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Go for broke

Our weekly opinion piece and overview View this email in your browser October 15th, 2017 Play the cards Two small but agile jurisdictions are showing us how gambling could bring about blockchain breakthroughs. Where are they? Find out in THE TAKEAWAY below. TOP TRENDS ON COINDESK Smart money Several announcements during the week point to progress on blockchain applications for the financial sector. R3 ventured further into trade finance with an agreement to extend a bill of lading platform. Japanese IT giant Fujitsu revealed a joint effort with three major banks to test a blockchain-based peer-to-peer money transfer system. And Accenture announced that it was developing a distributed ledger prototype for processing interbank payments on behalf of the Monetary Authority of Singapore.   Another page Work on non-financial blockchain applications also continued apace, in a wide range of sectors. Japan's largest electrical utility hopes to use blockchain technology to decrease the country's reliance on nuclear power. In Australia, the University of Melbourne revealed that it is exploring how it could secure academic credentials on a blockchain. And land registry activity seems to be picking up, with both Dubai and the Indian state of Andhra Pradesh announcing blockchain projects for the recording of real estate contracts and property ownership. Token gesture Potential uses for digital tokens continued to emerge. Lufthansa announced that it working with a partner that offers a blockchain-based travel marketplace with its own token. TØ, the capital markets arm of online retailer Overstock, revealed plans to launch its new token exchange with the sale of its own utility coin. And Argentinian startup Ripio (formerly BitPagos) raised $31 million in a pre-sale of a token that will power a network designed to link lenders and borrowers.   See all CoinDesk stories   ⭐ COINDESK SPONSOR ⭐ How to Start Trading Cryptocurrencies for Profit. This FREE master class shows what EVERYONE needs to know about trading digital currencies like bitcoin right now... For more information, click here.     QUOTE OF THE WEEK "Of course, the truth is you haven't escaped humans, and you don't get away. You just move from one power structure to another."  – Angela Walch, quoted in The Guardian   THE TAKEAWAY  The gambling world is no stranger to disruption. Just as online platforms are pushing aside the evocative, casino-based settings of many a blockbuster, they themselves are starting to face big change. The threat – or the opportunity – comes from two trends, one cultural and one technological. On the cultural side, we have the explosive growth of eSports, which now spans a range of online venues, genres and demographics. Analysts insist that the recent surge is a small foretaste of what is to come. There is even talk of them becoming a medal event at the Olympic Games.   From technology, we have blockchain. While gambling with cryptocurrencies has been around since the early days of bitcoin (and is expected to grow strongly as customers get more comfortable with the concept), an interesting twist appears to be emerging from platform tokens.     Combine these trends with national legislation and economic strategy, and you begin to see a fundamental shift that has the potential to transform a massive segment of the leisure economy. And in the process, it could also give a significant boost to the development of distributed ledgers and digital tokens. Roll the dice As an example, this past week U.S.-based eSports betting platform Unikrn got an online gambling license from Malta. This enables it to offer real-money betting to most of Europe, and token-based betting to the rest. What makes this noteworthy is the platform's new crypto token. A couple of years ago, the company created a platform-only digital token to enable users to place bets on the outcomes of games such as League of Legends. The new version, however, will run on the ethereum blockchain. This means that it can be traded between players, sold on an exchange and converted to fiat money in many jurisdictions. It also points to the emergence of a community of developers that in theory could extend its utility by creating additional apps and add-ons. A more intriguing aspect, though, is the strategy of the Maltese government, and where this could lead. Deal the hand To help offset the decline in manufacturing, the Maltese government over the past few years has focused on attracting technology businesses to the island, offering relatively lenient legislation, low tax rates and lots of sunshine. The efforts have largely centered on the gaming industry, given its potential to foster related sectors such as finance and film. Malta was the first state in the EU to regulate online gaming platforms, back in 2001. Since then, the industry has grown to be one of the world's largest, accounting for over 10% of its domestic GDP. By incorporating the potential for eSports gambling and cryptocurrency tokens into the mix, the island is not only signaling a future-first approach to gaming legislation. It also appears to be setting the stage for a broader development of blockchain technology. Meanwhile… To see an example of this strategy in practice, we only need to hop over to the Isle of Man. Like Malta, it was an early legislator of online betting (which grew to account for almost 20% of GDP). This, combined with fast Internet and a 0% corporate tax rate, encouraged an influx of technology businesses, which in turn helped to foster a strong cryptocurrency ecosystem. Official support for blockchain technology was not far behind. In 2015, the Isle of Man was the first government in the world to trial a blockchain platform – fittingly, for registering digital currency companies. It was also one of the first to regulate bitcoin businesses. Last year it became the first jurisdiction to officially recognize bitcoin gambling, and just last month it announced its intention to foster a friendly framework for token sales. Poker face Malta appears to be following in the Isle of Man's footsteps. It recently announced its intention to legalize bitcoin gambling, and last month unveiled a blockchain advisory board to steward its national strategy around adoption of the technology. It also is contemplating testing the impact of cryptocurrencies on the national economy, and last week revealed a trial for putting academic credentials on the blockchain.    However, the potential impact of Malta's moves is much greater than that of its larger counterpart. Malta is part of the EU, while the Isle of Man (a self-governing dependency under the British crown) is not. Any licensed business domiciled in Malta can offer its services in other EU countries, without needing a domicile in each one. While this is interesting for eSports betting sites such as Unikrn, it could be especially compelling for other cryptocurrency startups. Malta has not yet made an official announcement on digital token sales, but it is likely to be only a matter of time. And its support for blockchain experimentation – both in the private and public sector – points to the development of a forward-thinking ecosystem that in turn will breed further innovation and growth. Who said that big change needs to come from big players? - Noelle MORE BACKGROUND: Malta's Government is Developing a National Blockchain Strategy 'Scam Free' Gambling on Ethereum? Regulators Might Not Be Ready UK Gambling Regulator Clarifies Digital Currency Rules   Share Tweet Beyond CoinDesk... OTHERS ARE TALKING ABOUT As usual, the smashing of previous all-time highs flooded the mainstream media with bitcoin price-related coverage. Some of the better market commentaries came from Quartz, The Guardian and TechCrunch.   Meanwhile, the Wall Street Journal explored the potential impact on the stock market of a bitcoin crash. Business Insider reported on an analyst comment that aims to explain why bitcoin isn't money. And International Banker looked at blockchain technology and P2P lending platforms.   The Guardian published economist Kenneth Rogoff's take on bitcoin and talked about the pitfalls of crypto hype. The Street profiled crypto debit cards. And if you needed even more proof that bitcoin was now "fashionably" mainstream, GQ published a comprehensive beginner's guide. UPCOMING EVENTS (see more in our full listing) Oct 17 – Blockchain Summit Amsterdam – Amsterdam, Holland Oct 18-19 – International FinTech Conference 2017 – Gibraltar, UK Oct 23 – Trading the Future: Investing in Cryptocurrencies and ICOs – London, UK Oct 23-24 – IoT Security Summit – New York, NY Oct 24-25 – World Blockchain Summit – Dubai, UAE Oct 24-26 – CoinAgenda Global: Bitcoin & Digital Currency Investors Conference – Las Vegas, NV   WHAT WE'VE BEEN UP TO We need your input! It's that time of year again, when we focus on putting together the State of Blockchain Q3 2017. And we want your take on scaling, bubbles and more… Make your voice heard by taking our brief survey, and help contribute to a broader understanding of sentiment and outlook.   Copyright © 2017 CoinDesk, All rights reserved. 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