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Insight


IAGA SUMMIT Macau 2018


is beneficial is that authentication can be established through the consent of all the parties. Due to the fact that the data is immutable, it doesn’t depend upon the provider for authenticity.


Andre Wilsenach adds: “I think the fact that the blockchain is immutable is its strength; you have security in the fact that the blocks can’t be removed or altered or copied. You have authentication through the consent of all the parties, so verification does not depend solely on the provider of that information delivering authentic documentation. Despite the fact that we are at a very early stage in the adoption of blockchain technology and we will probably see significant consolidation in this market, the fact remains that blockchain’s impact on the gaming industry will be probably be as significant as the Internet itself.”


EASING THE REGULATIVE BURDEN Blockchain can also be used to submit required


reports to regulators, such as foreign gaming filings or gaming device shipment notifications, and it can be helpful in maintaining compliance committee meeting materials to be accessed by committee members and regulators alike. Blockchain technology can also be used to audit gaming transactions. With Nevada’s new regulations permitting account wagering across the casino floor, the casino can utilise blockchain to track game play that can then be used for accounting. Again, the benefit of this system is that the regulators can access the ledger directly to perform an audit and compare against taxes and revenues as reported.


“It is very interesting to see how much work the Federal Reserve is doing right now in regards to blockchain, and it’s the same for the HM


Treasury in the UK, which was discussing blockchain usage from the very start,” comments Mr. Wilsenach. “I have much more trust in the technology than in the various providers around the world. Many of the providers try to put their own skin on top of the technology, not in terms of equity, but in online you have an RNG with game logic and on the surface you place the skin of your company - essentially creating a white label.


“All these providers are positioning themselves in the market to address the needs of a particular clientele, but the underlying technology is the same. Each company is ‘niching’ the technology, selling their white label into the licensing market. However, I believe the biggest value component the blockchain brings is security of data,” continues Mr. Wilsenach. “We’ve seen with Facebook what a enormous issue this is right now - how do you share sensitive information in a consistent way so that the person making the enquiry gets to see the real data, without that data being leaked to external parties. And how do you ensure that the data that is shared is authentic?”


Te use of blockchain-based technology can be beneficial to gaming regulators, as well as applicants or licensees, because it provides a safe environment for storing and tracking information, while allowing reliable third-party verification. Bitcoin may not necessarily be the future of gaming, but its underlying technology of blockchain can play a significant role in the world of gaming regulation


Andre Wilsenach concludes: “For me it is about making the mind-jump. Te industry has an opportunity here to embrace new technologies that facilitate the development of our sector. I


The use of blockchain-based


technology can be beneficial to gaming regulators because it provides a safe environment for storing and tracking information,


while allowing reliable third-party verification. Bitcoin may not


necessarily be the future of gaming, but its underlying technology of


blockchain can play a significant role in the world of gaming regulation


am often concerned that there isn’t enough innovation in the gaming industry when compared to other sectors. We are not the most innovative sector. Yes, there are advances in technology, but for the most part it’s the same that you found 20 years ago. What we have with blockchain are opportunities, and yes it may be early, and we do have to navigate the rabbit holes, but as operators, suppliers, testing agencies and regulators, we have an opportunity to get our heads around this and make the most of the opportunities.


“Even if that means heading down the rabbit hole to take a look at what’s going on down there. We need to collectively understand the benefits for this industry, appreciate what it can do for our sector, and realise that it’s not just an opportunity to market a particular coin issue. Yes, there are dangers and the flaws, but let’s not as an industry steer away from the issue under the guise of being a strictly regulated industry. If the financial industry is embracing blockchain, then so should we.”


NEWSWIRE / INTERACTIVE /MARKET DATA P75


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