What is Blockchain? What are its benefits? Who uses it? Day 2 of ASEAN Gaming Summit 2019 puts blockchain's role in the gaming space in the spotlight.
The 2019 ASEAN Gaming Summit kicked off Day 2 with the mission to explore the future ahead of the gaming industry in the Philippines, the Asian region, and with blockchain technology.
Attendees filled the conference hall and exhibition floor at Conrad Manila as another day filled with new possibilities and opportunities await them. And the stand-out topic today is how blockchain technology can change the market.
In the panel titled Blockchain Technology: Changing the Market, AXESnetwork CEO and GSA Blockchain Committee Chair Earle Hall said:
“The question about blockchain is ‘What is blockchain?’. Is it a technology? Yes. Is it important that it would be a technology? The answer is ‘no’. Technologies evolve in an ever-increasing speed of light. We’re in the beautiful part of the exponential curve of technology right now. So what is blockchain? It’s a regulation issue.”
Hall explained that the citizens are the user of the blockchain, not the machine manufacturer nor the operator, thereby making blockchain a “regulation decision by the jurisdiction”.
This was later affirmed by CEZA Administrator and CEO Sec. Raul L. Lambino who believes blockchain technology will aid regulators in ensuring that online gaming companies, offshore virtual currency exchange, and financial technology solutions to comply with the laws and policies.
Lars Lien, CEO at Luckbox, sees blockchain technology as a solution to simplify and organize how payments are processed in the online gaming space:
“For us payments, everyone in gambling knows what an issue payments are in and what can be. Even in markets where it’s perfectly legal and okay to operate, there are restrictions on payments.”
While some iGaming companies have already implemented blockchain solutions into their system, most casino operators remain apprehensive of embracing blockchain, according to Shaun McCamley, Managing Partner at EuroPacificAsia Consulting.
He said casino operators would have problems opening up their codes which they have invested in and developed. At the same time, he reasoned, through a casino operator’s point of view, it remains a question how they will benefit from blockchain.
Panel moderator Oron Barber, Founder of CoinPoint, emphasized the need for everyone to be educated in order to see the benefits blockchain brings:
“Blockchain is here to stay and here to be implemented. Everyone who is looking to do something about it, first, they need to read and get educated. Be involved and consult with anyone who can take him in his journey…The bottom line for everything is education.”
Meanwhile, Hon. Gus S. Tambunting, Chairman of Committee on Games and Amusements, said the Philippines will reach a point that regulating online gaming for local players will be the answer to illegal gambling in the country.
Day 2 of ASEAN Gaming Summit also gave the spotlight on three other panels titled “Philippines Regional Casino: Tracking Growth”, “Macau, Japan, and Korea”, and “New Developments in South & South-East Asia”.