Blockchain technology is transforming the gaming industry, introducing efficiency, speed and cutting costs for gaming companies. This is according to Reuben Portanier from Maltese law firm Caledo Group. Speaking during the Malta AI and Blockchain Summit, Portanier pointed out that more gaming companies are integrating blockchain technology to handle affiliates, store data and more.
In the past year, Malta has made great leaps in blockchain regulation, enabling operators to get properly licensed. This has given many companies the confidence to explore blockchain solutions, and gaming has been among the leading ones, Portanier told CoinGeek’s Becky Liggero.
One of the use cases has been the use of smart contracts to handle affiliate companies, he explained.
We are now seeing gaming companies that are looking to smart contracts, for instance, and how to implement them with their affiliates. So, having a smart way of contracting with affiliates which is all automated.
The gaming companies are also relying on blockchain technology to register the players and conduct Know-Your-Customer checks. The player information is stored on a blockchain database which ensures that it can’t be tampered with and that it’s always available whenever needed.
Portanier also noted that the integration of blockchain will take time as most gaming companies are quite legacy-based. “It’s a bit of a paradigm shift for them to actually embrace the technology,” he remarked.
Nevertheless, he revealed that his firm has had quite a number of clients who are currently researching on how to apply blockchain technology, saying, “Although the gaming industry was maybe a bit late in trying to understand and comprehend what was behind the DLT space, but I think they are going to start catching up.”
Portanier also believes that in the past year, the blockchain industry has matured greatly. A year ago, everybody was trying to ride on the hype, so even people who had no clue what the blockchain is tried to capitalize on the hype. However, this year, while the number of people associating themselves with blockchain technology has gone down, those who are in it are much more involved and competent.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
