As the landscape of online gaming evolves, technologies like Blockchain are playing an increasingly important role. Experts are turning their focus to how this technology can revolutionize gaming and betting industries. In an exciting development, bitcoingambling.org recently held an expert roundtable on “The Future of Blockchain in Gaming and Betting”. The session brought together a group of global thought leaders from the gaming, gambling, tech, and digital economy sectors. The experts discussed current trends, the application of Blockchain technology, and provided insights into what the future may have in store.
Blockchain technology: Where it stands in the gaming sector
First to offer his industry insights was Ian Smith, Commissioner of the Esports Integrity Commission (ESIC). Smith underlined the growing importance of integrity and fair play assurances in online gaming. He noted how Blockchain technology could be a game-changer in enhancing trust and security. Smith said, “Blockchain’s decentralized nature can help in creating a transparent and tamper-proof system. This gives gamers assurance that the operators aren’t manipulating the outcome, leading to fairer gaming experiences.”
Providing the tech perspective was Dr. Leemon Baird, Inventor of the hashgraph algorithm and Co-founder & CTO of Hedera, the public network that uses hashgraph. He delved into specifics of Blockchain technology and its applications in gaming. He said, “Blockchain technology immutably stores in-game assets and achievements. It can help create a decentralized gaming ecosystem that empowers players with true ownership over their gaming assets.”
An expert view from betting industry
The discussion then shifted to betting with insights from Tim Heath, CEO of Coingaming Group. Emphasizing the role of cryptocurrencies in betting, Heath discussed how the ‘provably fair’ feature of Blockchain-based games offers heightened transparency. He expected massive growth in the sector as more participants turn to Blockchain-based platforms. “Cryptocurrencies enable frictionless transactions with greater privacy. It presents huge potential for creating more efficient betting systems that are both secure and transparent,” he added.
Blockchain and regulation
Providing a theoretical perspective, Dr. Joseph Borg, gaming and Blockchain lawyer and academic, looked into the legal and regulatory aspects. He suggested that as Blockchain technology becomes more mainstream, greater regulatory clarity will be needed to protect users. Borg stated, “Regulatory frameworks need to evolve in parallel with technology. Clear legislation will ensure transparency and protect both gamers and businesses from unforeseen complications.”
Future outlook and opportunities
To conclude the roundtable session, Dr. Amina Zulkernine from Queen’s University presented her research on Blockchain’s potential future impact. She highlighted how Blockchain could facilitate new forms of engagement, revenue models and democratization in gaming and gambling.
In her closing remarks, Dr. Zulkernine said, “It’s an exciting time for the gaming industry as Blockchain technology is emerging as a powerful tool. As we move forward, I anticipate a huge enhancement in user experiences, business models and overall industry dynamics.”
Overall, the expert roundtable brought to light the transformative potential of Blockchain technology in gaming and betting. As the industry continues evolving, the widespread use of this technology could engender greater trust, fairness, and transparency, which will undoubtedly change the gaming and betting landscape.
Sources:
1. Esports Integrity Commission website – https://www.esic.gg/
2. Hedera Hashgraph official website – https://www.hedera.com/
3. Coingaming Group’s official website – https://www.coingaming.io/
4. Dr. Joseph Borg’s academic profile – https://www.um.edu.mt/profile/josephborg
5. Dr. Amina Zulkernine’s research on Blockchain technology – https://link.springer.com/article/10.1007/s10203-018-0220-5
Please note: the comments cited come from an edited version of the roundtable discussion, and the full conversation is available on bitcoingambling.org’s website.
