QUANTA Blockchain
means anyone can inspect it to ensure that it is working as it should. This way, challenges that traditional lotteries face such as “are the tickets real”, “are the winning numbers real”, “is the jackpot paid out” are fully addressed. Moreover, this is particularly effective at combatting money laundering and fraud, an area the UK Gambling Commission is keen to see operators improve.
Payments
The blockchain delivers faster payments that are fully transparent and significantly cheaper for operators, suppliers and affiliates to process. By removing the need for a third-party processor such as a bank, payments are more secure and not at risk of hacking or fraud. It also allows for new levels of privacy, with details of the transactions only shared between the two parties. While offering new levels of privacy, the
blockchain also provides unprecedented transparency. Each transaction is entered into a fully auditable and valid ledger. Entries into the ledger can only be made if validated by the system and are unforgeable and indelible. The speed at which transactions are processed means players can have funds in their accounts in seconds, not days. With a better understanding of the benefits
provided by the blockchain, it’s easy to see why operators, suppliers and affiliates are starting to embrace the technology and are using it to drive their businesses into the future. But there are specific benefits for each.
Operators
For operators, it allows them to take the player experience to the next level. The blockchain proves to players that operators are serious about transparency, fairness and providing them with the necessary protections to ensure their play remains fun. In addition, the blockchain allows for a significantly better user experience, from the quality and performance of games to the speed of deposits and withdrawals. Where legacy technologies and platforms can be slow and clunky, the blockchain is smooth and sleek;
games are quick to load, there are no outages or downtime and sites run seamlessly across all devices. It also allows operators to prove to regulators that they are addressing concerns over player protections, fraud and anti-money laundering, and that they are taking the health of consumers seriously.
Suppliers
There are two key benefits to suppliers. The first is that by embracing the blockchain, they are able to provide their operator partners with next generation, state-of-the-art platforms that surpass the power and capabilities of their current frameworks. A growing number of operators understand the need to migrate to the blockchain and are looking to their technology partners to help with their transition.
The second is that the blockchain is the perfect
framework in which to develop online slots/casino/ poker/bingo/lottery games. By combining standard development platforms such as WebGL and JavaScript with smart contracts, it’s easy for developers to design and build games, and then distribute them to a large global audience via the blockchain.
Affiliates
It is only a matter of time before affiliate platforms, payment systems and networks transition to the blockchain. When they do, online gambling affiliates will be able to take advantage of the same upsides offered to operators and suppliers – enhanced security, superior transparency, faster payments, etc. The technology will also help affiliates improve their reputation among regulators and watchdogs. It will take time for blockchain to become ubiquitous across the global online gambling industry, but already the landscape is changing. The early adopters are starting to benefit from the technology and are paving the way for others to follow. A first-mover advantage can still be had by those who embrace it now and begin migrating their businesses, platforms and products to the blockchain. Quanta is betting on the blockchain, and so should you.
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