Ripple’s Partnership With Forte Could Revolutionize The $140 Billion Gaming Industry

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Market Bounces Back by 44.5% in Q2 As BTC Gains 78% Since Black Thursday: CoinGecko

The market cap of cryptocurrencies has grown by 44.5% within Q2, according to the first quarterly report by CoinGecko. In addition to this, Bitcoin's price...

DApp Q2 Market Report Shows Massive DeFi Impact in The Decentralized App Ecosystem

The DeFi realm has registered tremendous growth in the past quarter (Q2) with some products posting some impressive figures. $4.9 Billion was channeled through...

VaultAge Solutions CEO Declared Bankrupt After Scamming Crypto Investors Out of Over $13M

Willie Breedt, chief executive officer of the crypto investment firm, VaultAge Solutions, has been declared bankrupt, who is currently on the run after defrauding...

Arca Labs Rolls Out Ethereum Based Fund After SEC Approves Digitally Transferrable Securities

According to a press release on Monday, July 6, 2020, Arca Labs, a digital asset investment firm, becomes the first-ever company to trade an...

China’s OTC Crackdown Puts Bitcoin at a Discount

Last month, there were reports of thousands of cryptocurrency over-the-counter (OTC) merchants and their clients getting affected as China froze their bank accounts to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today