Online gaming – yet another industry disrupted by blockchain


As blockchain has already disrupted industries and countries from Russia to Australia, Malta is not in line to disrupt the online gaming industry through blockchain.

Time of Malta reported:

“The Malta Gaming Authority (MGA) is leading by example in establishing Malta as a frontrunner in this regard, and, in the White Paper published in July 2017 setting out a first draft for a new gaming regulatory framework, paved the way for acceptance of cryptocurrencies for the placement of bets.” 

What the implementation of blockchain can do for the gaming industry is replace the third party certification system, because players will now be able to verify the winning and losing bets, which is a novelty in the sector. Blockchain is used with the primary purpose of increasing efficiency, speed and transparency, so this addition will be beneficial to the online gaming in Malta.

Another advantage will be the potential cost reduction through the use of “smart contracts”.

Times of Malta also commented on the innovation:

“The MGA clearly indicated that it is receptive to this new technology and will be amenable towards its uptake by licensed operators.  What remains to be seen, however, is how the MGA will reconcile its current server-oversight practices with the decentralised ecosystem implicit in Blockchain.”

With blockchain finding “allies” in so diverse industries, it is rather common to acknowledge the interest of investors and people around the world towards the benefits blockchain offers.

 

Related News

arrow

Online gaming - yet another industry disrupted by blockchain

3

Send this to a friend