Blockchain technology: get ready for industry disruption

Blockchain technology: get ready for industry disruption

Thursday, February 9, 2017

This year at ICE everyone’s talking about blockchain, the cryptographic technology that underlies bitcoin.

 Hans Lombardo, Advisor to Quanta Lottery Group and co-founder of Chain of Things says “There is a tsunami coming. Corporate juggernauts are looking into the blockchain and every major bank now has a blockchain department”.

Hans also believes that the gaming industry is seriously underprepared for the disruption and prospect for innovation that blockchain will inevitably bring, despite the fact that many games have allowed bitcoin for a while.

So what are the key opportunities that blockchain technology will bring to the gaming industry? 

First, it offers a way for end users who are anonymous to each other to create a record of who owns what without requiring an intermediary. This disintermediation is a property of the blockchain that could do away for the need for a bookmaker. It enables a truly decentralised marketplace, in which players can have direct transactions with each other.

By storing data across its network, the blockchain also eliminates the risks that come with data being held centrally, providing increased security and proof of fairness and randomness.

Blockchain technology also offers many possibilities for innovation in gaming. Crowdsourcing of predictions for markets that pay out according to event outcomes is one example.

Hans Lombardo believes it is vital that gaming companies investigate the possibilities of blockchain if they want to ride the wave of disruption that it will bring, adding that “ICE is very important for spreading the message”.