Blockchain has been in development since the ’90s. However, it wasn’t until the advent of Bitcoin in 2009 did the new technology gained global recognition. Blockchain is the current hallmark of everything technology is about – innovation. Stay glued to knowing about blockchain adoption in this blog.
The world has been exposed to numerous possibilities for improving processes, lives, systems, etc. However, beyond the buzz, the adoption of blockchain is still relatively low.
Though, compared to the adoption rate of other technologies like smartphones, computers, etc., blockchain can be deemed successful so far from their point of invention. But, with the current degree of information access in the world, it’s surprising that as of 2021, only about 0.5% of the world population currently adopt blockchain.
Blockchain has great potential. Consequently, experts opined that gaming is the proper blockchain adoption framework to invest in. Hence, this article needs to explore how gaming is the tipping point for mass blockchain adoption.
Gaming and Blockchain
Blockchain technology has numerous use cases, one of which is cryptocurrency. Other industries leveraging blockchain technology are data security, energy, enterprise, etc. However, all these industries combined have only put the technology in the hands of about 40 million people.
On the other hand, the gaming industry has been long overdue for rejuvenation. And blockchain plays right into the script.
Combining these two infrastructures – gaming and blockchain – promises so many things. According to Dan Weinberger, CEO of Morpheus Network, in his report titled “Real-World Application of Blockchain,” he claims that “distributed ledger technology has the same transformative power as the internet had in the early 1990s.”
Blockchain will transform gaming and vice versa. Asserting this claim isn’t even a long shot. In recent times, several decentralized gaming applications have been developed. These applications like Axie Infinity, CoinFantasy, Decentraland, etc., are currently driving blockchain technology adoption in unprecedented ways.
These games have innovated new concepts like Yield farming, Metaverse, Play-to-earn, crypto fantasy gaming, etc. So it’s only a matter of time before the 2.6 billion people actively gaming adopt blockchain.
Why does the World Needs Blockchain?
Currently, there are numerous issues plaguing everything related to blockchain. Despite its 13 years of successful existence, Even Bitcoin still has regulation issues. But if the gaming blockchain adoption framework continues on its path, it’ll have the following continuous impact on the world.
Liquidity
Liquidity is a significant advantage of blockchain. Before blockchain, games have in-game tokens and rewards. However, these collectibles have no use outside the game. So you can be rich inside a game and broke in real life.
But blockchain is changing that narrative. Now, you can be rich in-game and convert the collectibles to money to buy your next car. The liquidity of in-game assets is a game-changer, which has caused several people to quit day jobs.
The liquidity blockchain facilitates and promises better global wealth distribution. Blockchain gives in-game assets their value and subsequently serves as the platform to redeem the supply chain. Games like Axie infinity and CoinFantasy have set the pace. In response, other apps are following suit to aid blockchain scalability adoption.
Trustless and Permissionless
Corporate and governmental institutions are wary of blockchain. This is because the technology threatens to take central power away from those wielding it. For instance, Mark Zuckerberg and his team hold central control over apps under Meta.
But if a decentralized app arises to rival Facebook, users will most likely flood there. Blockchain-powered infrastructures are fundamentally designed not to be controlled by one company. They are community-governed. Hence, permissionless.
Furthermore, blockchain transactions are immutable – the selling point driving the adoption of blockchain since its inception. As a result, the technology is less susceptible to security breaches. The ecosystem’s database is on numerous computers across the globe. Hence, it’s impossible to modify anything on the network without the agreement of the ecosystem.
Every permission access systems get the same network information in real-time. Transactions carry date and time stamps. So, it’s impossible to change something on one database without flagging off the entire network.
Automation
Smart contracts are a significant concept of blockchain. Once pre-stated requirements are met, the smart contract begins running. Thanks to smart contracts, there’ll be a drastic reduction in needed human intervention.
The tenets of smart contracts also facilitate third-party connections amongst applications. Decentralized apps’ interoperability houses the potential for blockchain mass adoption.
Problems Facing Blockchain Adoption
To aid blockchain technology adoption, a couple of problems must be addressed. These are:
Regulations
The technology is still new. So, every effort you notice in the ecosystem is traveling through uncharted waters.
Despite blockchain being a trustless infrastructure, trust is a significant barrier to adoption. Blockchain is trustless, but the users who define its relevance still need to trust it.
The lack of trust is based on the lack of regulation. No concrete laws determine what’s possible or not.
Intuitiveness
The less-than-two-decades existence of smartphones has opened humans to lots of possibilities. In addition, users have grown used to the current realities, interfaces, use cases, processes, etc.
However, to maximize blockchain, many technical terms and processes are involved. Learning and mastering these concepts takes time and an intuitiveness blockchain technology needs to attain. In addition, the current blockchain user experience still requires lots of reiterative work.
How Gaming will Facilitate Blockchain Mass Adoption?
Blockchain technology adoption implications and challenges will continue till we find more ways to bring it into daily life.
We’ve learned so far from using blockchain in gaming that mass adoption isn’t necessarily dependent on people understanding how blockchain works. Many people and institutions resist change, just as we see governments wary of bitcoin.
Blockchain scalability adoption can only be achieved with continuous subtle changes. Blockchain can revolutionize our lives, but enacting all the changes at once will scare people. So, bringing in minor changes over time is the way to go. And gaming marks the beginning.
The more blockchain concepts are used in games (which people already love), the better they understand and embrace them. Blockchain games are the best crypto for mass adoption.
How Coinfantasy is Contributing to the Adoption of Blockchain?
CoinFantasy contributes to the adoption of blockchain by gamifying the crypto-stocks market through the play-to-earn framework. As the world’s first decentralized fantasy gaming platform, users can participate and earn rewards exchangeable for fiat currencies.
Conclusion
Blockchain scalability adoption can only be achieved with continuous subtle changes. Blockchain can revolutionize our lives, but enacting all the changes at once will scare people. So, bringing in minor changes over time is the way to go. And gaming marks the beginning.
The more blockchain concepts are used in games (which people already love), the better they understand and embrace them. Blockchain games are the best crypto for mass adoption.
Frequently Asked Questions (FAQs)
About 40 million people in the world have adopted blockchain. Regarding industry, finance and gaming are the best cases for blockchain technology. A lot of industries are looking at the way the adoption of Blockchain can help propel their field to a greater level.
Yes, with time, blockchain adoption will be widespread. Blockchain holds immense possibilities, and with gaming, more people will understand and maximize the technology. Every day new DAO are coming up, this shows that people are getting to see the opportunities involved in Blockchain and this will lead to mass adoption.
One of the major challenges of blockchain adoption the financial entry barrier is somewhat high for the masses. Hence, the entry requirement for blockchain-powered infrastructures needs to be reduced. The issue of climate change should seriously be taken into consideration.
Gamification has proven to be an effective way of aiding blockchain adoption. Over the last 2 years, the number of people that have entered the Blockchain as a result of the gamification of the Blockchain space is massive. NFT is also another game-changer.
Blockchain aims to decentralize the way things are being done. And the major use case is the financial sector. This is a threat to capitalist companies and countries, and the opposition to Blockchain is understandable. some feel it’s still new and trying to study the technology.
