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Experts Agree on Blockchain Adoption for iGaming
By Shane Addinall Apr 09, 2022 IndustryWhile some jump headfirst into blockchain adoption, others remain skeptical. Experts agree on the importance of incorporating the technology into igaming and advise careful considerations.Technological advancement is at the heart of any leading digital company’s strategy. The increased adoption of blockchain is an innovation that tech leaders encourage within the gaming sphere. Operators need to consider all the details before diving in headfirst.
Mark Robson, CEO of Eminence Holdings, argues that the adoption of blockchain technology is inevitable in the igaming industry. Robson’s company maintains the infrastructure for CasinoCoin, the industry’s leading blockchain coin for gambling.
The emerging technology is making waves through cryptocurrency and NFTs (non-fungible tokens) because of its integrity and transparency. Industries like igaming that depend on reliable data and work toward becoming a trusted choice for consumers must consider these facts.
Necessary Change
The belief that change is unnecessary unless something isn’t working couldn’t be further from the truth in technology. On the contrary, the need for constant improvement exists, especially with data protection mechanisms.
Considering how fast criminals adapt to security upgrades and the increased risks of cybercrime in online gambling, this space requires continuous improvement.
Kal Suurkask, Chief Commercial Officer of the enterprise blockchain transaction company TAAL, and Nick Hill from nChain believe blockchain holds the key to unsurpassed security and transparency. These tech-industry leaders refer to the immutable character of blockchain ledgers and the network access involved with these.
Blockchain Can Help
A stumbling block throughout the casino and gambling industry is trust, or the lack thereof. Secretive data on game performance and payouts lead to assumptions. Similarly, age-old tales of shady casinos caused persistent stigmas of operators and those who offer games of chance and accept wagers. According to Mark Robson, the blockchain transaction ledger provides a solution here.
Blockchain technology records every action detail, and the expert believes that when players have access to details such as provably fair gaming, player retention will rise. History logs are not the only advantage to igaming operators, and the verifiable, time-stamped data on blockchain put much more control in the hands of platform operators and regulators.
Not only is it practically impossible to hack blockchain data, but player protection protocols have become unmatched. The decentralised blockchain network allows for anonymity and privacy if data is compromised. Operators could establish much quicker response times concerning gambling transactions because of instant validations on the blockchain.
The far-reaching impact of blockchain adoption is clear, but Robson cautions those who lean into the change.
A Calculated Move
Robson advises those igaming companies who want to implement blockchain into their processes to seek the help of experts in the tech space. Although the technology is years in the making, it is still in the early adoption phase.
Robson explains that certain aspects of blockchain tech are easily suited, while others are more complex. With a blockchain expert on their side, online operators have the opportunity to consider all the pros and cons and ensure the adoption process happens efficiently.
Once the strategic advantages of blockchain adoption outweigh operational challenges, the company must treat the decision the same as any other strategic business move. Robson argues the increased importance of blockchain adoption ties in with the level of tech-dependency of each business. The more reliant a business is on technology, the more sensible it becomes to incorporate blockchain into operations.
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