Introduction to the GamCrowd Blockchain report – by Mark Blandford
Along with many others, I think I made the mistake a few years back of thinking that Bitcoin was ‘just’ a virtual currency – but when I started to dig deeper, I came to understand that what is truly disruptive about cryptocurrencies is the technology that underpins it.
This is why this report from GamCrowd is so timely and important. Distributed ledger technology has the potential to affect a huge array of areas in our lives. In particular, I believe the financial landscape will be transformed by blockchain.
And so, potentially, will the gambling industry. Already we are seeing entrepreneurs and others marching ahead into areas such as betting exchanges and provably fair games (see the report for more detail here), but I know there is more to come. We know that blockchain has the potential to revolutionize the banking industries due to significant cost reduction, compliance and simplifying back office operations. The same goes for the gambling sector.
I think Bitcoin originally was adopted by libertarians who saw it as a revolutionary way of making payments without ‘Big Brother’ watching them. In actual fact, I think this unique technology with the unique identifier code is going to do great things in terms of anti-money laundering where everything is going to be auditable and traceable in a far more transparent way.
I have said before that I believe the online gaming industry should be very interested in blockchain and its ramifications. This report is a fantastic start, giving a primer on how blockchain has developed and I can only but applaud GamCrowd for putting it together at this time.
If you aren’t reading this report and digesting it, no matter what area of the gambling industry you work in, then I suggest that you are in danger of missing out.