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03 Mar 2019

Innovation Trumps Tradition

Innovation Trumps Tradition
Quanta's CEO Kostas Farris
Quanta has proved that a licensed blockchain lottery not only works in practice but that it can be a huge success among consumers.

Being the first in the world licensed blockchain lottery from the Isle of Man Gambling Supervision Commission, we held our first Quanta Prize Draw in January this year.

The number of tickets sold for the inaugural draw surpassed our expectations and sales have grown steadily over the proceeding weeks.

But what does Quanta’s success mean for traditional online lottery operators and products? And what can they do to leverage the power of blockchain?

Establishing a player-base can be tough as consumers often lack trust in online operators and especially resellers.

Operators must therefore prove to players that they are reliable, that draws and outcomes are random and fair, and that they will receive any winnings without delay.

Blockchain is the best technology for doing this.

For example, players will be able to audit the draw and verify the outcome for themselves. Winnings are paid into their wallets.

In addition to this, the blockchain is a decentralized ledger and cannot be altered, and the technology also provides superior security compared with legacy platforms.

Combining this technology with a licence from a well established and trusted regulator such as the Isle of Man Gambling Supervision Commission removes any trust issues players may have.

Quanta and other blockchain pioneers have been pushing the technology into a position where it has started gaining wide recognition across different business industries.

The remote gambling industry is among those that can see the great benefits, especially when it comes to transparency and credibility.

For these reasons, adoption is gathering momentum. Of course, there are still sceptics with concerns around how the technology can be used alongside existing platforms.

One of the questions I am often asked is whether operators have to migrate fully to the blockchain, or whether it can be done piece by piece.

Quanta with its end to end blockchain lottery platform and products can be the upmost reliable white label partner to the lottery operators and can ensure either a piece by piece or Big Bang transition.

Here at Quanta, we believe it is only a matter of time before all online lottery operators use the blockchain to power draws, decide the outcome of games and process payments.

We are operating at the cutting edge of the technology and will continue to push the boundaries and improve consumer experience.

As the benefits of the blockchain outweigh other platforms, naturally we will see operators embrace the technology and adopt it themselves.

It really is a case of innovation trumping tradition.