Blockchain technology is rapidly transforming industries far beyond its origins in cryptocurrency, bringing new possibilities and efficiencies to various areas of our lives. It's making waves in the art world, where it is revolutionizing the way artwork authenticity is verified and documented. It allows us to create and utilize our digital identities making life more efficient. And it even affects our leisure activities such as gaming. Super, right? But how it is done? Read on to find out.
Blockchain and Art
If you’re an art enthusiast, you probably are familiar with the ownership documentation process when purchasing artwork. If you haven’t had the pleasure (headache?) of participating in this process, here is a quick overview.
When you purchase artwork, you typically, among other things, receive a certificate of authenticity and a bill of sale, which confirm the work's legitimacy and document the transaction. Losing these documents can make it difficult to resell, insure, or authenticate the piece, potentially devaluing it or rendering it worthless. The price listed on these documents establishes the artwork's value, crucial for future sales, but without them, disputes over ownership and value can arise, significantly lowering the artwork's market worth.
Now I think everyone agrees that digital receipts are much easier to manage than paper ones. This is where blockchain comes in handy. Since data encrypted in a properly built blockchain cannot be deleted or edited, it provides a perfect medium for keeping the artwork authenticity records and bill of sale undamaged and legitimate. And this process is not something we have to wait around 10+ years to happen. Some galleries and exhibitions are already doing this (like the Vilnius Tokens project) and the number of them will only increase in the future.
Blockchain and Digital Identities
The same legitimacy principal benefits not only the artwork authenticity process but also digital identities as well. Having a digital identity might sound like something from a game or a sci-fi movie but let us assure you it is absolutely real and already present.
Digital identities are virtual representations of an individual’s personal information, stored and managed through secure, often decentralized, platforms. These identities enable people to prove their identity online, access services, and interact with digital systems without relying on physical documents like passports or driver's licenses. Blockchain technology plays a crucial role in this by ensuring that digital identities are secure, immutable, and under the control of the individual, reducing the risk of identity theft and data breaches.
One notable real-world application of digital identities is the IBM Digital Health Pass. This solution leverages blockchain to securely store and share health credentials, such as vaccination records and COVID-19 test results, without compromising user privacy. For instance, individuals can use the Digital Health Pass to verify their health status when traveling, attending events, or returning to the workplace. The use of blockchain ensures that this sensitive information is tamper-proof and easily verifiable, providing a trusted way for organizations to ensure compliance with health regulations while giving individuals control over their personal data.
Blockchain and Gaming
And since we touched on the gaming topic a little in the previous example, let’s dig a little deeper into it. Turns out the ties between blockchain and the gaming industry are getting stronger as blockchain games become more popular.
It is true that during the first wave of blockchain gaming, the technology was put up front and the gaming integrations were in the background. If you’re wondering what this looks like, just look up Crypto Kitties or Meta Apes. These early games were largely about exploring what blockchain could do like creating, trading, and owning unique digital assets, but often at the expense of the gaming experience itself.
However, in the second wave of blockchain gaming, it is the other way around. Developers are now focusing primarily on creating engaging, high-quality gaming experiences, with blockchain acting as a supporting element that enhances the game rather than defining it. This shift is leading to a broader range of blockchain games that appeal to a wider audience.
Interestingly, while many expected blockchain gaming to focus predominantly on economic games like simulators and trading games, we're seeing a surge in popularity for genres like shooters and role-playing games (RPGs). Titles such as Illuvium, Thetan Arena, Big Time, Off the Grid, and Heroes of Mavia are prime examples, where the focus is on gameplay mechanics and immersive experiences, with blockchain providing added benefits like asset ownership and player-driven economies. This trend indicates that blockchain technology is becoming more seamlessly integrated into various gaming genres, opening up new possibilities for both developers and players alike.
If you would like to know how blockchain technology could potentially affect the most popular games in general, like League of Legends or Fortnite, check out our previous article Blockchain - Disrupting the Gaming Industry
Final Thoughts
As blockchain continues to evolve, its applications are expanding into every corner of our digital and physical lives. Whether it's securing the provenance of artwork, protecting personal identities, or enhancing the immersive experience of video games, blockchain technology is proving to be a powerful tool for ensuring transparency, security, and user control.
The examples explored here, ranging from the authentication of fine art to the creation of digital identities and the rise of blockchain-based gaming, illustrate just a few of the ways this technology is reshaping our world. As these trends continue to develop, the potential for blockchain to disrupt and improve countless other industries remains vast, promising a future where trust and innovation go hand in hand.
Liked this article? Good news for you! This is the second piece of the Uncovering Blockchain Beyond Crypto saga. Head to the first one to learn even more about other ways that blockchain is changing our lives for good.