This article was first published on News – FunFair
We see KYC as a key component of our future success as a global casino platform provider. The following blog will explore our use of it and explain how it will help, not hinder blockchain adoption.
K-Y-C. The three letters that can divide a blockchain community more than perhaps any other. This acronym is certainly met with scepticism amongst many in our sector. The idealism of a fully-decentralised ecosystem where everyone can act anonymously and independently is often claimed to be incompatible with the rationale behind KYC (know your customer).
At FunFair we take a different view and one that sits well with our values of openness, fairness and player protection. The gambling use case of the blockchain may just be one of many, but it’s certainly one of the most accessible and surely one of the most likely to spark mass adoption beyond the crypto-savvy.
We, therefore, see KYC – the process of proving a player is both legally allowed to play and are who they say they are – as a key factor in ensuring this happens. We envisage the FunFair platform powering a global network of partner casinos and gaming stakeholders, and this can only happen within the existing regulatory frameworks.
Regulatory bodies put effective KYC high on their priority list when it comes to approving platforms and operators. Gambling is a highly regulated market for good reason – consumers deserve protection from unethical operators, the young or vulnerable should be protected from harm and criminals prevented from using the industry to their advantage. Thus, KYC is an essential tool in achieving a regulator’s goals, and the ability to offer fair, safe gambling and prevent illegal activity such as money laundering will be pivotal to the success of the blockchain gambling industry.
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News – FunFair