Detailing insight on how future technology applications will impact the industry’s operational value chain. GamCrowd’s first ever innovation-focused event (hosted in association with London Technology Week) debated the potential game-changing effect of blockchain on industry processes.
Moderated by Director of Chain-Finance Hans Lombardo, the panel of Eddy Travia, CEO of Coinsilium, Adam Vaziri Partner at Diacle and Founder of Oshi Casino Nick Garner discussed why blockchain applications will become a ‘natural evolution’ for all betting industry stakeholders.
Advising betting operators, Travia stated that although not fully engaged with the technology, industry governance are overall positive on blockchain applications beyond bitcoin with key stakeholders aware of the applications operational benefits (cost reduction, richer data, faster transactions, transparency of operations and simplified ecosystems).
However, although if implemented effectively blockchain could in-theory see a transparency of market conditions between user and operator through smart contracts and ledgers, Travia states that industry regulators would likely fall behind in legislating the applications for the gambling sector.
Digital legal expert Adam Vaziri backed Travia’s statement with regards to industry-wide legislation, but detailed that the benefits of effective blockchain would be unprecedented for first incumbents who are utilising ledgers could create a ‘self-sufficient’ market with total product/service transparency for users, thus eliminating the complexities of player monitoring and regulations.
As founder of bitcoin casino ‘Oshi Casino’, Nick Garner said that although still in its infancy, blockchain applications may prove to be a key engagement for millennial players who may not feel any degree of attachment to legacy operators and their generic products.
Moderator Hans Lombardo stated that industry stakeholders have to be aware of technical issues, and user intricacies faced by first movers in the market or companies will simply fail to adopt blockchain applications.