Blockchain Reshaping the Gaming World


Blockchain technology – we’ve talked about it TONS at FintekNews, and the fact of the matter is that it has an unlimited number of applications.  The technology is of course, the underbelly of bitcoin, and other digital currencies, but given that is really a ledger, it can be used in so many other ways, from digitizing gold to tracking shipping containers.  

One of those ways is in gaming.  I am so NOT a gamer nor the demo thereof, but we all know that the gaming industry is ginormous.  Enter Firstblood, which will bring blockchain technology to esports.  As of now, they are only supported by a game called Dota 2, but they hope to break into many more in the future. 

While many of our readers may not be into the whole gaming deal, it’s still important to note that blockchain is right there in it, and in so many other ways, too.  
(Cindy Taylor/Publisher)

It was the middle of a Monday afternoon when Marco Cuesta, co-founder of the blockchain esports platform FirstBlood, gave me a call. After plenty of jargon and esports talk had been thrown around, Cuesta’s vision for FirstBlood was clear: The future of esports, he says, is one where high-quality competition and rewards systems are made available to everyone, not just professional gamers, and FirstBlood is going to help bridge that gap. But whether or not blockchain technology and cryptocurrency will really help usher in this new era is not so clear.

What is blockchain, and how can esports benefit from it?

Blockchain is basically a decentralized network that’s powered by peer-to-peer communications and transactions. If you’re a fan of HBO’s Silicon Valley, think of what Richard Hendricks was trying to accomplish with a decentralized internet—it’s similar, but different. Instead of having companies maintain everything on a few servers, entire groups of people can interact with each other on a “block” that records data and transactions specifically for those people. Once the interactions are complete, the data is recorded for as long as the network exists, and the next “block” on the “chain” is created after a new set of interactions begins. You can think of each block as a unique page in an ongoing ledger.

A big draw of blockchain is the use of encrypted currency, or “cryptocurrency”. This is a type of digital currency that’s usually invented by a company or organization for its customers or users. What makes cryptocurrency secure is a process called “mining”. As defined by Digital Trends, “Mining uses algorithms to go through each transaction, encrypt the cryptocurrency, and add it to a digital ledger, essentially verifying it and cementing its position online.” The currency is visible to everyone on a specific block, so it’s virtually impossible to counterfeit.

Esports and blockchain intersect in uncharted and untested waters…”

Full Story at PCGamer