Seasoned iGaming professional and consultant of 20 years Nick Hill is the featured guest for the fourth episode of Hashing it Out with Becky Liggero, a CoinGeek series focused on the online gambling industry. Hill relates his personal journey about blockchain and why he believes it is made for regulators and necessary for gambling operators to help achieve regulation compliance.
"Compliance, legislation, payment processing, responsible gambling-these are all big issues for regulated entities-gambling operators, gaming operators at this moment in time because the compliance departments, the UKGC and all the regulated territories throughout Europe are putting more and more pressure upon the operator to become more compliant, to become more responsible with regard to how they're advertising, how they're incentivizing their players to continue wagering. There has to be more accountability and more transparency from the operator to the regulator," Hill explained.
This is where blockchain comes in. But it cannot be just any kind of blockchain, it has to be a public blockchain, such as BSV, so records are accessible and verifiable both to operators and players. The blockchain records data in an immutable and chronological manner, providing transparency, security and integrity of data.
"Blockchain enables the operator to not only protect themselves and protect themselves from fines that they've been getting, but also to protect the player. So. if you're using this progressive technology to enhance and protect a player's experience, you know it's got to be a good thing. And at the same time, protecting the operator, because they have the ability to store everything on chain, so that it's on a timestamped and immutable ledger that the operator can always be referred back to. Companies may pick up these fines for not adhering to the rules and regulations in responsible gaming. However, they did do that, but how do you prove that," Hill poses the question that has always plagued many gambling operators.
Because all actions on an online gambling or iGaming platform are recorded and stored on the blockchain, the evidence needed to prove regulation compliance is all there. There is no need to show piles of invoices or sift through tons of paperwork in order to show that a gambling company is following all regulations. Keys to the blockchain records can also easily be given to regulators, who are struggling to regulate payment processing data, in order for them to have access to the transaction records on the blockchain. This makes regulators' lives so much simpler.
However, a recent survey conducted shows that out of 331 companies, only 12% uses blockchain for utility applications apart from digital currencies. This is understandable, as Hill said. Because business owners will take the risk of overhauling their entire system in order to shift to a technology that they do not know anything about. Hence, education is key to overcoming this obstacle. "We've got CoinGeek Conference coming up in Zurich; and again, we've got to use that forum to educate-educate the industry and educate our chosen vertical, which is the iGaming industry."
The first CoinGeek Conference of 2021 will be held on June 8 to 10, and everyone is invited to virtually attend it in order to learn more about blockchain technology and how it can help businesses in various industries streamline their processes. Hill and Liggero will also participate as moderators of panel discussions on online gambling on blockchain.
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