Quanta and Nigeria's Naija Lottery to Create a Truly Blockchain Based Lottery System

Blockchain technology has, as many of us have seen, a great deal of uses, one of the applications being for a national lottery. We have seen this with the recent announcement from Nigeria-based Naija Lottery that it will be partnering up with the blockchain company, Quanta.

This means that, effectively, Nigeria will see one of the very first applications of blockchain technology to the lottery market.

Decentralizing The Lottery World

Referred to as the International Lottery and Gaming Limited, or ILGL, also known as Naija Lottery has reportedly partnered with Quanta, its new investor, about introducing the technology to the lottery world, while also bringing a blockchain-based investing platform to the ecosystem too.

According to the pre-arranged agreement between the two parties, this collaboration represents the coming together of the conventional lottery world with Distributed Ledger Technology. Speaking on behalf of Naija Lottery, the Managing Director of the company, Charbel Saadeh stated that this would help to push the Nigerian lottery market forwards at a great pace:

“This is the time for us to work on the momentum of the traditional lottery market in Nigeria. It is by working together that we will be able to go on to build a trustworthy platform which is able to ensure a greater level of safety, fairness and, transparency for the community. Blockchain technology will allow all of this, while providing a higher level of function for the playing community, helping to bolster the national and local economy as a result.

Saadeh went on to comment that the company had its aim on providing a higher quality of service for the Nigerian market.

Kostas Farris, operating as the Chief Technology Officer and Director for Quanta, added to the existing commentary about the partnership with Naija. The CTO sees the partnership as a spectacular step forward for both companies, and the Nigerian nation as a result. The executive went on to add that Quanta seeks to use Nigeria as a real-use case for blockchain technology and its application in lotteries, all before seeking to expand into other African markets.

Operating as one of the biggest gaming companies in operation within Nigeria, Naija provides its lottery tickets to cities, towns and villages across the country. Along with this, the company is also involved in providing responsible gaming experiences to its markets, all in accordance with international standards and regulation, allowing them to provide engaging gaming, while preventing and raising awareness of addiction.

Naija is a well known and reputable service, ranked and provided with a Grade A license from the National Lottery Regulatory Commission.

The company itself is one of the first test cases for a fully licenses blockchain lottery, and is built on top of the Ethereum Blockchain.

Blockchain Technology Pushing The Envelope Into The Digital Gaming Market

There are plenty of use cases for blockchain technology, as it allows companies to cut out the increasingly unnecessary middlemen while offering a great deal of transparency. The online gaming world includes the technologies application into the lottery and casinos, which will also see the employment of decentralized ledger technology.

This is not the first time that we have seen the application of blockchain technology into the gaming / gambling world. DAO Casino, for example, partnered up with BlockProof Tech LLC back in November with the intention of revolutionizing the gambling world with what it refers to as Gambling 3.0.

The company seeks to create a fully decentralized dedicated protocol for gambling on top of the Ethereum blockchain. The way that the company intends to do this is by improving interactions between users, while creating a far greater level of opportunities for affiliate companies, game developers, players and gaming operators.

It was also made public this year that the technology that was pioneered by the Virtual Reality Casino OKO, sought to solve another issue using blockchain.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today