BLOCKCHAIN AND CRYPTO
Blockchain and crypto: a beginner’s guide for the casino industry
John Caldwell, director of advocacy at the CasinoCoin Foundation, talks us through the basics of blockchain and how it can transform the
I
t is fair to say the words “blockchain” and “cryptocurrency” have become eye-rollingly ubiquitous over the last couple of years. But in the 18 or so months since Bitcoin hit global headlines for an incredible price spike which saw people handing over $20,000 for a single unit of the digital currency, a huge amount of work has been taking place to build genuine, real-world use-cases for blockchain technology. One of the most active areas is the gaming industry, where this technology is emerging as a disruptive force industry have confessed to me that they’ve nodded along to presentations about the revolutionary power of explaining blockchain technology and cryptocurrencies,
WHAT IS A CRYPTOCURRENCY? A cryptocurrency is essentially digital currency; a way to
Thousands of cryptocurrencies exist, but by far the most One term you will likely hear in relation to
number, with no possibility of minting or creating new
This means, among many other things, there is no central are tracked via decentralised ledger technology (DLT),
SO, WHAT IS A BLOCKCHAIN? A blockchain is a digital ledger that can record
transactions since the creation of the cryptocurrency in transactions and ensure they cannot be changed by
ledger; Bitcoin operates on a global, peer-to-peer single person can change the ledger to suit their personal transactions, with Bitcoin given as a reward to those who
WHAT ARE THE BENEFITS OF CRYPTOCURRENCIES AND BLOCKCHAIN TECHNOLOGY?
by anyone with a cryptocurrency wallet, without the need nature of the blockchain makes chargebacks impossible, blockchain technology also has a number of far-reaching
WHY ARE PEOPLE IN THE GAMING SECTOR PARTICULARLY EXCITED ABOUT THIS TECHNOLOGY?
Gaming has been at the forefront of the rise of gaming sector, the blockchain offers huge potential for But we are only just starting to scratch the service of blockchain-based systems that will do everything from simplifying the on-boarding process, strengthening KYC, gambling operator and supplier will have some type of
Gaming has been at the forefront of the rise of cryptocurrencies
Within five years, every major
gambling operator and supplier will have some type of blockchain-based system built into their operation
Next time: Where the blockchain and
cryptocurrencies fit within gaming regulation
CIO JULY 2019 55
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