Day one of the CoinGeek New York conference had several panels related to BSV’s biggest use case so far, iGaming. After the esports and blockchain panel, CoinGeek’s lead gaming industry reporter, Becky Liggero Fontana, moderated the panel on Blockchain Solutions for Responsible Gaming Compliance.
This has been a key area of focus of those linked to BSV, with iGaming pioneer and CoinGeek founder Calvin Ayre calling on the industry to go all-in on the blockchain recently.
Becky hosted Peter Bainbridge-Clayton, founder and CTO of kompany; Paul Foster, CEO of Crucial Compliance; and Nick Hill, Sales Director at nChain; for a discussion on how BSV and blockchain technology can help iGaming operators in this key area.
Who were the guests on this iGaming panel?
Peter Bainbridge-Clayton opened the panel with a description of his company named kompany. It aims to create a unifying API for iGaming vendors, bringing together the fragmented elements of the industry under one umbrella. Most importantly, it works on the invoke, digest, and chronicle model, with the latter being arguably the most important part. It records client interaction with the API to give time-stamped proof that compliance checks were carried out.
Paul Foster from Crucial Compliance outlined his company’s focus on reducing gambling-related harm. It’s working with nChain to create an immutable log so companies in the iGaming space can detect and prevent problem gambling more easily and so they can prove to regulators that they intervened in a timely manner.
Nick Hill is a 20-year veteran of the iGaming industry. He owns a company called Premier Chain and works closely with nChain to help it integrate itself and its Kensei platform into the iGaming industry.
iGaming industry’s major pain points and how BSV can help
The three panelists brought forward valuable perspectives on the iGaming industry’s major pain points and how BSV blockchain and nChain’s Kensei solution can help.
Hill emphasized how regulators are increasingly coming down hard on operators and how regulations protect players and ensure proper KYC/AML compliance are only becoming more burdensome.
Bainbridge-Clayton emphasized how storing data immutably on the blockchain can help operators avoid fines and ensure compliance. His firm, kompany, can help iGaming firms integrate with the BSV blockchain to store data immutably, meaning it can never be altered without leaving a timestamped proof of the alteration on the blockchain. He outlined his view that this is a form of insurance, ensuring that if regulators come knocking at any time in the future, companies could be ready with irrefutable proof that they complied with the regulator’s requests.
Foster outlined two crucial points during the panel. First, the current iGaming landscape is fragmented and international in nature, making a product that can unify all data sets extremely valuable. Second, that regulators are open to Kensei and the concept of storing data on the blockchain for precisely these reasons. He outlined how companies have been hit with fines worth millions at times and how having an immutable data trail could help them prove their innocence and restore their reputations.
Crucial Compliance and nChain form a partnership
The solutions the panelists discussed are already being built by Crucial Compliance in partnership with nChain, among others. It will integrate nChain’s Kensei platform to enhance the company’s Crucial Player Protection system.
nChain announces agreement with Crucial Compliancehttps://t.co/kcQuMIuKIs
— CoinGeek (@RealCoinGeek) October 4, 2021
Products like this can help solve some of the problems regulators face when attempting to comply with regulators’ requests: which spreadsheet is the data on? What server or data warehouse is it stored in? Is the data accurate? Products like this bring all of the answers to these questions together on one unified and immutable blockchain, solving several major problems in one solution.
Bainbridge-Clayton also pointed out that his company was working with nChain to try and bring regulators onto the chain as well. This could potentially allow for pre-compliance and real-time compliance checks in the future, further reducing harm and synchronizing all elements of the iGaming industry.
BSV—a revolution in iGaming
There’s no doubt that a revolution is coming to iGaming, and it’s going to happen on the BSV blockchain. These panelists, who are some of the most experienced players in the industry, know that BSV is the only cost-effective solution for what they’re hoping to achieve. Combined with its unlimited scaling, its fees, which are fractions of a cent, allow operators to make ledger entries, store data, and more in a cost-effective way.
BSV and nChain’s Kensei have the potential to revolutionize iGaming. Using these tools, the industry can become more integrated, data integrity can be improved, and compliance with the growing amount of red tape and regulations can become easier. Most importantly of all, perhaps, is that gambling-related harm can be more easily detected and prevented.
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