Can Blockchain Technology Transform eSports Successfully!
Blockchains are disrupting every industry, from mapping to finance. eSports are no distinct. The burgeoning eSports market is set to be unleashed by combination with the blockchain. In the preceding few decades, new technologies have modified gaming. Rather than visiting a store to rent or purchase new titles, high-speed internet connection indicates that games are bought and downloaded straight on the console. Gamers are purchasing more games than ever before, and the most prominent franchises have established their hold with in-game purchases. What commenced as local game tournaments have developed into a global eSports industry. Competitive gaming is now touching the heights of other acknowledged sports with high-income streams from advertising, sponsorship, and media rights. The increase in live streaming suggests that eSports proceed to reach new audiences. Giants such as ESPN now report on crucial matches and the top teams, and in 2014 Amazon procured Twitch, the leader in online gaming broadcasts.
For eSports to unleash this potential, the industry is going to need to keep stretching more gamers and new audiences. This is where the blockchain develops. As a secure database that collects data over a peer to peer network, blockchains indicate that eSports can resume growing with gamers in control. Blockchains are distributed databases that are safe without third parties. Cryptocurrencies — digital money created on blockchains — imply it’s likely to negotiate without bothering that a single coin can be utilized twice. Blockchain-based smart contracts take this one step further, providing for secure transactions to be automated only when certain requirements have been met.
Here are three ways the blockchain is going to transform eSports:
1. Blockchain makes eSports more transparent and secure
eSports have an assurance problem. Players have to believe the organizer, the sponsor, and even the enthusiasts granting them donations, although scams are a massive business in eSports. People with no plan to pay out prizes utilize the branding of well-known organizers. Trolls give donations to players only to convert the payment weeks later, and sponsors list fake prizes that they never grant to winners. Blockchain will assist in making eSports more secure and transparent. Prize pools can be handled securely in escrow in smart contracts, automatically transferred to the winner when the results of a match have been confirmed.
2. Blockchain levels the playing field between amateurs and professionals
As the industry has developed and professionalized, the wage gap between gamers has become more comprehensive. Now, it’s more difficult for amateurs to take part in the important tournaments and access higher prize pools. Blockchains decrease the variable cost of working a secure database. Blockchains adjust the status of players so that everyone can access a level playing field where only skills matter.
3. Blockchain puts players in control
eSports players are placed under a lot of stress. Managers have propelled their teams to throw games and lose on purpose, so they can illegally fix betting odds. And due to the tremendous expenses of setting up a tournament, players have to depend on big-budget organizers who don’t always have their interests at the center. Recently, there’s no simple way for eSports players to build their events. Blockchain-enabled smart contracts make it more inexpensive to set up a tournament and bestow prizes.