Harsher regulations can be pivotal in players becoming more prone to seeking black market sites for higher bonuses, according to panel of industry experts at CoinGeek’s New York Conference.
The event focused on the importance of compliance and data when it comes to safer gambling in the iGaming space.
Joined by Peter Bainbridge-Clayton (CTO & Founder of Kompany), Paul Foster (CEO of Crucial Compliance) and Nick Hill (Director of Premier Chain), host Becky Liggero moderated conversations on how BSB blockchain is not only going to improve compliance in the gambling industry, but also become a major factor in preventing gambling harm.
During the conference, the panel discussed the pain points of iGaming. They analysed how and why regulators are becoming increasingly harsh on operators, imposing more fines and penalties.
By collaborating with the use of Kensai with N Chain, Paul Foster spoke on why it is crucial for compliance to regulate iGaming sites efficiently and safely.
“One of the biggest problems with the iGaming space is the pace that we move at”, stated Foster.
“There is a lot of mergers and acquisitions, there’s a lot of change and people move in and off of platforms. What that means is that operators data is often stored differently over the years.
“What we need to do is log that data forever because at any time in the future within 10 years, we’re going to be requesting information on that player and what they did 10 years ago. And you can imagine how many lines of code that is.
“By working with a solution like N chain in the back end of our system we link it up to an API and then we can stamp key actions that are needed so they will be logged forever.”
Peter Bainbridge-Clayton delved further into detail on how Kensai operates and how it works with other blockchains.
“For us, integration was really really simple,” stated Bainbridge-Clayton.
We amended our API slightly to allow people to use this service. We added some internal flows, we did some hashing of the data and then we pass that over to one API.
“In all I think the engineering done on the Kensai platform made the whole taking away the worry of speaking to a specific blockchain.”