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SEATTLE -- Blockchain technology is all the rage.
It's a new e-technology for monitoring, tracking and recording crytocurrency transactions securely over the Internet, and it's slowly but surely making its way into the online casino industry as issuances such as Bitcoin become more popular and more accepted.
Last month, a Seattle-based social casino developer called FlowPlay (www.flowplay.com) announced a strategic investment in Dragonchain (www.dragonchain.com), a blockchain startup connected to the Disney company.
Along with the investment and subsequent licensing of Dragonchain technologies, FlowPlay said it plans to integrate blockchain into its current game suite and explore future opportunities to power new games with cryptocurrency, becoming one of the first social casino developers to begin harnessing this emerging technology.
Gambling 911 last week visited FlowPlay headquarters in Seattle and sat down with FlowPlay CEO Derrick Morton to discuss the marriage of blockchain technology and Internet gambling and how his company plans to take advantage of it.
Here is a transcript of that interview:
Gambling 911: Why would online casinos want to utilize blockchain technology?
Derrick Morton: First and foremost, blockchain technology makes it’s easier to avoid potential player fraud by ensuring transactions are secure.
G9: So what are your plans for this new technology?
DM: Through our partnership with Dragonchain, we’ll be able to license the technology and begin tapping into the power of blockchain, in addition to exploring the potential for cryptocurrency and in-game trading of virtual goods.
G9: Virtual goods?
DM: The ability to trade virtual goods is compelling from both a player and business perspective.
G9: How does it affect the player?
DM: For the player, it means any in-game goods that are being purchased, which typically maps back to money spent with real-world currency, hold more value in the long term.
G9: And for business?
DM: On the business side, it can be leveraged as part of a loyalty and rewards program to improve player retention, and lowers the barrier to entry for players to spend on virtual goods given the perceived longer-term value.
By Tom Somach
Gambling 911 Staff Writer
