Know nowThe Player Protection Forum was held on March 1-2, the first in-person event of the year in London for the iGaming industry. This conference is designed to inspire iGaming industry professionals to work together to put responsible gaming initiatives into practice and minimize harm to players. With fines and license suspensions at an all-time high and increasingly stringent regulations, responsible gaming is a priority for all stakeholders in the iGaming space.
Harnessing the powers of the latest technology to help combat problem gambling, satisfy regulators and avoid player conflict was a recurring theme throughout the event and that’s where nChain’s Kensei Connect comes in.
nString was a major sponsor of the Player Protection Forum and the company’s team of iGaming experts and their customers continues to grow. Nick Hill, Director of Sales at nChain, has expanded his group to include Ai Ishii, Business Development at nChain; Matt Vines, consultant for nChain; and Phil Runyan, also a consultant at nChain, all professionals with a rich history in the iGaming space, just like Hill.
Was at @KnowNow_Ltd Player protection forum today! @NickHill, @philrun and Paul Foster of #CrucialCompliance are ready to answer your questions about how #blockchaintechnology can help and help with #responsible and #playerprotection. Let’s talk! pic.twitter.com/lvg35tLZEB
— nChain (@nChainGlobal) March 1, 2022
Alongside Hill and his nChain team at the Player Protection Forum were Paul Foster, CEO of Crucial Compliance, and Warren Russell, CEO of W2, two vendors in the iGaming industry that are integrating with Kensei and strengthening their compliance and Know -Your-Customer (KYC).
During the afternoon sessions on the first day, Hill and Foster moderated a panel titled “The Application of Blockchain Technology in Responsible Gambling,” educating the audience on the capabilities of Kensei Login and highlighting why Crucial Compliance decided to plug in.
“We built this bridge that allows legacy systems to communicate with the chain. We call him Kensei,” Hill explained when opening his presentation.
“What we basically do is notarize every transaction and then put it in an immutable ledger which is timestamped and verified and cannot be changed,” he said.
“What we actually offer is the ability to protect gamers against gaming-related harm – which is why we’re all here – to protect brand reputation and protect against litigation. That’s so almost like an insurance policy,” he added.
— KnowNow Ltd (@KnowNow_Ltd) March 1, 2022
Using Kensei Connect directly or through a third party like Crucial Compliance, when a harm marker is triggered, the interaction between the operator and the player continues and if there is any form of litigation more far down the line, the operator can point the controller at the verified data.
Crucial Compliance made the decision to integrate with Kensei because it will ensure that their data will not be compromised, regardless of mergers and acquisitions, human interactions, or other activities that may corrupt the data.
“The problem is someone can go into that back end and change it. Someone can go all the way and change the rules because it’s a merger or an acquisition or “something else. Some of that data suddenly gets put in a different data warehouse because it’s been archived. It happens all the time,” Foster added after Hill called him out on stage.
“You have your players coming in and whether they can use your CRM system or they’re from Crucial Compliance, or wherever they’re from, the data then goes to our Kensei Connect. We then do our magic with , and we certify and then put it on the chain so that it can then be registered and timestamped on the chain,” Hill added.
“We can then retrieve it from the string in a humanized, readable format. It’s not just a string of code you need to crack… so when you need to present this to a third party they can figure it out… we can do it with KYC, AML, affordability, any form of data, any sequential The shape of events can be timestamped and stored on-chain for later retrieval,” Hill explained.
Foster also pointed out that this kind of immutable data storage can be useful for gamers themselves, if they want to access their game history and understand their cycle of dangerous gaming behavior, for example.
“If you go to a game company and you get the string in an hour of what happened to you, that the third party can independently verify, that might be your therapist, that might be the person helping you, literally as fast. We’ll have a much better chance of helping these people than waiting 28 days, which is far too late,” Foster said.
“Again, it’s a question of speed. It’s a question of integrity. It’s about turning it on its head. And that’s why we want to use blockchain,” Foster added.
Hill stressed the importance of anonymizing the data stored on the chain – the data is actually ‘hashed’ and therefore real player data is not at risk of being compromised.
“[The information on chain] is available and may be available to academia as it is anonymized data. We do not store any player data. Its hashed data. We literally store the hash and it’s just a timestamp and we issue a certificate that this is what happened at that time,” Hill explained.
Summarizing the session, Hill described blockchain as “the next layer of the internet” and said in the next five to six years, “We will all be using some form of blockchain technology without even knowing it.”
Following Hill and Foster’s presentation, the engaged audience posed several questions to the pair, one about the reaction of regulators to the use of blockchain technology in their respective jurisdictions. Hill explained that since the Kensei Connect solution does not use the blockchain in any way for payments, player acquisition or processing, the reception of the technology by regulators he has spoken with has been nothing but positive, which of course is a very good sign. .
For more discussions on the role of blockchain technology in compliance and responsible gaming in the iGaming space, a free iGB webinar will be held on March 9 from 3-4pm GMT, “Practical Implications for Blockchain: Safer Gaming and AML”. This webinar will feature Hill, Ishii, Foster and Russell as speakers, moderated by myself. Please join us and be a part of the latest technology fueling accountability in the iGaming industry.
New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.