Who Can Incite A Swift Migration to Blockchain Technology?

All over the globe, most of the events being organized by the blockchain startups invite the geniuses associated with the decentralized world to ponder over the same old dilemma. How to incite large scale adoption of blockchain based solutions? There have been hundreds of conferences and multiple use cases have been developed, yet the answer to this question has been yet out of everyone’s grasp. For one reason or the other, the first and foremost application of blockchain, the cryptocurrencies, have been inciting mixed feeling among the masses and to some it has become digital gold.

The investors who at first seemed to identify it as a gold mine, seem to have gotten over its trance, which led to the coins losing it value tremendously over a very insignificant time period. Then, there are the skeptic people who have wanted nothing to do with it and publicly declared it to be a scam. Their disapproval of the said technology is not however completely uncalled for. Scams related to cryptocurrencies have been making headlines since their creation. In addition to this, blockchain is a relatively newer technology. These are uncharted territories and to venture into these unknown waters would be a great risk for the investing parties and masses.

On top of that, the idea of cryptocurrencies replacing fiat does not appease to the institutions that have control over the fiat. The regulatory authorities are not willing to legalize the trade of the decentralized currencies and due to a lack of regulatory framework it is impossible to expect the cryptocurrencies to be adopted as a replacement to fiat. These feelings are somewhat shared between the governments as well due to increased use of cryptocurrency by criminals to hide their assets and safely shipping them overseas. Hence due to the reasons described above it can be assumed that cryptocurrencies wondrous as they may be, were not, are not and will not be anytime soon inciting a shift towards a blockchain ecosystem.

If we were to analyze the fields where there have been major breakthroughs due to the integration of blockchain technology, the financial sector, supply chain management, healthcare Industry and Gaming Industry are the ones that hold significant importance. The smart contract technology has completely revolutionized how transactions are made. Blockchain has catered to almost every field there is in one way or the other. But none of participants from these fields have been as eager as gamers to accept this technology. The reason being, both innovations appease more to the minds of the young generation. Hiding away from the unknown is not the newer generations are accustomed to. They accept change. The credit however undoubtedly goes to the geniuses bringing the features of a distributed Ledger to gaming.

Andrew Colosimo of Xaya, a blockchain based platform trying to incorporate the the features of blockchain in gaming Industry said

I think gaming definitely has the potential for being a catalyst for bringing more of the masses to blockchain. Gamers, particular PC gamers are normally somewhat technical and typically enthusiasts who like new technology, and blockchain does need that bit of expertise at the moment. From our point of view – we know there is going to be a market for blockchain gaming but it needs to be approached carefully.

Looking at the current scenario there are more than a few blockchain based gaming platforms that provide some distinguished features to the users in addition to bringing flexibility, transparency and security to them. There are games that have been incentivizing their players for the tasks they accomplish in a video game. Millions of gamers playing video games for countless hours everyday. Imagine if they actually start getting any reward for spending that kind of time sitting. These are in the form of any cryptocurrency or their own native token that can be availed within that game or have extended utility in other decentralized gaming platforms as well. The purchased assets are traded among users within interoperable platforms using smart contracts. These trades supported on a decentralized platform ensure that they are secure and ensured through smart contracts. Neat, isn’t it?

At this point, people are still on the watch for that one application that might make the whole world migrate to blockchain. Granted, it has catered to all kind of real time problems, but none of them can ensure that no gets left behind due to different mind sets that these distinct people in different fields belong to. However there are still some constraints to what even the gaming Industry can accomplish. A migration overnight is not feasible nor possible, but there is a greater chance of a swift move as compared to other fields at play.

To sum it all up, blockchain still in early stages of adoption, newer use cases being determined everyday, it is still a rather ameateur technology to be completely analyzed and its potential to be completely uncovered. As to assessment that can be made with whatsoever the masses have witnessed in the time now past, the gaming Industry has some loose ends blockchain can tie up and make it a means of its mass adoption.

Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain, cryptos and traditional financial markets. Email: hassaan@blockpublisher.com, hassaanmalek@gmail.com

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