On March 10, iGaming Business hosted a webinar on practical implementations for blockchain technology, safer gambling, and anti-money laundering (AML).
Many critics dismiss blockchain and the associated coins as nothing but a speculative asset attached to a distributed spreadsheet. However, as this insightful webinar shows, the technology is so much more than that, and it has the potential to revolutionize entire industries. Watch it or read a full summary below.
Introducing the webinar guests
This conversation involved:
- Rebecca Liggero Fontana, lead gaming industry video reporter, writer, interviewer & content creator at CoinGeek
- Ai Ishii, business development at nChain
- Nick Hill, founder of Premier Chain
- Paul Foster, CEO of Crucial Compliance
- Warren Russel, founder & CEO of W2
Ai Ishii on why blockchain can help with safer gambling and AML
Ai begins by addressing the elephant in the room: why the heck do we need blockchain? She notes that blockchain is one of the most controversial technologies she has ever worked with, mostly thanks to the pump and dump digital currency industry and the 2017 ICOs that never delivered.
Ai notes that the industry has changed a lot since then. The first blockchain to be adopted for its utility was Ethereum, but it’s too slow, doesn’t scale, and the transactions fluctuate wildly. All of this puts businesses off as they can’t forecast the costs of using blockchain technology.
However, Ai notes that some companies have solved the scaling issues. The technology has matured and is ready for everyday use, but we’re still at the beginning of the era of adoption.
What are the main benefits of blockchain for the iGaming sector?
(i) Anonomyzing data using hash technology.
(ii) The immutable ledger develops trust.
Ai outlines the various problems blockchain technology can help within the industry. These include the societal damage of problem gambling in the United Kingdom—a burden on the taxpayer of between £1.2 billion ($1.58 billion) to £2 billion ($2.64 billion) per year; and the increasing litigations against casino operators—over £49 million ($64.60 million) of fines were issued in 2021 alone.
nChain has partnered with iGaming industry veterans Crucial Compliance and W2 to make player protection effortless and realize the ‘Single Player View’ project.
Player protection in the iGaming industry with Single Player View
Drilling down into player protection in more detail, Ai outlines how blockchain technology and some of the products nChain is developing in conjunction with its partners can help.
- Prevention – Using behavioral monitoring systems to identify players at risk. For example, a player betting heavily during the night can alert the operator by triggering a marker of harm. The tools allow operators to identify, interact, notarize, and automate, leaving a verifiable record on the blockchain that the operator …….