Bitcoin SV (BSV) is in the midst of a development boom, with new projects springing up every day from developers around the world, keen to explore the benefits of BSV technology.
One respected voice from the crypto world advocating for BSV is Tony Tong of the Hong Kong Blockchain Association. He spoke exclusively to CoinGeek at the Seoul Conference back in October, discussing his views on BSV, and blockchain in the gambling and tokenization use cases.
Tong described his involvement in blockchain, spanning five years. His pedigree in the gaming sector and particularly online gambling drew Tong towards blockchain and BSV, primarily as a gateway to provably fair gambling. He said online gaming operators battle issues of trust with players, particularly those losing significant sums gambling online. Thanks to blockchain and BSV, it is possible for online casinos to demonstrate the fairness and randomness of their games, by writing game results to the public blockchain.
Tong said this use case would help the online gaming industry settle these complaints, effectively eliminating the trust barrier that still holds back online operators to this day.
With the help of microtransactions on BSV, gaming operators will be able to automatically maintain permanent, immutable public records of game results and payouts, instantly settling these disputes whenever they arise.
Beyond gambling, Tong is already exploring the BSV blockchain for tokenization of physical assets, which he says hold particular appeal for Asian investors. The process involves offering blockchain tokens representing shares of ownership in revenue generating assets, like real estate, hotels, apartments and land-based casinos.
Smart contracts with BSV will create the tools for tokenization, with Tong then hopes will win the approval of regulators in Hong Kong.
So-called security token offerings are already allowed in principle by the Securities and Futures Commission, Hong Kong’s financial regulator. On that basis, Tong is involved in developing a tokenization project over a shopping mall, powered by BSV, which would become the first tokenized asset to be listed and approved by the SFC.
The interview comes at a time of a growing buzz around BSV, the blockchain of choice for developers and enterprise applications.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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