The video game industry is an enormous one worth billions of dollars. In 2017 alone it generated $108.4 billion in revenue, surpassing the combined box office sales and the proceedings of 20 professional sports leagues globally in the same time frame. Unfortunately, with 47% of the 2.2 billion active gamers of the world spending money while playing, it opens up ample occasion for scams. Moreover, a significant portion of the amount of money spent goes to intermediaries, shrinking a player’s ability to get the most out of a video game within an equivalent budget. A very practical and popular remedy to these predicaments has been found in distributed ledger technology, and blockchain expert HashCash Consultants has launched a leading edge DLT platform that caters especially to the gaming industry.
Cryptocurrency Payment Processor by HashCash
The decentralized payment gateway by the blockchain company enables users to complete transactions at the fraction of the fees charged by traditional payment platforms, that too in a secure ecosystem. The transactions go through almost immediately, facilitating quick (and therefore frequent) micro-payments providing developers with a diverse route to monetize their games. The blockchain core is compatible with other leading blockchain networks and therefore also supports coins that are not native to the gaming platform. ERC tokens too to be easily integrated with the network.
HashCash Consultants integrates existing gaming platforms to a high performing blockchain platform in line with HC NET through available APIs. Their team of experts also creates native digital assets for the video games which can be used as a gaming token or play chip across the gaming platform(s) connected by a common blockchain gaming ecosystem. The movement of these digital coins is traceable on this network, drastically reducing the scope of fraud and lost revenue. Users can avail a blockchain IO for monitoring the transactions ledger.
HashCash Consultants is also a leading provider of white label cryptocurrency exchange platforms and sets up exchanges for their clients. “Our team manages the listing of the utility coins we create for online video games on PayBito – the exchange platform by HashCash – and our partner exchanges across the globe,” said Raj Chowdhury, the MD of HashCash Consultants. “The blockchain ledger drives the transaction capability between the gaming platforms, the gaming exchange, and the gaming wallet.” The white label blockchain platform by the company has a high transactional throughput that can match and exceed existing gaming throughput.
Advantages of Cryptocurrency over Fiat Currency
Cryptocurrencies have several advantages over fiat currencies or currency that are issued by central banks and other popular financial and physical assets. This is because cryptocurrencies circumvent several obstacles connected to the centralized nature of assets and currencies. Here are the top three reasons why cryptocurrency is surpassing fiat currency in popularity:
1. Cryptocurrency is more secure
The authorization of a cryptocurrency trade renders it irreversible, a trait which is lacking in transactions made by credit cards that often leave scope for charge-backs. Users of cryptocurrency are protected from fraud, which is a major bane in online trades. This is enabled by the implementation of smart contracts – a pre-programmed computer protocol that validates every transaction taking place within a blockchain network.
2. Cryptocurrency is More Accessible
Cryptocurrency accounts, unlike traditional bank accounts, cannot be frozen since they do not comply with regulations that make such a provision. Also, the process of purchasing cryptocurrency is very simple and devoid of rigorous scrutiny by regulators. Cryptocurrency industry is a good alternative for those without access to traditional means of exchange.
3. Cryptocurrency Transactions are more affordable
Traditional banking systems charge processing fees for transactions authenticated by them. This amount, when compared to the processing fees charged by cryptocurrency payment processors is quite expensive. Not only are the costs for cryptocurrency transactions not high, sometimes no charges at all are applied for transactions that might be exchangeable over the network.
Overview of the Global Video Game Industry Performance
With movie, cartoons, and even theme parks being created after video games, the volume of takers of this genre of entertainment is beyond question. The video games market is speculated to cross 90 billion U.S. dollars by next year, from nearly 78.61 billion recorded in 2017, and 82.44 billion in 2018. As of 2018, there are more than 2341 million video gamers all over the world. Of them, 40% opt to play games on online/social platforms and are also a major contributor to the 36 billion U.S dollars revenue (recorded in 2017) in games software sales.
About HashCash Consultants
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.