Dispelling the doubts over blockchain’s role in the mainstream

Dispelling the doubts over blockchain’s role in the mainstream

Wednesday, February 7, 2018 Posted by Luke Massey
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Quanta is the headline sponsor of the Blockchain track at ICE VOX
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Industry newcomer Quanta has backed blockchain technology to revolutionise lottery systems. The company’s CTO Konstantinos Farris explains where blockchain can bring about lottery innovation, overcoming regulatory requirements for its services, and disrupting a sector in need of change.

Totally Gaming: Can you explain Quanta’s unique journey, from its initial conception and planning through to its current offering?

Konstantinos Farris: Quanta’s journey started at the back-end of 2015. It was clear blockchain technology was starting to breakthrough into the mainstream, and that there were many applications for its capabilities. For us, we saw huge upsides in deploying blockchain technology in the lottery sector and set about developing our own innovative platform.

It took several years for us to get it right, including significant investment in our blockchain competency centre to provide unrivalled technical support, before we launched our platform at the back end of last year. We now plan to white label our blockchain lottery platform to online gambling operators, suppliers and affiliates. 

TG: Your primary focus has been developing a fully compliant blockchain lottery; why do you believe this is needed for global lottery stakeholders?

KF: To be a significant player in the online gambling industry, which we intend to be, you must be licensed and regulated. There is no other way about it. We are currently licensed in the Isle of Man, but plan to work with more regulatory partners in the coming months and years to grow our business and enter new markets.

Licensing not only ensures that we are compliant with internationally-recognised gold standards, but that our technology and products are as good as they can be. In addition, it proves that Quanta is open, transparent and honest, that we care about players and want to do the right thing.

TG: How has Quanta overcome regulatory requirements for its lottery services, which tend to be highly protected by national regulators and governments?

KF: We built our technology with compliance in mind from the outset and have always been open and honest with regulators and third-party auditors. We have nothing to hide and are very proud of the technology we have developed. In addition, globalisation, economic growth in the developing world and technological progress are all helping drive the online gambling industry to new heights, and regulators recognise this.

For example, an area of focus for us is cross border lotteries – they offer huge potential but do throw up some challenges. As such, we have worked closely with regulators in these jurisdictions to deploy our remote B2C operation where we can do so legitimately, and where we can’t, we are in discussions with local licencees over B2B partnerships. It’s about respecting the unique set-up of each market and playing by the rules. 

TG: Where do you feel blockchain and smart contracts have an impact on the industry's value chain; what does the future hold for this technology and its relationship with gambling?

KF: Blockchain provides the perfect foundation for developing online gaming platforms. It offers superior security, fairness, transparency and overall consumer experience. In addition, it streamlines the payments and banking process, adding additional layers of trust between the operator and the consumer.

Some are still sceptical as to the role blockchain will play in the online gambling industry – and others – but we believe it is just a matter of education. When the nay-sayers fully understand what the technology is, how it works, and the benefits it offers them and their customers, it will quickly enter the mainstream.

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