacking and stealing. This becomes possible because the encrypted blockchain ledgers are impenetrable. The immutable nature of Blockchain makes duplication of assets impossible thereby proving ownership of assets and ensuring safety of gaming assets.
  • Prevents Fraudulence: Though, the gaming industry has been thriving, it has been prone to fraudulence with one out of every 7 virtual items surrendering to fraud. This has led to loss of millions of dollars in terms of revenue. Incorporating Blockchain within the gaming industry will ensure eradication of such menaces thus saving the gaming industry with billions of dollars.
  • Also Read: How Blockchain Addresses Issues Surrounding Data Ownership and Privacy?

  • Faster Processing of Payments: Introducing Blockchain within the gaming ecosystem will ensure faster and secure processing of payments for gamers who can now purchase items and make payments without any hassles or risk. Apart from this, Blockchain will ease the job for developers who otherwise have to struggle selling their apps beyond the app store and have to pay high commission fees to intermediaries. Blockchain allows the processing of even the smallest of amount so that developers get instantly paid and can re-invest their money in marketing their game launch.
  • Democratizing Voting Mechanism: Voting features are extremely popular within the gaming community as it helps in ranking of games, players and other items. Blockchain can eliminate the menace pertaining to corruption and manipulation of votes, which results in feedback (from the voting system) that is unreliable. The immutability element and smart contract functionality of Blockchain makes manipulation of votes extremely difficult.

Final Words:

It wouldn’t be a tall claim to make that Blockchain is poised to be the future of a flourishing and secure gaming industry. While the aforementioned benefits are just the tip of the iceberg when it comes to several benefits that this innovative technology is expected to offer, the technology will certainly bring forth new set of gaming innovation, which in turn will pave way for a new gaming landscape.

How Blockchain has Turned out to be a Game Changer in Supply Chain Management?

Every time you eat something or pick up your phone to call up someone or buy clothes from a shop, have you ever wondered as to where these products come from? Are you aware that every finished good or product that is ready for use has to travel a long journey right from the point of its’ origin till it reaches the customers? In other words, a chain of several interlinked elements also known as the ‘supply chain’ plays a significant role in delivering these products.

However, increased globalization has led to a more complex supply chain ecosystem, which has made it all the more difficult to manage it. While the management of supply chain has become an industry in itself with the industry witnessing a phenomenal double-digit growth year on year, there are several issues that continue to plague the industry.

Research report shared by Gartner reveal that the Supply Chain Management (SCM) market is expected to exceed $19 billion by 2021.

Listed below are few of the several challenges that has largely impacted the management of supply chains:

    • Archaic Technology Infrastructure: The existing technology infrastructure used for managing the supply chain fails to fulfill the growing complexities and interconnectedness of the current supply chain ecosystem.
    • Lack of Transparency: Fragmentation of data in silos within a supply chain ecosystem results in information asymmetry. This makes it all the more difficult to ensure the integrity of products moving across the supply chain leading to issues such as counterfeiting, contamination and more.
    • Increasing Customer Demand: Customers today are more conscious about the quality and integrity of the product they are using. This has built additional pressure on the stakeholders who are now looking for robust solution that can do away with all the pain point of the supply chain ecosystem.

How Can Blockchain Streamline Supply Chain Management?

Since, Supply chain management includes planning, as well as the implementation of complex processes, it is important to ensure its proper implementation, which may lead to benefits such as increased sales and revenue, reduced frauds, and better product quality. While this might appear to be simple, maintaining a supply chain in reality is an extremely tedious task due to lack of proper connectivity amongst the different elements of supply chain.

Blockchain-A distributed ledger technology has turned out to be a game changer for managing the supply chain ecosystem. In fact, several leading players are leveraging the potential of this technology by implementing it in their business supply chain.

Sweetgreen, a salad chain, based out in the US has leveraged blockchain technology for managing their supply chain. According to company’s CEO Jonathan Neman, implementing Blockchain technology allows every participant of the chain to have access regarding the provenance, as well as the status of food item during its journey across the supply chain.

Following are the ways in which blockchain can be useful in the supply chain industry-
Blockchain for the Supply Chain Industry

  • Tracking Provenance: Multiple components and elements make a supply chain extremely complex. Consequently, it becomes very difficult to keep track of each and every record. This lack of transparency impacts the financial, as well the business reputation of the organization. With an iOT powered blockchain system in place, record keeping, and tracking provenance becomes easy since data regarding the product can be retrieved through the help of embedded iOT sensors and RFID tags. With such accurate provenance tracking, several fraudulent activities such as counterfeiting etc. can be eliminated.
  • Cost Reduction: One of the major benefits of leveraging Blockchain in supply chain management is reduction in overall cost of the items in transit. This becomes possible because Blockchain does away with the need for intermediaries/ middlemen who otherwise consume a major chunk of revenue within a traditional supply chain ecosystem. With a Blockchain based system in place, risks pertaining to fraudulence, product duplicacy etc is significantly reduced while efficiency is improved.
  • Increased Trust: The only way to streamline supply chain operations is by establishing trust amongst the participants of the supply chain. Since, records once uploaded on Blockchain is immutable, it cannot be tampered with. This helps in establishing trust amongst all the participants as Blockchain follows a consensus mechanism wherein consent from each and every participant is gathered before any sort of changes could be made.
  • Increased Data Interoperability: One of the most interesting benefits of this technology is that it allows more data interoperability. This makes it simpler for businesses to share data with (manufacturers, suppliers, and retailers) each and every supply chain actor in a transparent way. Such a transparency helps curtail delays and disputes thereby ensuring smooth transition of goods across the supply chain. Since, products can be tracked in real-time, chances of loss and fraudulence becomes rare.

Also Read: Streamlining the Cold Supply Chain with a Blockchain Powered Solution

Quick Wrap Up:

The value of integrating blockchain technology can be understood from the fact that it offers the potential to link different ledgers while upholding the integrity of data amongst multiple supply chain participants. Furthermore, the properties of immutability and transparency make Blockchain a go to solution for managing the complexities of a supply chain ecosystem while maintaining its integrity.

Looking for a Blockchain Solution for Supply Chain, Contact Sofocle technologies for Consultation or mail us at [email protected]

15 Innovative Blockchain Use Cases that has Revolutionized the Technology Landscape

The technology landscape is abuzz with a new yet promising technology, ‘Blockchain’. The distributed ledger technology (DLT), has disrupted the IT landscape in ways that has not been witnessed since the arrival of internet. The technology that underpins Bitcoin will make organizations more transparent, democratic, decentralized, efficient, and secure. While the most apparent application of Blockchain Technology is in the Financial services industry, the technology has also found application across several other industries.

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Ensuring Efficient Implementation of CSR Activities with a Blockchain Based Solution

In the words of Winston Churchill “Responsibility is the Price of Greatness”

Firms and businesses have a similar responsibility, as well as commitment towards the social and economic development of their stakeholders, community and the society at large. In fact, the practice of CSR or Corporate Social Responsibility as a business model has evolved from being a slogan that was considered trendy by some firms to the current era where it has become more of a business requirement rather than just an option.

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Smart Contracts : The Next Generation Blockchain Platform

Smart Contract, also called as self-executing contract, blockchain contract or digital contract, is a set of instructions that automatically performs the obligations under the agreement, which parties have committed to. By being immutable and cryptographically secure, Smart Contract gives us the security of Blockchain Technology, that is, it provides distributed trustworthy calculations.

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The Recent Ransomware Attack Could Have Been Avoided with the Use of Blockchain Technology!

According to reports by various agencies, the recent cyber attack of ransomware knows as ‘WannaCry’ has affected over 200,000 computers in over 150 countries. The ransomware was supposedly spread through spam emails of fake invoices, job offers, etc. which had .zip file attachments. Once the attachment is clicked, it initiates the infections of WannaCry. However, one of the CISCO’s division believes that vulnerable systems which were left open on the internet could be attacked without any need for phishing.

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Blockchain Technology – The New Assurance for Insurance Industry

Blockchain Technology based on Distributed Ledger concept is being exploited by BFSI companies to increase efficiency and reduce cost. While Blockchain has found wonderful use cases for the Banking and Financial Services organization, experts have predicted that it is going ‘Disrupt’ the insurance industry in a true sense. No wonder 3 of the 15 largest VC FinTech deals of 2016 went to Blockchain start-ups.

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