Malta-Based Lawyer Joseph Borg Says Blockchain is the Future of Gaming
Nicholas Otieno Nov 05, 2019 07:05
Blockchain has begun to transform the way consumers interact with games. It has introduced an emerging gaming trend: blockchain games that give the possibility to earn for both owners and players. Today, these types of games are causal and built on exchanging and collecting operations. However, the potential power of blockchain for the gaming industry is huge.
The gaming sector appears to be mainly interested in the use of blockchain. This sector continues winning the love of 2.2 billion players globally, and it can obtain a new life with the application of blockchain.
Blockchain has begun to transform the way consumers interact with games. It has introduced an emerging gaming trend: blockchain games that give the possibility to earn for both owners and players. Today, these types of games are causal and built on exchanging and collecting operations. However, the potential power of blockchain for the gaming industry is huge.
Therefore, based on Malta-based lawyer Joseph Borg's insightful conversations, let’s see how blockchain will redefine the gaming sphere.
Next great leap in gaming transparency
Borg said that blockchain will not only bring many advantages to gaming users and operators but also to regulators if they play their cards well. He mentioned that the best thing concerning blockchain is that it brings lots of transparency, and thus helps everybody at the end of the day.
For gaming operators, transparency enables all the stakeholders to know that nothing illegal being done in the background. This promotes trust within the ecosystem that results in the growth of businesses for the operators.
Creates trust within the business process
Borg identified that the use of smart contracts will revolutionize how the gaming players’ money is stored and spent by the gaming operators. With cryptocurrencies and smart contracts, the gaming operators will have a way to enable the players to deposit the money into a smart contract. Each time, the money is spent on the game, all the winnings are returned to the player.
Besides that, blockchain gives gaming regulators better insights and enables them to be up to date with everything taking place within the industry.
WH Partners handles multiple projects
Borg's law firm, WH Partners has worked with several ICO projects. However, some of these projects have recognized 2019 as the start of the end of the crypto fundraising method. But Borg rather remains more positive.
He explained that most of the ICOs that he has been involved in are now projects which are shaping up. He advised entrepreneurs to be in tune with the times, mentioning that the industry is maturing and individuals seeking to raise money now have more responsibility.
A lawyer-turned-blockchain enthusiast
Borg is a professional lawyer, but when joined WH Partners – a Maltese law firm – he only focused on the gaming industry. Over time, however, he developed an interest in blockchain technology and begun a small department within the law firm to cater to such an emerging technology.
Since then, his small team has immensely grown. With his wide experience in blockchain application in the gaming sphere, Borg believes that this technology is the future of gaming.
Takeaway
Just like Borg has commented, the gaming industry is poised for a sea-change. Blockchain could completely restructure the future of gaming, turn the monopolistic console market into the multiverse market of boundary-blurring and immersive games.
Cool blockchain-based projects are increasingly emerging, and their advantages such as effective communication, safety, and privacy of accounts, opportunity to earn when playing, and complete transparency of in-game transactions are obvious.
The only certainty this is the blockchain gaming remains inevitable, and at this point, the opportunities emerging are genuinely incredible.
Image via Shutterstock
Image source: Shutterstock
