Events
IAGA SUMMIT Macau 2018
its currency, enabling the public to use either notes or digital currency in the future.”
To understand the real value of Blockchain is to disassociate it from Bitcoin. Blockchain is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one.
“I think you have to separate the two issues; the underlying technology that is the blockchain, and the issue of cyrptocurrenices that utilise blockchain technology,” says Mr. Wilsenach. “Tere is an easily demonstrable way of showing how the blockchain works and it’s now universally accepted that uses for blockchain go far beyond digital currencies. Although blockchain is the underlying technology that was developed to run Bitcoin, today, there are many industries, including banking, insurance, finance, and shipping, which may not necessarily embrace the use of Bitcoin, but have implemented blockchain technology for purposes such as recording deposits, trading securities, ESCROW, etc.
“Te fact that the NASDAQ is preparing to utilise a blockchain-based system to record trades in privately held companies shows the widespread acceptance and adoption of this technology, separate from the issues surrounding cryptocurrencies,” states Mr. Wilsenach.
Te area in which blockchain can probably have the most dramatic impact on the gaming industry is in the area of licensing. With casino gaming operating in 40 states within the US, integrated resorts continue to expand globally, and gaming machine supplies and sales are increasingly offered on an international basis,
the same information, or slight variations of the same information, is currently required to be given to multiple various gaming regulators over and over again. Tere has to be a better system...
Andre Wilsenach agrees: “Back when I was a young regulator, one of the issues I frequently came across was the validity of an applicant’s qualifications. It was incredibly difficult to confirm that the certified chartered accountant qualification of a financial director was authentic, and it was extremely time consuming too. What the blockchain does, as is the case with bank statements and credit card statements, it allows for the sharing of data in such a way that all the parties have access to the original source of the information, as opposed to individuals repeatedly generating this data themselves.”
SIMPLIFICATION FROM COMPLEX MATH Te future lies in this same information being
supplied and stored through blockchain technology. Instead of uploaded documents being placed into a shared drive or downloaded onto a portable drive, blockchain technology allows the information to be uploaded to a decentralised, digital platform that immediately encrypts that information. A digital key required to access the information is given to the investigating agent or officer at the gaming regulatory agency. Finally, another key is given to the individual whose information is being accessed, the applicant.
Upon access, the applicant can upload documents that are required by a jurisdiction, whether it be a birth certificate or copies of tax returns, and then allow any jurisdiction where it is applying for a license or suitability to access
required information by providing a digital key to the information. So, if a gaming regulatory agency does not need to look at a person’s will, they can skip the document and instead look at what they find necessary to review. Tis means there is one platform for information about a company or individual and a regulator can pick and choose the information relevant to their pre-licensing process. When an applicant has received their latest credit card statement, they can upload it for access by regulators, which means they do not have to send copies to multiple jurisdictions. In addition, the blockchain platform can have one designation for the company and separate designations for individuals so that it remains portable to the individual if they leave the company.
“Te state of Ontario in Canada is using blockchain to specifically reduce the burden on people applying for business licences in the state,” describes Mr. Wilsenach. “Consistency of information and uniformity of information to alleviate the burden on the licensee is one of the key strengths of blockchain. Previously, to licence a business in Ontario you’d have to carry your information to nine or 10 different submission points to get your business approved
IAGA
The International Association of Gaming Advisors (IAGA) will hold its 37th annual International Gaming Summit May 14 - 16 at the Four Seasons Macao in Macau, China.
NEWSWIRE / INTERACTIVE /MARKET DATA P73
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