BLOCKCHAIN INNOVATIONS CORP Smart Contracts: illustrative case SMART CONTRACTS PLATFORM End-Users Pebble Share End-Users
Pebble Wallet Coins & Contracts
solution – the two couldn’t be more further apart. Finally, individual and commercial access to regulated crypto- exchanges so that users of the technology may freely purchase and exchange the cryptocurrencies they need or wish to for their specific utility coins.
CIO: What opportunities have you identified, and where do you see the sector heading in the next 18 months? MS: There is no shortage of opportunity in the space from a technology standpoint due to the improving legal and regulatory landscape for sports and blockchain. As I mentioned, the feedback and response within the industry is tremendous. Operators are looking for the right answers and partners; regulators that haven’t adopted this technology are open-minded, and in BCI’s experience, eager to find a compelling case that they can formulate the proper framework around. With the 6-3 United States Supreme Court decision striking down a 1992 law prohibiting sports betting outside of Nevada, the American Gaming Association estimated there is over $250 billion wagered annually in the US and is expected by some to exceed $4.9billion USD within 5 years. The emergence of blockchain is not only complementary
to the cloud and artificial intelligence but without it, those remarkable technologies cannot live up to their respective potentials. Blockchain’s distributed network and perfect record of the activities on its ledger allow operators to do the very same thing they do today with far fewer third- parties, reduced hosting fees, or service and management costs, all the while feeding into and benefiting from the cloud and AI technologies operators use today.
COI: What is a smart contract and how have you used them to create your technologies/products? MS: A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. In our case, the contract is a bet or wager on the outcome of a live-event. Running on PebbleCoin, our blockchain technology is
engineered-by-design for the gaming and gambling industries. PebbleCoin is over three years old and is fully mined, it was also one of the first crypto-currencies to utilize smart contracts and trade them as freely as coins – with a revolutionary next step. Attached to each contract is the outcome a public event such as a football match, horserace, performance of a fantasy line-up, or a currency’s price. [MJS2] PebbleCoins are neither created nor destroyed. Each PebbleCoin converts into two smart contracts (a wager or bet) then graded over the distributed network (the outcome determined/transaction settled) and converted back into one PebbleCoin.
58 JULY 2018 Zero Trust API
SMART CONTRACTS PLATFORM
Information Sources Delegates
Operator 1 Operator 2 Operator 3 Operator 4
Contract Matching (De-centrialized)
BlockChain Innovations Customer Application
End-Users 3 End-Users 4
End-Users 1 End-Users 2
CIO: What markets and verticals have you identified as having the most potential to use your technologies? MS: BCI’s technology provides solutions to sportsbooks, lotteries, fantasy, e-sports, skill, and other P2P operators. BCI plans to go public in Q3/Q4 of 2018 on the Toronto Venture Exchange and is pursuing a regulated market strategy for the gambling sector. Not only will this allow us access to the capital we need to round out a comprehensive suite of products, it also provides a certain legitimacy to our business that most crypto and blockchain companies don’t have in this space and which is critical to operate in a regulated industry such as gambling.
CIO: What challenges do operators face when migrating to blockchain/smart contract technologies? How can BCI help them clear these hurdles? MS: The biggest challenge to an operator comes from the change in the way its business operates as opposed to the technology itself, so the challenge is running a business that looks the same on the outside but whose internal operations are different. Our fully-functional crypto-wallet seamlessly integrates with and reports into our customers’ existing PAM systems and, with one email, operators can offer a one-click registration for any known player to set up her crypto-wallet and then begin accepting crypto-currency. Operators will be doing the exact same thing as today
except that our solution accomplishes or does away with many of an operator’s back-office functions because it’s deposit-less and doesn’t require any additional party to settle the bet, properly account for the payment of winnings, or pull other transactional reporting.
CIO: What do operators need to take into account when it comes to regulation/licences and the blockchain/ smart contract platforms? MS: While these platforms are emerging, the regulation that exists should be quite familiar since it’s the same as conventional gaming platform suppliers and traditional payment processers – if the blockchain platform is conducting the AML and KYC functions for the operator. What operators should consider is the regulation and licensing frameworks are being adopted by proactive regulators who want industry participation in the process, so that what is put in place maximizes the use of this new technology and fulfils a regulators mandate or objective.
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