The case for blockchain as a crimefighting, regulatory friendly choice for enterprises is getting stronger. Mayor Yang Yiwen of China’s Loudi city has cited the technology’s crimefighting capabilities as a powerful “weapon” to be used against crime.
The mayor is implementing a trial blockchain project in his city, combining computing and big data to allow telecommunication operators, banks municipal departments and utilities to share data.
At a meeting of officials from the Municipal Public Security Bureau, Yang Yiwen specifically promoted how this could be used to help fight crime and collection. Having impeccable data shared across these different organizations would allow for more accurate, deeper investigations, he said.
Chinese governments have increasingly turned to blockchain technology for all sorts of uses. Shanghai has turned to the technology to help record court hearings, making them less vulnerable to corruption. China’s been so impressed with the results of blockchain evidence that they’ve moved to make it legally binding evidence in the Supreme Court.
Although perhaps a bit more cautious about moving into the sphere, gambling regulators are sure to follow China’s lead. The immutable and easily auditable nature of blockchain technology, best exemplified by Bitcoin SV [BSV], provides a perfect window into a casino or website’s operations. Rather than have to orchestrate an audit, regulators can simply look to the blockchain to determine if all transactions through a firm are on the up and up.
That makes anti-money laundering actions so much easier to implement and prove to a regulator, making life simpler for both the operator and the regulator. And if that’s not enough for both to want it as a pervasive technology in the gambling industry, than the cost savings of BSV’s microtransactions, made possible by massively scaling block sizes, and the ability to conduct both transactions and record data, should help get operators passed the finish line.
But if you still need to know more reasons why BSV is the best choice for gambling, check out our Bitcoin for Gambling section. We have great resources that explain fully why regulators prefer blockchain technology, and all the ways Bitcoin SV can help your operation.