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Interactive BLOCKCHAIN IN GAMING


Te building blocks of gaming’s future?


Few technologies since the web have generated as much noise as blockchain - and in particular Bitcoin, the most visible and well-known blockchain application. But is blockchain really as significant as its proponents claim, and can it really revolutionise the gaming industry?


Almost exactly a decade ago, the world became aware of blockchain. First seen as the core component of the cryptocurrency Bitcoin, it is now firmly on the gaming radar, as anyone who visited ICE 2018 will testify. But what exactly is a blockchain, and why should the gaming industry care?


Daniel Kornitzer, Chief Business Development Officer, Paysafe


Daniel Kornitzer is Chief Business Development Officer for Paysafe. In this role, he is responsible for developing strategic partnerships for Paysafe designed to meet customer needs and grow new revenues. He is also a decision maker in Paysafe M&A activities.”


At its simplest, a blockchain is a digital version of an old-fashioned ledger – a place to record the details of transactions. Unlike conventional ledgers, though, blockchains are distributed across every user of the network or platform; there’s no single point of access, and no central authority with overall control. No one person or organisation can make changes to records on their own; instead, they happen by consensus, with other users of the network authenticating and authorising every addition to the ledger. Tat decentralisation is one of the most important aspects of the blockchain design – a characteristic that makes it not just completely transparent but also completely secure.


By their very digital nature, blockchains are completely neutral. Anything that can be recorded digitally can be stored in a blockchain- based ledger, whether it’s a cryptocurrency such as Bitcoin, a set of shipping records held by a retailer, or the results of a horse race. Even fiat currencies can be transferred using a blockchain system in order to leverage blockchain’s benefits around speed, cost, transparency and security of


P140 NEWSWIRE / INTERACTIVE / MARKET DATA


transfer, and there are examples of this type of financial service already in the market. Tat versatility and adaptability is one of the reasons why more or less every industry is researching or investing in blockchain-based solutions to customer problems – not least the gaming industry, for which it promises to solve some deeply ingrained trust and reputational issues.


BLOCKCHAIN AND GAMING: WHERE IS THE OPPORTUNITY? Tere are three principal reasons why blockchain is so important to the gaming industry. Te first is that it provides a completely transparent and publicly visible account of every event within a gaming platform, whether that’s authentication of a player, a transfer of chips, the result of a game, or a payout to a customer. Tese


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