An executive of Asian operator of casinos Melco Resorts and Entertainment Ltd will attend a conference entitled GSA Technology Summit – Focus on Blockchain, to be held this month in the United States. The organiser of the conference, the Gaming Standards Association (GSA), issued a statement on Wednesday saying the executive would offer insights into the use of blockchain technology in the gaming industry.
The statement does not name the Melco Resorts official, but a programme for the conference issued separately by the GSA says Melco Resorts chief information officer Avery Palos will be among the speakers.
“Blockchain technology, the second phase of the Internet, will have a dramatic impact on our lives and businesses. It is poised to revolutionise data-sharing [and] security and has the ability to provide regulatory authorities with previously unobtainable levels of transparency,” the GSA stated.
“Those looking at how this technology will impact the gaming industry will be able to listen to companies that are using the technology today and regulators as they debate the benefits blockchain provides them,” it added.
The blockchain is a list of data, called blocks, linked using cryptography in a decentralised digital register that is being used to store details about transactions, for example. The blockchain was initially created to support the virtual currency, Bitcoin, and the two are often linked in deployment and practice.
The Monetary Authority of Macau – the city’s de facto central bank – currently prohibits banks and financial institutions from serving any entity involved in cryptocurrency and digital or virtual currencies designed as a medium of exchange are not accepted as currency at the city’s casinos.
Oversight means gaming companies have been slow to exploit the potential of blockchain technology. The GSA statement said an executive of Hong Kong blockchain company Alphaslot will also attend the conference to give insights into the use of blockchain technology in the gaming industry. The conference programme identifies the executive as Alphaslot chief executive Raymond Chan.
The summit will be held in Reno, Nevada on November 8 and 9, according to the GSA.
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Amount that each Macau casino operator paid for the circa six-month extension of their respective contract