Yordy Diaz, Product Director at SpotGaming, discussed the role of blockchain in the gambling industry, changes necessary for the payments sector, and the evolution of iGaming products.
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Yordy, please tell Login Casino readers about the current state of blockchain in gambling. Is it still an innovation or a must-have for online casinos?
Even though blockchain has been around for years, the demand for blockchain-based products and services has risen with the popularity and financial development of Bitcoin. At the moment, blockchain-based casinos are still a rarity so far. In my opinion, the security that blockchain casinos offer is unmatched, which is why I am convinced it is an innovation, which every online casino should think about.
What impact does blockchain have on the gambling industry?
The security, privacy, democracy, and speed are unmatched by any other cloud or server-based product. In fact, a blockchain-based casino might even become more attractive than a “normal” one due to those attributes above.
How can blockchain help the gambling industry?
Blockchain casinos will influence the perception and reputation of the iGaming industry since the concept of provably fair has already been introduced to verify operators. In true blockchain terms, the transaction blocks can neither be changed nor manipulated. This is a big aspect when it comes to player protection and also trust-building between a service provider and consumer. Using blockchain technology, we can also work on true data protection and implement the market of digital currency as it has never been done before. We will be truly living in the digital era.
What changes does the payments sector of the industry need?
As I see it, there is a great fear of going digital, since blockchain is made to bring democracy to the distribution of currency and wealth without a supervising entity.
I perceive a great deal of skepticism and rejection around digital currencies, based on not having a supervising entity. Instead, everybody with enough computing power can oversee and validate transactions, without any other agenda than to earn coins for a living. Given the countries banning Bitcoin as a currency, we can clearly see this fear.