- Legal States
- Hashing It Out Ep. 11: Blockchain as a Solution for More Responsible Gambling
Yasmin Moore September 15, 2021 4 min read
Hashing It Out Ep. 11: Blockchain as a Solution for More Responsible Gambling
Know Now recently held a conference about social responsibility for gambling operators. During the event, the cryptocurrency and blockchain info outlet CoinGeek interviewed several people on how blockchain tech can revolutionize iGaming. In its series Hashing It Out, CoinGeek revealed what the industry experts’ opinions are.
Peter Higgins: Blockchain Gives More Evidence for Dispute Solving
One of the attendees whom CoinGeek interviewed is Peter Higgins – a commercial mediator whose work is to solve disputes between gambling operators and clients. Higgins explained that sometimes these conflicts involve big sums of money and that his job is to prevent things from escalating to court where possible.
Speaking about blockchain, Higgins is quite optimistic about its use in solving such conflicts as their robust way of working will make it much easier to find out who is right and who is wrong.
“If you can have these ledgers in place that proves what was placed when with some different examples, in crude terms, it’s basically more evidence for the operator or for the client in that case,” Higgins explained.
David Clifton: Illuminated on the Potential of Blockchain
Next up was Clifton Davies Consultancy Limited’s director David Clifton. He served as the conference chair and has vast experience within the industry, and is knowledgeable on the intricate details of gambling licensing and compliance.
Clifton emphasized the importance of data for gambling. He elaborated that it is up to the gambling operators to make the best use of this data and that technology has been making this approach easier. As technology is becoming more readily available, Clifton believes that operators should utilize it to ensure a safer betting experience.
However, Clifton is concerned that despite being a safe solution, the years of Bitcoin mining and trading have made gambling operators and British regulators wary of blockchain because of potential money laundering schemes. Yet, the conference was, in Clifton’s words, “illuminating” as he was surprised to hear about the ways in which blockchain can provide a potentially safer gambling solution.
“I think what we’ve learned today is the manner in which blockchain can be used to track the player journey, to show the markers, the indicators of gambling-related harm,” he noted.
Clifton concluded that he’s definitely become more open to blockchain technology and is curious to learn more about it.
Nick Hill: Blockchain to Benefit and Assist Responsible Gambling
The final person in the Hashing It Out episode was Nick Hill of Premier Trading. Hill summarized that the “essence of the event is responsible gambling and how blockchain can benefit and assist” with it.
Hill is firm that blockchain technology is almost flawless insurance against penalties and fines as, once carved into the ledger, the communication between operators and players becomes set in stone. Hill noted that his work with nChain’s platform Kensei is already yielding results.
“Now, with the notarization capabilities of Kensei, this is where we can start to use the blockchain within the responsible gaming vertical,” he explained.
Hill elaborated that Kensei is a bridge between legacy technologies and the BSV blockchain. He added that Kensei’s solution was also picked up by the player protection platform Crucial Compliance.
Blockchain is definitely a technology that has the potential to revolutionize the iGaming industry and help it become safer and more newcomer-friendly. With so many people trusting it to be a much-needed problem-solver, we will likely be seeing more companies adopt blockchain solutions.
Yasmin is an iGaming and gaming journalist with over 10 years of writing about various publications. Her experience spans the entirety of iGaming, traditional sports, as well as online poker. She is well-versed in every aspect of online gaming and her wealth of knowledge provides additional substance to our coverage.
Blockchain September 15, 2021
Blockchain September 15, 2021