The Gaming Standards Association (GSA) announced an agreement with BlockRe, an international risk assessment firm with offices in London, San Francisco and New York, to explore leveraging their blockchain technology risk assessment framework in the gaming industry.
BlockRe’s risk assessment framework is designed to allow for a thorough review of blockchain-based solutions. The result of the assessment details any potential risks that may need to be evaluated by those looking to install blockchain-based applications and the appropriate authorities. BlockRe has significant success using their framework in the Finance Industry working with some of the largest insurance underwriters globally.
Blockchain enabled applications are starting to proliferate with more and more use cases being identified and companies announcing solutions for the gaming industry. GSA is evaluating whether the use of this risk assessment framework will provide the additional insight for its members that are seeking to deploy or utilise blockchain-based solutions. Additionally, GSA believes the framework may be beneficial for Regulatory Agencies seeking an independent review of solutions positioned to be used in their jurisdictions.
GSA President Peter DeRaedt said, “We are interested in understanding how the use of BlockRe’s framework that lays out technical guidance, risk mitigation strategies, and conforms with relevant regulatory regimes could be of value to gaming companies, operators and regulators.”
GSA Europe’s Managing Director Mark Pace said, “Having an office in Malta, now known as Blockchain Island, where so much blockchain-based innovation is occurring, makes the potential access to such a framework for GSA Europe members very timely and exciting.”
BlockRe President Raymond Zenkich further adds, “BlockRe is excited to be working together with GSA and its members to explore the intersection of blockchain technology, risk management, and regulatory frameworks.”