Virtual currencies like Bitcoin have gained considerable usage in the past few years as a payment option to online casinos. Many players know that Bitcoin generation and management is based on blockchain technology, though the details are complex and hard to fathom. Experts have opined that blockchain technology can play a much greater role in online casinos than merely virtual currency use. Therefore, the Gaming Standards Association (GSA) has officially launched its new Blockchain Committee to concretise this idea.

Players that take interest in the working of the online casino industry would know that GSA is an international trade association that creates benefits for gaming manufacturers, suppliers, operators and regulators. This ultimately helps the players. GSA Platinum members include Aristocrat Technologies, IGT, Microgaming, Playtech and Scientific Games International. GSA announced the Blockchain Committees formation during the recent ICE Totally Gaming exposition. The committee's charter has been approved and the committee has slated its next meeting for April 10 in London, hosted by Playtech. Earle G. Hall, CEO of Axes Network, has been elected as committee chair.

Blockchain technology is poised to revolutionize data sharing, security and providing regulatory authorities with previously unobtainable levels of transparency. All these are of vital importance in the online gaming industry. The brief given to the GSA Blockchain Technical Committee is to advise on possible areas where standards could be developed. The critical initial topics include reference architecture studies, authentication methodologies, external interface compatibility and the potential for central monitoring systems.

Hall added, “Blockchain is the answer to so many of our inefficiencies. Blockchain will exponentially increase the potential for collaboration, efficiency and connectivity.” He also expressed gratitude to the membership for giving him an opportunity to lead them into this exciting and unexplored realm.

GSA President Peter DeRaedt said, “We are very excited to evolve this committee into a significantly beneficial asset to our prestigious membership. The blockchain technology is poised to change our industry forever.” He backed Hall as a leader having vision, in-depth knowledge and exceptional drive. GSA standards are created through collaboration between volunteer representatives of its members. Over the past 20 years, more than 1,600 volunteers from more than 190 companies have contributed their expertise to create important GSA standards that have become operational benchmarks.

The best online casinos are also aware of the importance of blockchain technology and are seeking to educate their members. Royal Vegas online casino has an article titled Blockchain Technology in its popular blog page.