How blockchain is revolutionising the gaming industry

financialexpress.com:

By Nishant Behl

The gaming industry has witnessed exponential growth lately, pushing the boundaries of human imagination and creativity. Gaming apps are now integral to people’s lives, creating immersive experiences and interactive storytelling like never before. According to a report by Deloitte, India’s online gaming industry is projected to soar at a staggering CAGR of 40%, reaching an impressive sum of over $2.8 billion by the end of 2023.

This meteoric growth is no coincidence; it is a testament to the transformative power of blockchain technology in this sector. In the gaming industry, blockchain can be used to create decentralised experiences, track ownership of in-game items, and allow secure and transparent transactions. This technology can also enable gamers to earn real money from their gameplay through NFTs.

Blockchain is a distributed ledger technology that enables secure and transparent transactions without intermediaries. It creates a decentralised database that stores information across a network of computers. Each ‘block’ of the chain is a set of transactions securely stored using cryptography. Once a block is added to the chain, it cannot be altered or deleted.

The global blockchain in gaming market has flourished, with a staggering USD 4.83 billion recorded in 2022. Projections indicate that this market is set to expand at an astounding compound annual growth rate (CAGR) of 68.3% from 2023 to 2030. Such remarkable growth is not without reason; the transformative potential of blockchain technology has resonated deeply with businesses and players alike, who now relish the seamless integration of cryptocurrencies and NFTs into their gaming experiences.

Take the case of JetSynthesys, which has taken the