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Blockchain enters gaming waters: GameCredits releases free API for cryptocurrency

Gabriela Motroc
blockchain

Close up old game controller image via Shutterstock

GameCredits has become the first platform of its kind to offer a universal cryptocurrency as a method of in-game payment. The main benefits include the lack of chargebacks and the creation of new gaming economies.

GameCredits Inc., an international company which offers the gaming industry ways to pay less and make more has announced the launch of its free API, which will allow all game developers to use cryptocurrencies to pay for in-game items and currencies, Yahoo! Finance wrote. This API (the first version was released a few months ago) has been built to scale with the size of any developer, according to GameCredits Chief Operating Officer Alex Migitko. “It doesn’t matter if your game has 10,000 players or 10,000,000, GameCredits can handle all of your needs,” he added.

GameCredits is the closest gaming cryptocurrency poised for mass adoption, the company claims. GameCredits VP of Business Development Sergey Sholom explained that GameCredits’ system is “the first to bring blockchain powered tokens to the gaming community in a huge way.” In this case, blockchain technology helps offer rewards to gamers who use the GameCredits platform. Cryptocurrency payments will have a double impact: they can save developers money and create new gaming economies, Migitko revealed.

GameCredits Inc was established two years ago but started providing innovative blockchain solutions over three years ago. Later this year, GameCredits plans to launch the first ever cryptocurrency store, furthering its goal of bringing the blockchain to millions of people around the world.

SEE ALSO: Brian Behlendorf explains the DevOps of Blockchain

No industry is ‘safe’ from blockchain

Gaming is not on Credit Suisse’s list of potential uses for blockchain but it appears that this technology is spreading like wildfire and no industry is safe from blockchain.

As Brian Behlendorf, Executive Director of the Hyperledger Project told us last month, “it’s not too crazy to think that in the next five years, nearly every Fortune 500 company (perhaps even the top 1000) will be transacting on a distributed ledger, and automating their processes using smart contracts.”

Blockchains really only make sense as a way to build a common system of record within a network of peers – that is, you can’t implement a blockchain by yourself, you need to do it with others. So anywhere where a company participates in a network of trading partners, a supply chain, a regulated market, etc., then they likely will see an operational and strategic investment in blockchain tech.

So we know that blockchain and gaming mix well together, blockchain and IoT go hand in hand and IT companies love this technology almost as much as banks do.

Furthermore, according to a new research commissioned by SIX Securities Services, more than three quarters of financial organizations are experimenting with blockchain technologies. The study revealed that 32 percent of respondents have created “a proof of concept, while 1 in 5 are piloting a specific product or service. 14 percent of respondents said they have set up a Blockchain-focused innovation lab, while 12 percent have partnered with a blockchain company.”

Despite the encouraging results, the research points out that widespread adoption is at least six years away.

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Author
Gabriela Motroc
Gabriela Motroc is an online editor for JAXenter.com. Before working at S&S Media she studied International Communication Management at The Hague University of Applied Sciences.

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