Anniversaries are always good opportunities for new ground-breaking announcements. That’s what happened at this year’s ICE conference just a few weeks ago, where GSA was celebrating its 20th birthday. During their presentation, Gaming Standards Association (GSA) announced the creation of a new committee dedicated to assessing the usage of blockchain in gaming.
The New Blockchain Technical Committee
This Blockchain Technical Committee, as they call it, is there to see how the blockchain technology could be used in the gaming industry. This includes increasing transparency in the industry and making data sharing safer and more efficient. As various companies start using blockchain, a need arises for certain standards of its usage to be set in place. That’s where the new Committee will come along, though it will also research new possible uses of the technology available.
Originally created as an open online ledger for transactions in Bitcoin, blockchain is a technology that can do much more. It allows data sharing like no other technology could ever before. It’s being sustained by the community of its users, requiring no supervision from a centralizing superior. At the same time, it provides open access to the information about all the transactions made.
The gaming industry could benefit from blockchain in increasing the clarity of transactions and, as a result, regulating the businesses. It can also help gaming and especially online gambling with meeting the General Data Protection Regulation (GDPR) requirements. It could be a big step in making online gambling business practices fairer and globally trusted. Plus, it might also provide a solution to prevent money laundering in the industry.
The new committee is formed by the members of Gaming Standards Association, which has grown into a huge organization in 20 years. Their board of members includes 190 companies with a total of over 1,600 volunteers. They have already created 15 standards in nine committees. All of them were born out of widely recognized needs for common standards, which suggests just how important the current committee is.
Why Should You Care?
Regulators and those interested in transparency could win the most from the usage of blockchain. Indirectly, this also applies to developers, providers and operators because increased safety could easily boost the industry to new heights. The more people use their products and their services, the larger their gain becomes. But what about the end-user? Where does this leave you?
As a customer in the gambling industry, you should also look forward to the work of Blockchain Technical Committee. Gaming Standards Association has proved more than once that such solutions can benefit everyone in the industry, including the customer. A safer environment in gambling is what you will be the first to experience directly.
If our expectations aren’t too high, with the help of blockchain the committee should be able to decrease money laundering and similar practices. At the same time, it might help with unfair practices employed by the operators themselves. If anything, end-user is the greatest concern here since regulators are there to help you in the first place. So, we’ll follow the progress of Gaming Standards Association and keep you up to date in the near future.