Where is the Bitcoin Island?
Right between Ireland and Great Britain, there is the Isle of Man, a self-governing dependency of the British Crown. Today it has become the center for cryptocurrency and online crypto gambling, so people more often call it the Bitcoin Island. The safe environment of digital gambling is ensured by the Gambling Supervision Commission (GSC) that controls the entire market. Thus, all bitcoin-based casinos are advised to submit specific applications provided by GSK in order to testify their credibility and make it more conducive to users.
Now, the Isle of Man is determined to leverage the digital operations and its FinTech by adopting blockchain in online gambling. The blockchain is the world’s database of transaction records that are spread throughout the network. The efficiently recorded transactions can’t be altered or tampered. This will help the Isle of Man government enhance the growth of the economy and boost the technological development. In the words of Brian Donegan, who represents the Department of Economic Development on the Isle of Man, a blockchain is still developing and will be tested before being fully completed even though its value is already seen. What’s more, CEO of the Credits start-up, Nick Williamson, who helps the Isle of Man government to work with blockchain operations, stated that the Isle of Man has everything needed to adopt and maintain this technology.
Blockchain Shakes up the Gambling World
The gambling companies use blockchain to see how much was contributed to the business by each player. Thus, popular online casinos like BitStarz, BetChain, and FortuneJack adopted Bitcoins as their main currency for most of the gambling services. More to it, since these casinos work with blockchain, they have eliminated fraud because transactions become clear. According to the executive director of the Alderney Gambling Control Commission, Andre Wilsenach, decentralized and digitalized information in the ledger system based on a blockchain will enable a simplified data access to the operators.
Blockchain consists of permanent records of transactions that no one can change. In the gambling realm, trust is a matter of great concern. If there is no blockchain, the parties involved in gambling with digital currency should be aware of risks. No one really can check what is there behind the virtual casino and how do they profit from it.
With the use of blockchain as a decentralized technology, a company can’t take trick players in order to benefit from them. If a blockchain is adopted in the virtual casino, then owners can assure gamblers that there is no way to predict the results of the played games. Moreover, the blockchain ensures reliable and timely disclosures about casino performance. Since the process of the payment goes directly between two parties, the operators don’t get access to the used digital currency. This way, operators and players build a trustful connection.
Calvin Ayer, who is one of the online gambling patrons, thinks that Bitcoin will be predominant in the industry of virtual casino due to its continued growth in the world, namely the digital market. Therefore, he considers blockchain as a powerful gear that can boost the gambling business globally. That’s to say: since the technology of a blockchain exposes all transactions to the players and shows how they happen, it would be crazy to do anything illegal, otherwise, that person or company will be instantly revealed and kicked out of business.
Recap from ICE 2017
ICE Totally Gaming of 2017 at ExCel London gathered many industry professionals who shared their opinion on blockchain evolution and explained its impact on the digital gambling. A list of participants was filled with well-known experts like Eddy Travia, Coinsilium CEO, Adam Vaziri, the Director of Diacle, Matthew Warner, the journalist of ChainFinance, and Loyra Abogadas associate Patricia Lalanda Ordonez. The conference, which was organized by GamCrowd provided interested parties and developers with a scope of useful information about how the blockchain works, what its pros and cons, and how it influences the gambling industry, banking sectors, and insurance field.
Basically, what’s been clearly stated is that the blockchain is able to shift the stocks and currencies in a different way than cash without using an intermediary. For the business sector, it ensures speed and cost-efficiency. Think of how much money do intermediaries get from currencies and stocks. Now, if to use blockchain, all these millions won’t go into their pockets anymore. Instead, primary holders will keep that money for themselves.
Of course, there are some risks involved in the use of the blockchain technology, which was also covered at the conference. Although, such blockchain reports have caused some doubts these previous years, the Isle of Man developers hope that the new technology will further improve without causing harm.
With that being said, the Isle of Man attempts to become the heart of blockchain for Europe. Despite the fact that the blockchain was used there before, the government plans to make it more attractive for the gambling industry. As of now, this sector serves as an experiment, and if the results justify themselves, the blockchain technology will also be implemented in the insurance market and banking.