Hashing It Out Ep 8: How the BSV Blockchain Can Help Compliance and Responsible Gambling

Hashing It Out latest episode came out on Monday this week. The eighth episode of the show is a special edition filmed during CoinGeek’s Zurich conference. Three industry experts reveal how beneficial the BSV blockchain can be for gambling operators in terms of compliance and responsible gambling.

The Latest Episode of Hashing It Out

The latest episode of Calvin Ayre’s Hashing It Out with host Becky Liggero Fontana is now out. The eighth episode of the show is a special edition, filmed during CoinGeek’s Zurich conference in June. In previous episodes of the show, iGaming experts revealed the significant possibilities that the Bitcoin SV (BSV) wallet app can bring. Furthermore, in Hashing It Out Episode 7, Transmira founder Robert Rice spoke about the benefits that augmented reality (AR) together with blockchain technology may bring for casino operators.

Hashing it Out Episode 8 features three guests from the iGaming landscape. A supplier, an operator and a consultant all share their opinion on how the iGaming industry can benefit from using blockchain technology. Simit Naik, nChain’s director of business services, together with Esports Entertainment Group’s CTO, John Brackens, join Nick Hill, a CoinGeek author and BSV blockchain consultant, who participated in episode 4 of the show.

Using Blockchain to Track Data

As director of business services at nChain, Naik revealed that the company plans on delivering an iGaming solution that can be used by operators to “plug into and alleviate pain points.” According to him, being able to use data to address challenges within the industry is incredibly valuable. Moreover, Naik stressed that tracking data helps with responsible gambling and enables operators to prevent problem gambling. He deemed that the use of blockchain for that purpose “phenomenal.” Additionally, Naik revealed that a payment system built on Bitcoin brings many benefits, such as micro and nano payments.

“We talked a lot about responsible gaming and ensuring that we can track data in order for us to be able to prevent problem gaming. And I think that’s a phenomenal use case for blockchain,”

explained Naik

CoinGeek did not miss mentioning that, last week, nChain launched the initial phase of its enterprise platform dubbed “Kensei.” The new platform features “enhanced data integrity, including tamper-proof documents and auditable logs.” Additionally, the platform may be beneficial for iGaming operators, considering that it can be seamlessly integrated into an existing business. This provides a huge advantage for iGaming operators using the platform and utilizes the full potential of blockchain.

Blockchain to Help Operators with Regulatory Compliance

Another important topic discussed in the latest Hashing it Out episode is how blockchain technology can help gambling operators stay compliant with regulations. On that topic, Brackens said that, after looking at blockchain for several months, EEG recognized the “inherent benefits of what blockchain has to offer” to the industry. By using the benefits of the blockchain system, the trust level within the community, customers and the regulators rise, revealed Brackens.

“Having a transparent way to be able to hand that information over to them in a frictionless way that minimizes the actual work we have to do and reduces our costs and operational overhead, but still meet all their clear requirements and it’s transparent and it’s seamless,”

explained Brackens

Acknowledging that the gambling industry is heavily regulated, EEG’s CTO stressed that regulatory bodies ask for a significant number of reports. They need that information because it is their responsibility to ensure that operators are following the rules. At the same time, he said that the regulators are also aiming at protecting the community. Using blockchain’s immutable ledger, operators can store gameplay data and player communications. At any moment, the regulators can receive permission to access the data and review it. This makes the whole process more transparent, frictionless and minimizes the operational work needed.

Responsible Gambling with the Help of BSV

Similar to Brackens, Hill acknowledged the advantages of using blockchain for data storage. He stressed that with the help of blockchain, data is stored in a “much more chronological, accessible way.” Additionally, he revealed that the technology boosts KYC and AML.

Another important point that Hill raised highlights the benefits that blockchain brings operators when it comes to responsible gambling. He revealed that if an operator detects problem gambling behavior, it can “embed markers of harm in this player’s journey using the blockchain.” Consequently, if that player decides to raise a complaint against the operator to the regulator, the operator remains protected as that marker will be visible within the player’s records.

“From the regulator’s point of view, everything is in one place. Very accessible and easy to retrieve,”

explained Hill

Hill stressed that such functionality will eliminate the possibility of operators having issues with such consumers and then asking themselves why someone allowed this to happen. Last but not least, he outlined that using blockchain for responsible gambling enables operators to keep data in one place and very easily access it when necessary.