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Conference Debrief – BLOCKSHOW EUROPE 2018 Part A

A lot of what we do today and how technology will be developed relies heavily on consumer, their rate of consumption and adoption. In the recent conferences that DATAVLT has been at, the team has presented a glimpse into what the future will become. In this digest, we will be showcasing what co-Founder Willy Wong has discussed at length at the conference:

Do you think blockchain will be able to create alternative business models to complement/add value to existing ones like Free-to-Play games?
ANS: In my opinion, there are 2 key motivational factors that would add value as well as complement the existing business models, drawing specific reference to the Free-to-Play model.
  • Middleman Dominance – Currently, the gaming industry is dominated by a handful of established 3rd party platforms and marketplaces. These platforms and marketplaces draw hefty sales commissions (between 18%-23%) for every transaction, leaving developers little to no room for manoeuvring.
  • Payment Fraud is one of the most common occurrences faced by developers/publishers today. It is easy for customers to commit fraudulent activities, like purchase an in-game item, use and lose the item and then calling their credit card company to cite an unauthorized transaction. Besides the loss of revenue, the developer would also have to absorb the charge-back incurred for the transaction.

“With the implementation of a blockchain ecosystem, this payment transaction can be facilitated in a streamlined process between trusted parties. Besides minimizing fraudulent transactions, we could potentially reduce the reliance of the “middlemen” to facilitate transactions between the players and developers/publishers.” – Willy Wong

What are some of the ways in which the gaming industry can benefit from blockchain technology?
  1. Cryptocurrency the New In-Game Currency – The digital tokens/currencies is not a new concept to gamers. This concept is widely practiced in Free-to-Play games where players can purchase in-game currency to buy items or services. The only issue stems from payments being withheld from developers for up to 3 months.When looking at microtransaction business models at play, it makes absolute sense to adopt the blockchain technology simply because of its advantages to developers and publishers where in-game transactions can cost very little, happen in seconds and bypass additional costs incurred by 3rd parties.
  2. Real Ownership of In-Game Assets because of Trackability – The beauty of the token is that it can also represent digital in-game assets; like items, weapons, character skins etc which can often also be embedded. These in-game assets can safely be traced, tracked and traded between players within the blockchain ecosystem – passing from one ownership to another digitally.
What’s your prediction for the future of blockchain in gaming?

The utility of the blockchain technology will continue to grow exponentially. We are likely to see gamers jump into the blockchain community pool, lending their idling computer and graphics processing powers to validate related transactions. In return, gamers can be incentivised with digital tokens for use.

The next evolution of blockchain would also enable game companies to protect their customer data while sharing with developers limited data which helps them better understand their audience while building a more inclusive player-developer relationship.

Updates

CONTEST – Name the New DATAVLT Token!

DATAVLT will be replacing the old DVT with new ones! Help us come up with a new token name and stand a chance to win prizes! All you have to do is to send in your entry via our website (www.datavlt.com) and get people to vote for your entry! The best entry gets to win the new DATAVLT tokens to be shared amongst people who have supported your entry. Caring is Sharing!

Naming Prize

The winning entrant gets 1000 new DATAVLT tokens and supporters of this entry gets 100 new DATAVLT tokens each!

This naming contest will start on 18th June 2018 at 00:00hr and ends on 24th June 2018 at 23:59hr (Singapore time). Terms and conditions apply. Additional details will be available on our website from 16th June 2018 onwards.

Did You Know?

The utilisation of the blockchain technology is growing and Switzerland is the most friendly adoptive nation!

Switzerland Is Europe’s Blockchain Friendliest Country

A study carried out by the BlockShow Europe 2018 framework has revealed that Switzerland is the most cryptocurrency and blockchain-friendly country in Europe. The study surveyed 48 European countries and named Gibraltar as the second and Malta as the third most cryptocurrency friendly country followed by Great Britain at the fourth spot. Switzerland is incidentally recognized for its town of Zug, renowned the world over as a hub for cryptocurrency activities and nicknamed Crypto Valley. Source: marketexclusive.com.

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