Isle Of Man To Regulate Blockchain Lottery Firm
by Amanda Banks, Lowtax.net, London
01 November, 2017
Quanta Technology Limited says it is the first blockchain gambling business in the world to obtain a reputable gambling license having been granted a license from the Isle of Man to operate a blockchain-enabled lottery.
Distributed Ledger Technology (DLT), more commonly known as Blockchain, is used to store and update data reliably online and also ensure its authenticity among several online users. It was initially put to use to record virtual currency transactions but has since been used more widely.
Built on the Ethereum blockchain, Quanta utilizes smart contracts for ticket sales, the selection of winners, and prize pay-outs. Quanta says the system allows for fully autonomous, transparent, manipulation-proof gaming.
Daphne Caine, the island's lawmaker with responsibility for e-Gaming, commented: "We are delighted to welcome a new company to one of the island's fastest growing sectors. The Isle of Man is a leading jurisdiction for online gaming and blockchain operations, with a well-established digital business ecosystem and community. The Isle of Man's regulations and compliance procedures are specifically designed to accelerate cryptocurrency and e-Gaming industry growth on the island. I would like to wish Quanta the best of luck with their future operations."
Lee Hills, Director of Quanta, commented: "As the first blockchain gambling business in the world to obtain a reputable gambling license, we have negotiated significant regulatory and operational hurdles. Our business partners on the Isle of Man and the Department of Economic Development have been extremely knowledgeable and helpful throughout the process of establishing operations on the island."
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