Farris: “It offers superior security, fairness, transparency and overall consumer experience”
It was literally standing room only at the Quanta official launch ceremony during ICE Totally Gaming 2018 on 7th February at London’s ExCeL Center, where this industry newcomer has backed blockchain technology to revolutionise lottery systems.
Quanta, which started with five founding members, now has an end-to-end Blockchain Gaming Platform supported by its own Blockchain Technology Competence Center. Quanta received its license back in August 2017 and after the Isle of Man Gambling Supervision Commission completed their final checks, Quanta was all systems go to launch at prestigious ICE 2018.
The company’s CTO Konstantinos Farris explains how blockchain can bring about lottery innovation, overcoming regulatory requirements for its services and disrupting a sector in need of change. Farris explained that Quanta’s primary focus has been developing a fully compliant blockchain lottery.
“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,” said Farris. He added: “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.”
Quanta’s unique journey has taken them from initial conception and planning through to its current offering. Farris said that 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,” added Farris.
Asked about how blockchain and Quantas will impact on the industry’s value chain and what does the future hold for this technology and its relationship with gambling, Farris said: “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.”