California-based HashCash Consultants LLC, a blockchain distributed ledger consulting company, announced today that the company will bring its blockchain-based gaming platform into the United Kingdom video game market.

The platform provides a blockchain system that enables video game developers to issue trustworthy digital currencies and track in-game items within a secure ecosystem. This makes it possible for a game developer to create their own currency for microtransactions, a common funding method for free to play games, and more easily allow currency to be traded between different games on the same platform.

“The decentralized distributed technology facilitates higher interoperability of gaming items, which are sometimes valued in thousands of pounds,” said Raj Chowdhury, general manager at HashCash. “This can be instrumental in creating a multiverse experience.”

To make its push into the U.K. market, HashCash has partnered with a yet unnamed “leading video games producer” that will be provided with the company’s highly customizable blockchain gaming platform.

According to HashCash, a survey from June 2018 revealed the U.K. market as a rapidly growing gaming industry, with 2,261 games companies already established. Roughly, 32.4 million people in the U.K. played video games and in 2017 they spent a record $6.43 billion on those games, up 12.4 percent from 2016.

HashCash has a strong presence in the financial sector where the company works on platforms that require the utmost security and trust. Using blockchain technology, HashCash has provided platforms that can exchange and track money or digital securities. This would be a fundamental expertise for creating digital currencies and virtual item tracking ecologies for gaming companies.

Blockchains automate a lot of parts of currency transactions and do so in a tamperproof system. As a result, they are often sought after to help reduce operations costs related to managing the currencies while also working to reduce errors and fraud.

“This is just one of the many ways blockchain can revolutionize how we experience gaming in the present day,” Chowdhury said of the capabilities of the company’s platform.

The trend of the gaming industry teaming up with blockchain companies has been growing for a few years. For the most part, blockchains are being implemented to provide a framework for digital currency and digital item trading and as a result, the Gaming Standards Association announced a technical committee to publish standards in February 2018.

Since then, startups have continued to form gaming platforms such as the EON Foundation, Typhon Ltd.’s Chimaera and gaming peripheral maker Razer Inc.’s partnership with Gamma Innovations Inc. The trend has become so saturated with interest that video game company Atari SA partnered with Animoca Brands Ltd. to put “RollerCoaster Tycoon Touch” on the blockchain.

Image: HashCash Consultants