500.com proposes a blockchain-based solution to the stop fraud in China’s online lottery business.
China.- 500.com, online gambling operator, released earlier this week a report on Blockchain Technology for China’s Lottery Industry. 500.com’s presented its development of Chinese Lottery Chain, “a blockchain solution specifically tailored to China’s lottery industry.”
The Chinese Lottery Chain will “enhance lottery information management security, reduce operational costs and increase efficiency, strengthen the credibility of lottery results in China, and reduce lottery theft and fraud.”
For a while now, 500.com has “committed to working independently or in conjunction with other industry players to develop innovative solutions” to the problems plaguing China’s lottery sector.
In August, 500.com reported a net loss of €18,2 millions for the second quarter of the year ending June 30. However, we are waiting to hear back from the company with its third quarter results which they expect to be better.
Due to illegal management of the online lottery sales – with provincial lottery administrators “forgetting” to record all their online sales, generating billions of dollars capital flight, Beijing decided to ban online gambling back in 2015.
Overall, China’s lottery sales are drastically decreasing; however, the government is consistent in forbidding its citizens to access gambling products. This harsh measure is a consequence of the evident corruption that’s immersed in the Chinese lottery system.