Blockchain

500.com’s “Blue Paper” Highlights Blockchain Solution for China’s Lottery Fraud

The leading Chinese online sports lottery service provider, 500.com, has recently released a report that sheds light on how blockchain technology can transform the country’s massive online gambling industry. Dubbed as the “Blue Paper on Blockchain Technology for China’s Lottery Industry,” the report mentioned above also proposes blockchain-based solutions that would not only enhance information management and reduce operational costs but will also play a key role in reducing lottery theft and fraud.

The paper spells out the development of a special blockchain-powered solution by 500.com. Chinese Lottery Chain (CLC), which has been “specifically tailored to address the vast Chinese lottery industry.” The company states that their initial researches on blockchain technology started way back in 2015, and since then, they have been dedicated to developing innovative solutions that can play crucial roles in tackling the problems currently plaguing China’s lottery sector.

Besides proposing blockchain-based solutions, the paper also delves deep into the current state of China’s online lottery industry and outlines plans to drive its sustainable development. Leveraging upon 500.com’s wealth of experience in the online gambling sector, the report offers thorough insights into the industry and highlights how the application of blockchain technology could bridge the presently existing loopholes. They believe that blockchain has unique advantages that are capable of creating a new impetus for innovation and advancement of the country’s lottery industry.

500.com’s Blue Paper arrived merely two weeks after China’s President, Xi Jinping, publicly endorsed blockchain and called on innovators to step up “research on the standardization of blockchain” so that China could beat the U.S. in the quest for blockchain supremacy in the coming years.

After the company incurred a net loss of RMB137.8M ($20.1M) in August, 500.com is constantly trying to recover itself by branching out into European-facing online casino and land-based lottery operations in China. The world is expecting to gain more insights into the company’s blockchain plans as it will report its Q3 results on November 11.

On the other hand, this year, China’s lottery sales have seen a downward trajectory. The government, however, appears unconcerned primarily owing to its perpetual uneasiness regarding the country’s heavy demand for gambling products. Also, official corruption in the lottery sector remains to slow the industry down. As far as issues of transparency and fairness are concerned, the distributed nature of blockchain comes with a bunch of promises to usher innovation in the lottery industry.

Tags

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
Back to top button
Close