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.
The payment sector should embrace digital assets and the opportunities they bring, it has to reshape their work and policies to the now. What was beneficial 50 years ago is no longer as efficient today. Nobody could imagine a global currency with which you could go anywhere and buy anything without traditional fiat exchange rates. My advice is to prepare not only for the rise of digital currencies and assets but also to gain in-depth knowledge of what blockchain can bring to the table from now on. The future is digital after all!
It is quite difficult to bring a brand-new idea to the iGaming market as there is a set of standard gambling products used across all operators. In your opinion, can we expect a kind of reinventing the wheel and appearance of iGaming products never seen before?
Not only I do honestly believe that this is a long-overdue topic. We need an upgrade in the processing of payments in the iGaming industry. We are not reinventing the wheel, but rather mixing things up, upgrading, recalibrating, rethinking. I think that the innovation coming your way will reform the industry and its players.
What about the evolution of traditional gaming products? For example, online slots. How will they change in the coming years?
I cannot see the classic online slot disappearing, but rather players’ needs are changing all the time. This is why knowing the market and being flexible is so important nowadays.
What is tokenization in the iGaming industry, and why is it growing in popularity?
Tokenization is a blockchain product, which is indeed growing very quickly in popularity, but not only in iGaming, but other industries as well. The popularity comes with the hopes Bitcoin brought us last year as it rushed into a six-figure asset.
Tokenization of art, services, and currencies is thriving nowadays as never before. The attention to ERC-20 tokens grows since consumers do not want to miss the opportunity to hold the next six-figured asset.
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