Storm International, a leader in the casino industry, is looking into implementing blockchain technology to streamline and unite accounting across its casino properties in all countries where the company operates.
Blockchain is a digital ledger, which adds a new record at the end of the list of previous records in a linear fashion and in a chronological order. Every time a record is added, a new block is created and linked to the previous one making a chain. All computers that are on the network with access to the blockchain update and store this ledger in real time.
"This technology can be applied to virtually any industry where the company, government and independent third-party auditor computers can be part of the same ledger. This can reduce accounting, audit and data mining costs exponentially for all parties involved. The possibilities and cost savings opportunities are enormous," says Darren Keane, Storm International CEO.
To verify the legitimacy of any previous record, all computers that are part of the system are queried to confirm that the record and sequence are exact on every machine that is part of the ledger, thus eliminating any tampering.
"Blockchain is the future and it makes perfect sense to adopt this technology early on," says Keane. "We are looking to develop it in-house or partner with a suitable provider."
Read more in The Moscow Times.