The Blockchain Gambling Impact – Professional Opinions – Part 2
Blockchain technology is spreading into the different industries at a fast pace, and this is only happening because the people responsible for the companies working in the different sectors realize that the blockchain brings them advantage in terms of business development and profit.
Nothing like hearing the opinion of people working in the gambling industry, or in a close relation to it, to understand firsthand the impact the blockchain is presently having or is bound to have in a near future.
Hugo Luz dos Santos, Writer
Hugo Luz dos Santos, author from the book about simulation and gaming, “Artificial Intelligence: Are you sure? Beware of what you wish!”, mentions the enhancing of trust relationship between companies and clients with the use of smart contracts.
The increase of privacy and safety means the players’ money is not property from a third party, but safe on the blockchain, so not only our identity is protected, but there won’t also happen any identification issues, which happen fairly commonly.
Blockchain digital platforms boost the decentralization of transactions and also expose the pitfalls of the opaque existing traditional digital payment methods, namely in terms of money laundering.
Joseph Borg, Gaming and Blockchain Advisory, WH Partners
Joseph Borg, gaming and gambling expert sees the blockchain as a way to revolutionize gaming, given that the operator no long holds the money from players. The player’s money is deposited into a smart contract, creating a totally different setting for online gambling.
The immutability of the transaction data will provide the industry more transparency and more fair games, making the operators more efficient, in a situation where both operators, players and regulators have several advantages.
Anastasiya Rimskaya, Endorphina
Endorphina is a casino software provider, and Anastasiya Rimskaya is their Business Development Manager. When asked about the lack of regulation for blockchain, she considered it’s something normal given how new the technology and its application to online gambling are.
Given the grey legislative scenario it’s safe to gamble online using cryptocurrencies, even in countries highly restrictive to online gambling, while blockchain gambling compliant with regulations will depend on the emergency of worldwide regulations for this new type of gambling, a fully transparent system.
Frank Schuil, Safello
Safello is a bitcoin transaction service, and Frank Schuil is its CEO. Frank mentions that auditing the gambling industry has always been a challenge and the algorithms governing the online gambling industry have the purpose to give profits to regulators only.
The blockchain will dramatically change this scenario as transparency rules it, and there are already several examples of blockchain gambling projects like Edgeless, Fomo3D or Augur. It’s very likely that the gambling market can become the frontrunner for adopting cryptocurrencies.
Michael D. Lipton, Dickinson Wright (Law Company)
Michael Lipton is a specialist lawyer and consultant for Gaming, Hospitality and Regulatory affairs, and sees the blockchain as a way to disclose information, saving time and money for both regulators and licensees. The update of personal information will not cost a fraction of what happens today, not to mention that will be a way faster process.
These are just some of the advantages and insight given by several professionals working closely to the gambling and blockchain industry, quite revealing of the impact that the blockchain will have and is already having on the sector.