In the eighteenth episode of the crypto and blockchain series Hashing It Out, guest speaker Phil Runyan of the SaaS. platform provider Veridat shared his experience with blockchain and spoke about the hidden potential of the technology.

According to Runyan, using blockchain and cryptocurrencies simply as a way to fund wallets is a huge missed opportunity. He elaborated that blockchain solutions can provide a lot of other crucial services, and this is something that shouldn’t be overlooked. He explained how blockchain could benefit online payments and the iGaming industry.

Blockchain Can Improve iGaming

Runyan explained that the immutable blockchain can be used as a means for users to prove their identity and thus, it can make payments much easier. Instead of going through the hurdles of filling in credentials and biometrics, clients will be able to have all their information stored as a token on the blockchain.

 “You can tackle all of these things in a single source and a token that you own. And instead of having to do this every single time you want to engage with an individual platform, you could basically one, two-click your way into that platform.”

Veridat’s Phil Runyan

Runyan added that the owner of this information will be able to strictly monitor who has access to it in order to maintain their privacy and safety.

Runyan then spoke about how this identity token can help the iGaming industry. Basically, when bettors can easily log in, they can quickly try an operator out and decide whether they want to continue playing.

Furthermore, this solution can help to reduce gambling harm. According to Runyan, the token ID can easily help to stop problem gamblers and help operators to stop them from playing. This way operators can avoid fines levied against them for allowing self-excluded players to bet.

Furthermore, customers can connect their wallets directly to the gambling application thanks to the blockchain-stored token. This way, operators do not have to act as mediators and hold cash.

Which Blockchain Is Used Matters

Runyan then spoke about the different blockchains. He said in order to create a robust ID system, it’s best to use the most advanced of them all, otherwise one risks unnecessary fines and limitations. Runyan said that BSV is one of the best picks as transactions there have very low fees.

If customers want to feel an extra degree of safety, Runyan continued, they could use BitBoss’ stablecoins which are effectively dollars coded into the BSV blockchain. This way, customers don’t need to fear that the change of a currency’s price will damage their money.

Runyan believes that stablecoins will play a huge part in the development and popularization of blockchain solutions. He added that BSV remains the best blockchain to that end.