What Is Blockchain Technology? How will Blockchain Work? 2024

Blockchain Technology to Revolutionise the Gaming Industry 2025

October 20, 2024 TECH TEAM Blockchain Technology, gaming industry

Techies in the gaming industry have always been the guinea pigs of the technology world, and right now they are teeming with the buzz around blockchain technology.
It is now believed to be the world’s leading software solution for digital assets.
After finding its successful application in almost every field—including finance, agriculture, and geospatial areas—blockchain, the decentralized technology developed by an anonymous Satoshi Nakamoto, is now making an entry into the gaming space.
In fact, some believe that the gaming industry is the first to see the next generation using blockchain technology.

Blockchain Technology to Revolutionise the Gaming Industry

The journey of the gaming industry

Since ancient days games have been an eternal part of human culture for social interaction. Back then, we did not have access to technology, and games were limited to the real world.
Later, with advancements in technology, the era of video games was introduced, following which we had games that could be played on PCs and mobile phones.
Earlier, these games were mostly limited to one player, or another player sitting next to us. All of this changed as game developers brought massively multiplayer online (MMO) games—games that allow several players on the same server. Related:-What Is Blockchain Technology? How will Blockchain Work?
Now, they are trying to shift their focus toward blockchain technology.

The gaming industry today
The gaming industry is one of a kind and is fascinating for developers as well as users and investors. However, it still has several pain points.
Let us introduce you to some of these, so you know how blockchain can resolve these issues.
Fear of losing digital assets
Some of us spend a lot of time and, sometimes, money to acquire precious assets in a game. But, there is always a fear that we can lose any day.
Several scenarios can result in this outcome. The game creator might go out of business, or some central authority might ban us from playing the game.
This happens all the time, as we do not own these digital valuables. Rather, these are on a centralized server.
Digital assets of one game have no value in another
Suppose, you have spent a lot of time and money to obtain a sword in one game. You complete the game and want to move on to the next one. Related:-Blockchain Technology Explained
You cannot use this sword in the new game, as it does not belong to you (even though you spent time and money acquiring it). You cannot exchange it for something else in another game, either.

Separate servers for different regions

In an MMO role-playing game, there are separate servers for different regions. In fact, many sub-servers are required to form the whole system.
So, if there are players from different regions, multiple servers are used. Also, if one server crashes, a large area loses connectivity.
Micro-transaction is a myth
Free-to-play games are based on the strategy to offer low-cost items, which are upgraded step-by-step by paying an almost negligible amount. Gradually, this small amount may add up to a large amount.
For example, a game may offer a sword for US$ 15 and then upgrade it to the next level for US$ 0.25. Game developers can add, say, 100 upgraded features.
We, as players, do not think too much before buying something worth US$ 0.25. Hence, more of us end up buying an item and upgrading it without knowing how much we end up spending on it.
However, traditional payment methods do not allow these micro-transactions. Payment channels like PayPal charge US$ 0.35 + 2.5 percent of the transaction amount. Thereby, true micro-transaction is a myth in the gaming industry right now.

Developers are cheated
Credit card companies, especially in western countries, are extremely good at protecting their customer’s rights. If you have any issues regarding a purchase on your card, you are free to raise a dispute and ask for your money back.
In that case, there is very little a game developer can do.
Moreover, game developers have to pay a penalty for every disputed transaction. Because of this, the gaming industry loses millions of dollars in customer support each year.

Blockchain to the rescue

Blockchain technology has the potential to end all of the above problems. Games based on blockchain technology offer solutions for game developers as well as players. There are infinite possibilities that blockchain has to offer. Some benefits are given below.

True ownership of virtual assets

In blockchain games, virtual assets belong to you, since you bought these. Creators, too, cannot take these assets away.
These virtual assets may be stored in the form of tokens in your digital wallet. The tokens can be fungible or non-fungible. Related: Exide’s EV Battery Plant with Swiss-based Leclanche Operational by Dec in Gujarat
With blockchain games, you do not lose your digital assets, even if you get banned from, or quit, a game, or the company shuts down.

Inter-game compatibility

Since characters, items, or karma of the games are stored on the blockchain, it allows you to see your existing characters or items on a completely unrelated game.
This could open a new era of gaming where characters from different game genres could play together in one game.
In case you are building your own game, instead of building new characters, you can use assets of an existing game or invite players from large game communities to instantly jump into your game with the characters they already have. This is one of the coolest features of blockchain technology.

Uniformity in virtual assets of different games

The design of blockchain games is fundamentally different from traditional ones.
These games do not allow the in-game currency to get generated infinitely.
Presently, in some games, gold coins can be generated by killing a monster, while in others, these might be a scarce resource. Blockchain can end this infinite generation of coins in a game.

End the need for sub-servers

Blockchain technology in MMO role-playing games ends the need to have different servers or sub-servers for different regions. Related:-Sodium Batteries will Replace Lithium-ion Ones, says Scientist C N R Rao
Hence, there can be no blackout in a particular region due to failure in the server of that or another region.
Cheap and secure trading of virtual assets
Blockchain allows you to convert your virtual assets into tokens, making these free for buying, selling, and trading at will.
A record of all transactions is present on the blockchain itself, eliminating the threat of fraudulent activities.
Game characters, items, and the like can be managed through smart contracts, as has been done in Cryptokitties—a game that created much hype in the blockchain industry.
Blockchain technology even has the potential to offer micro-transactions involving cryptocurrency in transactions.

Building blockchain games

Realizing the potential of blockchain technology for next-generation online games, developers have already started using it across several verticals in the gaming industry.
There are several platforms for the development of blockchain games, in addition to payment gateways for purchasing such games.
While some are already in the market, others are in beta mode or have raised funding through Initial Coin Offering.
Every project has its own aim, but all of these together seem promising for building the future of gaming.

Blockchain games available today

There are many blockchain-based games available in the market. Most are built on Ethereum, like Crytopkitties. The game uses ERC 721 tokens, which are non-fungible, indivisible, and unique.
It uses smart contracts for the ownership and distribution of virtual cats. It is considered the first non-financial application of blockchain.
Other blockchain games are Ethermons, Cryptopets, Cryptopuppies, and Etherarmy.
Ethereum is not the only blockchain to attract game developers. A blockchain game called Spell of Genesis is built on Bitcoin.

Payment systems

There are a number of blockchain-based platforms that are built for selling, buying, and promoting online games. Some of these are GameCredits, Enjincoin and Refereum.
Gaming corporations, like Valve Corp., allow you to buy games through Bitcoin.
The platform for building blockchain-based games
Such platforms promise to offer all the features discussed above for blockchain games. These aim to simplify owning, sharing, and trading of virtual assets.Related:-PS4 Price in India Drops to Rs. 29,990, New 1TB Bundle Available Mid-September

Platforms such as Bitguild and Chimaera are expected to launch this year. There are other platforms like Decentraland and Voxelus that offer a virtual space for blockchain-based 3D graphics and games.

Blockchain technology has already started expanding its roots in almost all verticals of the gaming world.

From the tokenization of virtual goods to improving betting and payments, every field is undergoing several experiments.

Although it has a lot to offer, there are issues of speed with blockchain, especially when it comes to MMO role-playing games.
At present, we have an MMO role-playing game based on blockchain, but it is still in beta mode.

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Related:- Is quantum computing the future explained in 2020
Related:-What Is Blockchain Technology? How will Blockchain Work? 2020

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What Is Blockchain Technology? How will Blockchain Work? 2024

Blockchain Smart World

What Is Blockchain Technology? How will Blockchain Work? 2024

October 4, 2024 TECH TEAM blockchain 6.0, Blockchain Technology, cryptocurrency, What Is Blockchain Technology?

You may have detected the term “blockchain technology” before, in relevancy to Bitcoin and alternative cryptocurrencies. What Is Blockchain Technology? For the inexperienced, the term may appear abstract with very little real that means on the surface.
However, blockchain technology may be an essential component of cryptocurrencies — while not, digital currencies like Bitcoin wouldn’t exist.
If you’re unaccustomed to cryptocurrencies and unaccustomed to blockchain technology, browse this and orient the fundamentals to urge yourself started. If you’re already a seasoned bargainer, perhaps you’ll learn a factor or 2 you didn’t already understand. summary of blockchain technology

What Is Blockchain Technology? How will Blockchain Work?

A Brief History of Blockchain

To start, let’s refer to the history of the blockchain. Before it absolutely was ever utilized in cryptocurrency, it had humble beginnings as an inspiration in computing — notably, within the domains of cryptography and information structures.

The terribly primitive style of the blockchain was the hash tree, additionally referred to as a Merle tree. This organization was proprietary by Ralph Merkle in 1979 and functioned by substantiating and handling information between pc systems. in an exceedingly peer-to-peer network of computers, confirming the information was vital to form positive nothing was altered or modified throughout the transfer.

It additionally helped to make sure that false information wasn’t sent. In essence, it’s accustomed to maintaining and proving the integrity of the information being shared.

In 1991, the Merkle tree was accustomed to producing a “secured chain of blocks” — a series of information records, every connection to the one before it. the latest record during this chain would contain the history of the whole chain. And thus, the blockchain was created. Related:- Exide’s EV Battery Plant with Swiss-based Leclanche Operational by Dec in Gujarat

In 2008, Satoshi Nakamoto conceptualized the distributed blockchain. it’d contain a secure history of information exchanges, utilize a peer-to-peer network to time stamp and verify every exchange, and be managed autonomously while not a central authority. This became the backbone of Bitcoin. And thus, the blockchain we all know these days was born, yet because of the world of cryptocurrencies.

How will Blockchain Work?

1. Blockchain keeps a record of all information exchanges — this record is cited as a “ledger” within the cryptocurrency world, and every information exchange may be a “transaction“. each verified dealing is added to the ledger as a “block”
2. It utilizes a distributed system to verify every dealing — a peer-to-peer network of nodes
3. Once signed and verified, the new dealings are added to the blockchain and may not be altered

To begin, we want to explore the thought of “keys”. With a group of cryptologic keys, you get a singular identity. Your keys square measure the personal Key and Public Key, and they’re combined to relinquish you a digital signature.

Your public secret however others square measure able to determine you. Your key offers you the facility to digitally sign and authorize different actions on behalf of this digital identity once used along with your public key.

In the cryptocurrency world, this represents your pocketbook address (public key) and your personal secret which lets you authorize transfers, withdrawals, and alternative actions along with your digital property like cryptocurrencies.

As associate degree aside, this {can be} why it’s thus vital to keep your personal key safe — anyone World Health Organization has your personal key and can use it to access any of your digital assets related to your public key and do what they need with it! Related:- PS4 Price in India Drops to Rs. 29,990, New 1TB Bundle Available Mid-September

Every time a dealing happens, that dealing is signed by whoever is authorizing it. That dealing may well be one thing like “Alice is causing Bob zero.4 BTC”, can embody Bob’s address (public key), and can be signed by digital signature exploitation each Alice’s public key and a personal key.
This gets added to the ledger of that blockchain that Alice sent Bob zero.4 BTC, and can additionally embody a timestamp and a singular ID variety. once this dealing happens, it’s broadcasted to a peer-to-peer network of nodes — essentially alternative digital entities that acknowledge that these dealings have occurred and add it to the ledger.

Each dealing in this ledger can have constant data: a digital signature, a public key, a timestamp, and a singular ID. every dealing are going to be connected, thus if you progress back one dealing within the ledger, you’ll see that Chuck sent Alice zero.8 BTC at it slow.
If you progress back to another deal, you may see that Dan sent Chuck zero.2 BTC at another time before that.

The namelessness of cryptocurrencies returns from the fact that your public secret’s simply a randomized sequence of numbers and letters — thus you’re not virtually sign language along with your name or some variety of handle. A public key doesn’t tell you the $64000 identity of the author. Related:- Exide’s EV Battery Plant with Swiss-based Leclanche Operational by Dec in Gujarat

you’re adding additional or less unengaged to generate as many key pairs as you wish and have multiple cryptocurrency wallets. Be warned though, there may well be alternative ways that somebody will fathom your identity — for instance, through your defrayment habits.

Why is Decentralization thus Important?

For enthusiasts of blockchain, you’ll hear loads regarding the localized side of it. What makes this thus appealing is that it makes the blockchain proof of censorship, tampering, or corruption.

Because it uses a peer-to-peer network, copies of the ledger square measure kept in many alternative locations, and unless you manage to trace down every single one amongst them (Bitcoin is calculable to own over thirty-five,000 nodes in its P2P network), you can’t destroy it. Related:- Blockchain Technology Explained

As well, as a result of such a large amount of totally different, freelance nodes square measure keeping track of the ledger, modifying it in associate degree tricky method won’t go terribly so much as a result of all the opposite nodes can trouble that dealings and won’t add it to the ledger.

This is a large part of why such a large amount of individuals believe blockchain technology is the way forward for currency, and why it’s being adopted in industries aside from cryptocurrency.

There’s continuously a drawback. However, like several systems created by humans, there square measure continuous downsides.

Blockchain technology incorporates a pretty steep learning curve. particularly for the everyday individual while not have a technical background, all the jargon and computing ideas concerned might intimidate and pall otherwise would-be users.

However, the rising quality of cryptocurrency is leading to the blockchain getting into the thought, with loads of additional resources offered to form the subject additional approachable.

Transferring, trading, and shopping for cryptocurrencies typically involves a dealing fee, and isn’t typically fast. the previous may be pricey, the latter inconvenient. Related:- Blockchain Technology Explained

There is additionally an inspiration referred to as the “51% attack” — if, for a few reasons fifty-one of a peer-to-peer network validates associate degree otherwise invalid dealings, it’ll still get approved and added to the ledger naturally of however the validation method works.

perhaps straight away it’s unlikely to happen, however, it’s a security flaw that may have the potential for exploitation in the future.
However, there square measure loads of developers, users, and enthusiasts World Health Organization believes blockchain technology is the future. several wishes to examine the technology succeed, thus keep tuned for brand spanking new developments! Related:- Sodium Batteries will Replace Lithium-ion Ones, says Scientist C N R Rao

Blockchain TOP TECH

Blockchain Technology Explained 2020

November 1, 2019 TECH TEAM Blockchain Technology Explained

Blockchain Explained: A Simple Explanation of How It Works

Blockchain technology allows consumers and suppliers to connect directly, removing the need for a third party.
It provides a decentralized database or digital ledger of transactions that everyone on the network can see. Or we can say it is a simple way of transaction.
Let us study through this article about blockchain technology, where it is used, who invented blockchain technology, what are its advantages and disadvantages, is it safe to use, etc. Blockchain Technology Explained
Blockchain technology is associated with cryptocurrencies like bitcoin and others.
Have you ever imagined a world where there is not necessary to validate any sale or purchase with no receipts, no bank documents and no need for registering or disposal of the property with the concerned government department?
We know that buying or selling of any property is put in a record. Before taking a commercial decision we always want all the information should be available in one place. This is possible only when a technology of code writing in financial system circles all over the world. Isn’t it. And this developed the root for Blockchain Technology.

Read Also: Every 5G networks city and region for every major carrier in the US

While doing any transaction the main problem is about trust. Can one trust another party? This made a need for legally binding stamps and seals and to maintain records.
Several centuries ago, when populations and commerce were both a tiny fraction of what they are now, some communities maintained a ledger of all financial transactions, which was open to public scrutiny and anything mentioned in the ledger acquired the status of truth.
Gradually do you know what happened, these records become voluminous and to keep them or to maintain them was very difficult. And so it became the function of government departments and banks and was no longer freely available to the public. Related:- Exide’s EV Battery Plant with Swiss-based Leclanche Operational by Dec in Gujarat
Let us study through this article about the pros and cons of Blockchain technology.

What is Blockchain Technology?

A Microsoft Excel Sheet file in your computer or laptop with the details of some of your transactions is known as a ledger.
If your Excel file is copied to hundreds of your friend’s computers and connected to each other forming a network is known as a distributed ledger. And if there will be a technology to update this Excel sheet whenever you or your friends update a ledger.
Therefore, blockchain is nothing but a digital ledger. That is a book containing accounts to which debits and credits are posted from books of original entry.
A blockchain is an anonymous online ledger that uses a data structure to simplify the way we transact. Without the help of a third party, blockchain allows users to manipulate the ledger in a secure way.
It protects the identities of the users. This way blockchain is a more secure way to carry out transactions. Each list of records in a blockchain is called a block. That is why it is known as a blockchain because the various growing list of records i.e. blocks are linked and secured.

Do you know who invented Blockchain Technology?

In 2008, Blockchain Technology was invented by Satoshi Nakamoto for use in the cryptocurrency bitcoin, as its public transaction ledger.
He aims at creating the decentralized Bitcoin ledger and on the other hand, the blockchain was to allow users to control their own money so that no third party, not even the government, would be able to access or monitor it.
Blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted central authority or central server.

Why Blockchain technology is required?

The blockchain technology is a method that brings everyone to the highest degree of accountability. With the help of this technology no more transactions will be missed, human or machine errors will be minimized, etc.
Even nowadays major banks are experimenting with this technology as they can use it for money transfers, record keeping, and other backend functions.
As an un-alterable ledger in real-time, it enables them to track documentation and authenticate ownership of assets digitally. Also, Indian IT service providers like Infosys and TCS companies are using this technology to create core banking platforms for banks. Related:- Sodium Batteries will Replace Lithium-ion Ones, says Scientist C N R Rao

Advantages of Blockchain Technology

It will allow smart devices to speak to each other better and faster.
– The blockchain mechanism brings everyone to the highest degree of accountability. Therefore, solves the problem of manipulation.
– The data that belongs to us we can own that is online identity and reputation will be decentralized.
– Cryptocurrencies will take power from the government to control the value of currencies and hand it to people.
– It will allow a middleman-free way to exchange assets.
– It will allow the removal of intermediaries that are involved in record keeping and transfer of assets.
– It provides durability, reliability, and longevity with the decentralized network.
– The data that are entered in blockchain-based systems are immutable which prevents fraud through manipulating transactions and the history of data. Therefore, all the transactions can be investigated and audited easily.

Challenges of Blockchain Technology

– To verify all the transactions huge power i.e. electricity is required.
– There should be security about the private key. Every time private key must remain secret because revealing it to third parties is equivalent to giving them control over the bitcoins secured by that key.
Also, it is necessary to have a back up of the private key so that it can be protected from accidental loss. We know that if it is lost ones cannot be recovered and the funds secured by it are lost forever.
– We know blocks in a chain must be verified by the distributed network and it can take time. So, transaction speed can be an issue. Related:- What Is Blockchain Technology?

Is Blockchain technology safe to use?

Hope from the above discussion, it is clear that no doubt blockchain architecture can significantly bring down the costs and reduce inefficiencies in the financial sector.
As it allows two parties to execute a transaction without any intermediary. Without any human intervention, blockchain allows financial institutions to execute and verify transactions discretely.
And transactions are continuously maintained and verified in ‘blocks’ of records.
With the advancement of technology and the development of society the main goal of the government is to provide a method for a secure way of transactions.
Whether methods are advanced or new technologies are emerging but the goal is the same. As, blockchain allows consumers and suppliers to connect directly, removing the need for a third party.

About India’s first Blockchain-Based network

When three online bill-discounting exchange platforms came together, the first blockchain-based network went live and implemented a solution for their operations.
The three platforms that offer Trade Receivables Discounting System (TReDS) are the Receivables Exchange of India, A.TReDS and M1xchange that implemented the use of blockchain in the enterprise financial segment.
Let us tell you that Receivables financing is one of the fastest-growing and most efficient trade finance mechanisms for small businesses to gain credit.
US-based MonetaGo has designed and implemented the production solution. No doubt the technology will allow working with the other exchanges to achieve shared goals without sharing specific data. Read Also: Artificial Intelligence, Quantum Computing and The Laws of encryption
Do you know about Trade Receivables? These are the amounts billed by a business to its customers when it delivers goods or services to them in the ordinary course of business or it is the total amount receivable to a business for sale of goods or services provided as a [art of their business operations.
Trade receivables consist of Debtors and Bills Receivables. Due to credit sales Trade receivables arise.
Trade Receivables = Debtors and Bills Receivables
On the other hand discounting is the process by which an accepted draft or bill of exchange is sold for early payment to a bank or credit institution at less than face value after the bank deducts fees and applicable interest charges.
The bank or credit institution then collects full value on the draft or bill of exchange when the payment comes due.
RBI introduced TReDS to facilitate financing trade receivables of micro, small and medium enterprises (MSMEs) from corporate buyers through multiple financiers.
Without any cryptocurrency being used for settlement, the project has been implemented. As we know that Cryptography involves creating written or generated codes that allow information to be kept secret.
Receivables Exchange of India (RXIL) is promoted by the National Stock Exchange and Small Industries Development Bank of India (Sidbi). Related: Exide’s EV Battery Plant with Swiss-based Leclanche Operational by Dec in Gujarat
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Alibaba to Use Blockchain Tech for Cross-Border Supply Chains

March 9, 2019 TECH TEAM

Chinese e-commerce big Alibaba cluster is considering blockchain school implementation for cross-border provide chains, aforesaid Liu Song, vice chairman of Alibaba cluster, per People’s Daily, the largest state-owned newspaper of China.
According to the report, Alibaba is attending to implement blockchain technology for cross-border provide chains to make a closed-loop ecological system that would be coupled with native governments.
The Jack Ma promoted firm conjointly plans to develop new technologies like the net of Things (IoT) and blockchain within the fields of customs brokers, international supply and trade finances, per Song’s extended remarks to brokerage and investment bank China Galaxy Securities.
Last month, Alibaba’s international online marketplace, Tmall international, conjointly proclaimed that it had launched a blockchain pilot that might trace foreign product and verify their believability and fight food fraud.
In October, Alibaba has proclaimed that its cloud computing arm, Alibaba Cloud, aims to expand their enterprise-level Blockchain-as-a-Service (BaaS) to major international markets together with Europe, u. s. and geographical region.
In Gregorian calendar month, the corporate has conjointly proclaimed the upgrade of its foreign trade integrated service platform to a cross-border provide chain platform.
In India, cross-border wholesale business was one amongst Alibaba’s 1st businesses within the country and it’s already invested with over $200 million bucks in its cross-border wholesale trade business in India and per a report by FactorDaily, the corporate plans to speculate $1 billion over 4-5 years within the India operations of an equivalent.
To recall, in Jan last year , according that however a cryptocurrency referred to as TRON has Associate in Nursing Alibaba affiliation as most of its members are roped in from Alibaba, and conjointly as a result of TRON’s founder Justin Sun was the sole time period to attend Hupan University, Associate in Nursing elite enterpriser leadership program in China based by Alibaba’s Jack Ma .
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Top featured image – REUTERS/Bobby bark/supply