Blockchain Project Aims to Reform Traditional Lottery in Nigeria
On Dec. 13, Quanta Plc., owner of Quanta Technology Limited, a blockchain lottery operator, announced it had signed contracts to acquire a stake in International Lottery and Gaming Limited (ILGL). As Quanta reports, this is ”the world’s first deal to reform traditional lottery.” The companies say that Quanta’s blockchain-based lottery technology will help increase the transparency and fairness of Nigeria’s gaming market.
Quanta claims to be “the world’s first fully licensed blockchain lottery.” The company started operations in 2015, and in 2017, received a license from the Isle of Man’s Gambling Supervision Commission. Quanta’s smart contract-based technology is founded on transparent random number generation on a distributed ledger. The entire lottery process can be made visible to network participants.