Forte, a San Francisco based firm, is working on applying blockchain technology in the gaming industry with the help of Ripple’s investment arm Xpring. The blockchain-oriented company entered the partnership with Ripple back in March this year and was funded to a tune of $100 million.
Blockchain for Gaming
Since the introduction of blockchain to the gaming industry, there has been significant growth in adoption. At the moment, it is clear and almost certain that once the industry matures, the gaming market may offer one of the most compelling use cases for blockchain. This is mainly because blockchain tech can enable decentralization and transparency in virtual environments.
Brett Seyler who is a game industry technologist with over a decade of experience, recently cited game developers normally have a complex time creating the games. He added that as a solution, game economies could be created with multi-sided participation, open markets, and increased transparency. Blockchain makes in-game transactions easy, fast and transparent thus making it the perfect tool for creating a peer to peer gaming economies.
Let’s Talk Numbers
It is estimated that in 2018 alone, the global games market generated over $137.9 billion and with further research suggesting that this number could grow to $180.1 billion in 2021. Approximately one in three people are gamers, this translates to more than 2.5 billion gamers around the globe. This clearly shows that the gaming industry has a wider impact than just generating value.
To enable connections between multiple blockchains, Forte utilizes the Interledger protocol (ILP) that was created by Stephan Thomas, a former Ripple Chief Technology Officer (CTO). Forte also uses XRP for increasing the level of interoperability as well as security and liquidity. As at the moment, Xpring has invested in around 20 companies to promote XRP adoption.