CoinGeek Conference: How Blockchain Can Revolutionize Compliance

Cryptocurrency information and news outlet CoinGeek has held a conference in New York where various industry specialists gathered and provided insights into the past, present and future of crypto. Coingeek’s specialist reporter Becky Liggero Fontana held a panel about how blockchain solutions can revolutionize iGaming and help operators in terms of regulations and compliance. During the first day of the conference, three industry specialists, specializing in various fields, spoke on the matter.

Peter Bainbridge-Clayton Believes in the Robust Log of a Blockchain

One of them was Peter Bainbridge-Clayton, founder and chief technology officer of a global company intelligence platform for KYC by the name kompany. According to the founder, kompany’s goal is to gather various industry elements in one place and create a unifying application programming interface for iGaming vendors. Kompany’s solutions record client interactions with the API in order to compile proof that everything is compliant with regulations.

Bainbridge-Clayton spoke about the hurdles of the iGaming industry and how they can be relieved through the use of a BVS blockchain and the nChain’s Kensei platform. According to him, the robust ways in which blockchain functions can assure that operators are compliant and will therefore help them to avoid fines. With a secure BVS blockchain, everything that has happened on the platform will be secure and operators will have definite proof to present before regulators.

Bainbridge-Clayton and kompany are working closely with nChain to propagate the blockchain-based solution to more operators.

Paul Foster: Unifying Data Can be Invaluable to the iGaming Industry

Another panelist was Paul Foster, the chief executive officer of Crucial Compliance, a company focused on mitigating gambling damage caused by irresponsible and uninformed betting.

On the topic of Kensei and nChain, Foster pointed out two things. The first is that unifying data can prove invaluable to the currently fragmented global iGaming industry. The second is that regulators happen to like Kensei’s idea of storing data on the blockchain. Much like Bainbridge-Clayton, Foster emphasized how helpful a blockchain solution can be as it will provide secure and trustworthy data that operators can present to regulators.

Crucial Compliance is a partner of nChain. The two work to make it easier for operators to detect and prevent gambling harm. As one of the first steps in their partnership, Crucial Compliance will integrate the Kensei platform to boost its Crucial Player Protection system.

Nick Hill Points Out Blockchain Will Relieve Weight from Operators’ Shoulders

Lastly, Nick Hill, owner of Premier Chain, spoke on the matter. Hill, a seasoned veteran with more than 20 years of industry experience behind his back, realizes the opportunities of nChain and is collaborating with the company and the Kensei platform in order to boost their market appeal.

Hill pointed out that operators have been increasingly proactive with their operations, which in turn puts more responsibility in the hands of operators. Hill believes that a blockchain-based compliance solution will relieve a lot of weight from the operators’ shoulders.

Blockchain solutions are here to stay, that much is for sure. While the technology is still new, it seems very promising as it creates a robust log that holds the answer to any question that regulators might ask. Blockchain can revolutionize iGaming as it will make it easier for operators to stay compliant, ensuring a healthier online gambling ecosystem.

CoinGeek is closely monitoring the processes within the crypto space and how they might benefit the iGaming industry. In its Hashing it Out series, Fontana interviews various industry specialists on the prospects of integrating blockchain solutions to online gambling. In mid-September, Hashing it Out journalists interviewed several industry veterans during the social responsibility for gambling operators in London. In an earlier episode, iGaming star Karolina Pelc spoke about her interest in blockchain.