Naija Lottery recently announced its partnership with Quanta, in a bid to introduce blockchain technology to the traditional lottery market.
Revolutionizing the Lottery Industry Using Blockchain
According to The Punch, the International Lottery and Gaming Limited (ILGL) also known as Naija Lottery, partnered with a new investor, Quanta, to introduce a blockchain investment platform. Per the agreement, the coming together of both companies would bring decentralized ledger technology (DLT) to the traditional lottery market.
Commenting on the partnership, Charbel Saadeh, who is the Managing Director of Naija Lottery, said:
Now is the time to build on the momentum of the traditional Nigerian lottery market. Together, we will continue to build a safe and trustful platform that ensures fairness and transparency, while offering amazing functionality to players and helping to boost the local economy.
Saadeh further said that the company aimed at offering a better lottery experience for the Nigerian market.
Also commenting on the collaboration was Kostas Farris, Chief Technology Officer and Director of Quanta. Farris said that the partnership of both companies was an opportunity to boost the dynamic lottery industry. The Quanta executive further stated that the company aimed at spreading blockchain lottery across other markets in Africa.
Naija Lottery which is one of the largest gaming companies in Nigeria offers lottery tickets across the country. Part of the company’s objectives includes offering responsible gaming according to international standards and preventing addictive playing. Naija Lottery has a Grade A license from the National Lottery Regulatory Commission.
Quanta is renowned as the world’s first licensed blockchain lottery and developed on the Ethereum decentralized ledger technology. The company aims to transform the traditional lottery industry by providing a safe and transparent environment for both players and operators.
Blockchain Technology Penetrating the Online Gaming Market
Different sectors use blockchain technology as it does not involve a middleman and is transparent. The Online gaming industry including lottery companies and casinos also employ decentralized ledger technology to bring about fairness and take the industry to the next level.
DAO.Casino in November announced a partnership with BlockProof Tech LLC to revolutionize the gambling industry with Gambling 3.0. The casino company aims to build a decentralized protocol for gambling on Ethereum blockchain. This process would improve interaction and create better opportunities for operators, affiliates, game developers and players.
Earlier in the year, VR Technology created the VR Casino OKO which aimed to solve the problem of transparency using blockchain technology.
Image courtesy of Shutterstock.