How the adoption of Blockchain tech can create an impact in the iGaming market
Gaming Eminence speaks with someone who has a keen passion for collaborating and discussing innovative technologies Mark Grech Founder at ProdMark 365, as he answers questions for us around Blockchain, Crypto, web3 and what they mean for operators.
GE) Across many industries cryptocurrency is still widely debated. There are those who feel
it is such a volatile currency for payment; others believe it is the way of the future. How
do you feel the current split is with operators and why?
MG) Very challenging topic, but I do believe that cryptocurrency and the DeFi space is
here to disrupt our traditional payment process. Currently there is a good number of
payment gateways that support crypto, both to buy or deposit. On the other hand,
pure web3 projects can utilise blockchain wallets, like Metamask, where the customer
is responsible for, and he can deposit or withdraw his crypto directly.
GE) One of the key things discussed with this new technology is the benefit of increased
transparency and accurate tracking. How would blockchain and cryptocurrencies
potentially enable or assist operators to meet AML & KYC compliance requirements?
MG) There are various opportunities across this sector. Digital Identity is a space still to be
evolved. Operators would be able to implement various services that can validate
KYC processes, in a decentralised way, where the user can submit directly, rather
than through 3rd party services. This eliminates the element of exposing and losing
of data, where users have full control over their identity. Same goes for AML,
blockchain technology gives the possibility to build services to identify and automate
procedures, which eliminates a lot of manual work.
GE) The terms blockchain and cryptocurrency have somewhat become synonymous with
each other. Often, most people are not aware that cryptocurrency is built upon
blockchain technology. What could the future benefits of ‘blockchain’ add to the
gambling industry outside of its uses for cryptocurrencies?
MG) The blockchain is considered to be a new version of the internet, which nowadays its
referred to as web3. There are a lot of opportunities, as we can build and connect
certain functions that before were not possible. We can create new journeys for our
customers, through enhanced gamification features, which through the blockchain,
can be synced to the outside world. Games can be more rewarding, and at the same
time more immersive, especially if adopting VR and AR technology. Slot providers
can collaborate better with operators, and utilize blockchain tech across their game
studio, rather than just selling the usual games. Affiliation will see a change in certain
areas, especially if you get to have a solid community and social presence with
exciting products, like digital assets, or NFTs.
GE) As the early adoption of new crypto is within the GenZ demographic, if an operator is
looking to build infrastructure to gain additional market share - what are some of the key
challenges that must be taken into consideration?
MG) Something I always suggest is that anything being built in the coming years, must
have the potential to connect or adopt blockchain technologies. The reason for this is
that we are seeing a shift in interests and what does the customer really want.
Having a community will be key, and letting your customer contribute to your brand.
Though you still have to cater for your current customers, educating them and
exposing new technologies they can use will be a priority, too slowly transition them.
Eventually you will be opening a door to a potential new audience as well, which will
grow your business.
About our contributor
Mark has years of presence and experience across the gaming industry, playing a huge number of esports games from a very young age, where in the past 10 he has been discovering and working across different operators and affiliates on a global scale, which powered various online casinos and sports betting brands. He has been following the crypto & blockchain space since late 2017', he has been focusing on creating the next generation of immersive products and bridging web3 across the web2 space with the power of blockchain technology, leveraging and connecting various functions like NFTs and the metaverse, into new exciting meaningful user journeys in the digital space. Visit http://prodmark365.com/