Here’s some interesting news for all the avid crypto gambling fans out there!
Downunder, the Australian Senate has received a report from Elas Digital, an established software company in the blockchain industry that showcases the benefits and capabilities of using Bitcoin SV as a form of digital currency. It seems that the company has a strong case that could potentially change the way we gamble online not only using Bitcoin but also fiat currencies.
It’s been busy in the Australian Senate as the government department also received reports from around 60 other industry representatives of the blockchain sphere, which included cryptocurrency exchange Kraken. Along with Kraken, regulators, banks, insurance companies and Australia’s central bank also submitted reports supporting Elas’ argument that Bitcoin is in fact a duplicate network of BSV, as outlined by the whitepaper.
The Third Issues Paper, used by The Senate Committee to publish the news, welcomed the reports from industry-leading representatives, with the aim to assess Australia’s standing in the blockchain market and ensure the country remains at the forefront in the space and will continue to lead the way in financial and technological advancements.
Elas Digital also reiterated in its paper that Dr. Craig Wright, an Australian computer scientist, was acknowledged for producing the white paper and awarded by default judgement the copyrights in the UK where the same concept may well pique the interests of companies such as Playtech which are yet to embrace crypto with its slots or live casino games.
Fan of crypto? The report by Elas Digital may be for the Australian government, but the same concept applies to the rest of the world. There will be onlookers not just from Australian online gambling providers but from all parties involved in iGaming, and especially aggregators like SoftSwiss and software providers like Wazdan, Pragmatic Play, and Evolution who are all involved in the crypto sphere!
BSV to change how Australia operates the iGaming industry
Like with any blockchain that successfully solves any iGaming industry issues, they will need to handle a monumental amount of financial transactions daily, with millions of users switching to the use of digital currency as a faster method of depositing and withdrawing funds.
The infamous Satoshi Nakamoto had previously stated that Bitcoin has never had an issue in dealing with scaling, which means BSV that runs with similar blockchain technology will be a perfect solution for the iGaming industry. This point was emphasised by iGaming innovator Calvin Ayre, who has full confidence in using the technology which will see changes to data collection and storage, payment methods and immutable records, all of which will change the way the iGaming industry operates.
The Elas paper states Bitcoin will be a once in a lifetime opportunity to restructure how the companies store data, identity, and records of ownership and can deliver for any jurisdiction on any scale.
How Bitcoin Could Transform iGaming
With all that said, the blockchain technology that Bitcoin uses has proven to be more than just a financial tool. Of course, the lightning speeds in which making large financial transactions without the unjustified transfer fees will be a benefit to all and will completely transform the iGaming industry for the better. BSV uses data management technology, which is far less widely implemented and can record time-stamped records of every transaction, which leads to easier management of users and handling issues such as disputes, detecting game malfunctions, fair play outcomes and much more.
The Elas Digital paper refers to how BSV has been structured to comply and will work alongside regulations within the law. For the operators, this is key and for those who will use the blockchain technology in regulated countries such as the UK and, of course, the ever-growing US iGaming market.
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