The power of blockchain technology in compliance solutions for a safer gambling experience. Crucial Compliance supported by nChain, our loyal sponsor.
nChain, a global blockchain technology company offering software, IP licensing and consulting services, is sponsoring KnowNow for the 4th time.
nChain’s responsible gaming technology expert, Nick Hill, and Crucial Compliance’s CEO, Paul Foster, will join us remotely to highlight how blockchain-based solutions can help operators proactively protect players, drive efficiencies in compliance and safeguard the future of the iGaming industry.
You can see Nick and Paul at the Player Protection Forum on March 07 at 15.15 on ‘Gambling Technology the How and Why’.
Crucial Compliance is a blockchain-based CRM solution that provides the right tools and technology to help operators interact effectively and sustainably with players at risk of gambling-related harm. Their Player Protection model is built on years of in-depth industry knowledge and experience and data-driven analyses.
Clearing up the confusion.
Blockchain is widely misunderstood. A common misconception is that blockchain technology is limited to cryptocurrencies and crypto exchanges. This has discouraged many operators from using it. The widely publicised fall of the FTX cryptocurrency exchange at the end of 2022 has further added to the confusion and misunderstanding amongst businesses and the general public.
“People assume blockchain is crypto,” Nick Hill explains. “But there are two sides to blockchain. Cryptocurrencies are built on blockchains, which are in essence a way of storing data on a public, a distributed ledger.”
Apart from data on cryptocurrency transactions, data of all kinds can be stored on blockchain or public distributed ledger technology (PDLT). The two main features of this technology are immutability and transparency.
Both features ensure integrity and trust in data by providing a time-stamped, tamper-proof record. nChain is using the benefits of this technology to solve real world problems for the iGaming industry and beyond.
Proactively protect players with blockchain notarisation.
Regulators are increasingly looking for operators to take the lead and be more proactive in identifying potential at-risk players. CRM solution providers, such as our partner Crucial Compliance, do a fantastic job of providing the right tools and technology to help operators interact effectively and sustainably with players at risk of gambling related harm.
Proving data validity.
The key issue is how do operators prove the validity of the data on these interactions, and how do regulators trust it? Through notarisation of the data on a public, distributed ledger, data can be trusted. Operators’ compliance with regulations can be verified and action can be taken where necessary to protect players.
The data on blockchain, or PDLT, permanently exists for the player, the operator, and any other permissioned third-party access from regulators. Through our platform, Kensei, trust in data is restored, players are protected through more efficient and effective compliance procedures, and the reputation of operators’ is safe guarded.
Increase KYC efficiency by turning verification to validation through blockchain.
It is estimated that on average, operators with multiple brands or sites carry out 7 KYC operations for the same player. This is costly for operators and translates to dropouts in the customer journey. This unnecessary workload can be reduced through tokenization, with historical KYC records updated, encrypted, and stored on PDLT as tokens in perpetuity. Our PDLT infrastructure supports our partner W2 to reduce redundant and costly verifications with a closed loop solution, reducing friction and maintaining privacy for players.
Find the solution for Single Customer View.
We are looking ahead to the Single Customer View solution in the gambling industry. The idea and need for Single Customer View in iGaming is clear, the implementation is not. Questions remain.
- Who would create and administer the Single Customer View records?
- Would their data integrity be more robust than gaming providers current efforts?
- How could existing systems be changed to integrate with the new central system?
For anyone following tech sector developments, the obvious answer is blockchain or public, distributed ledger technology.
Public, distributed ledger technology can provide immutable, instantly transferable, transparent, consistent and accurate record-keeping for Single Customer View profiles. It is almost infinitely scalable. Operators’ existing management platforms can be easily configured to integrate with it.
Read more in our new white paper ‘How iGaming can safeguard its future – the case for Single Customer View.’ Download now.
To discuss any of the issues above, or if you have any questions you can see Brett Johnson, our iGaming expert, at the event or email: email@example.com
For more information visit nChain here.