Gambling on the Blockchain
DLT innovation at the DGaming Conference
by Gerald Fenech
If there is one term that describes the DLT industry right now, it would be the term “a gamble”. Though initially exploding onto the scene and making a few people millionaires overnight, 2018 has seen most cryptocurrencies do very badly. Though Blockchain does have an aura of having great potential, many remain averse to making a change, or even taking the first step.
Most of the aversion is due to its roots, and lots of bad press portraying it as a way for drug runners and terrorists to launder their money. Though the narrative now has changed somewhat, people still struggle to understand how it works and more importantly how it can be used practically in their business. Even if they make up some of the forward-thinking minority who are embracing DLT as the future, the volatility of the product rightly scares any large step in the DLT direction. This is what one might call Blockchain fatigue – though they may see the real world potential for Blockchain in their business, they ultimately will remain cautious until a degree of stability has been reached in this market.
Unsurprisingly, start-ups and new businesses are more open to the idea of DLT than older, legacy companies. Possibly one might argue that this would be natural since legacy companies have much more to lose than a brand new start-up. However, another big factor that may be less obvious is that newer companies can apply Blockchain technology as the modus operandi of their business model, rather than adjusting or changing their business model to take advantage of this new technology.
Though now marketing and public relations is now accepted as an important part of business strategy, especially with the rise of social media, partnering PR and Blockchain may be a combination made in heaven. Indeed some companies have had great success using the 2 together, and in turn, making PR services more available to anyone with a good story and not only a few wealthy companies who are in a position to spend money on non-essentials like marketing.
Distancing itself from its roots, DLT continues to be a big innovator in security due to its transparent, decentralized nature. Companies are having a lot of success using decentralized biometric data and other credentials to improve user authentication and improve security. After the disaster that was the Equifax breach, this has made companies much more aware of how vulnerable they really may be and the forward-thinking have taken steps to close any existing loopholes.
Though Blockchain enthusiasts will have us think that DLT will radically change the way in which we live our day-to-day lives, comparing it to the way in which the internet has dramatically changed the fabric of society, a lot remains to be seen. Nevertheless, there is a great amount of positivity going into 2019 about what the future holds with DLT and it will certainly be interesting to see how it develops.
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