Quanta Technology Limited has been granted a license to operate by the Isle of Man to develop the first fully compliant blockchain lottery in the world.
“As the first blockchain gambling business in the world to obtain a reputable gambling license, we have negotiated significant regulatory and operational hurdles,” said Lee Hills, Director of Quanta Technology Limited. “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.
“We are delighted to have found in the Gambling Supervision Commission, an incredibly supportive regulator, committed to understanding our unique technology, while maintaining absolute dedication to the principles of ensuring the Island’s gambling industry remains crime free, protects the young and vulnerable, and ensures our services are fair and that players receive their true winnings,” he said.
According to the company, Quanta is built on the Ethereum blockchain and utilizes smart contracts for ticket sales, the selection of winners and prize pay-outs. The system allows for fully autonomous, transparent, manipulation-proof gaming.
