The new system described as the world’s first ‘paper-based blockchain-powered lottery‘ guarantees greater transparency in the embryonic Cambodia gambling sector. Chinese lottery solution provider Hongbo has been granted a license to partner with Cambodian lottery operator Jinxiang to develop a blockchain-powered scratchcard lottery.
The Chinese lottery solutions firm’s initial offer will be a paper scratchcard product known as Goldvalley KHR. Lottery participants will be able to confirm the legitimacy of the lottery scratchcards and the amount payable by scanning the QR code on the card pegged to the blockchain record.
In addition, the printing and distribution of lottery tickets will be monitored through a blockchain-based supply chain dubbed Scratchblock. The production of random digits determines the payoffs of the lotteries. The numbers determine the deployment of symbols that should be matched in order to win a prize on the scratch card product.
Blockchain-powered scratchcard lottery to enhance transparency
In the majority of administrations, the algorithm that decides the administration or randomness of these digits; are strictly supervised by the authority mandated with overseeing gambling in the region. Notably, lottery gambling has only been validated just recently in Cambodia. Additionally, the rush to establish the sector and set up nationwide lotteries has been met by complaints that it runs in a black box.
In addition, the blockchain-powered scratchcard lottery will be monitored using some crucial metrics provided by Scratchblock. The blockchain network will enable data comparisons, such as comparing the prize return rates and the batch numbers of the scratchcards. The metrics help exhibit that the odds are uniformly dispensed out.
Application of blockchain technology in lotteries
The new blockchain-based lottery in Cambodia is not the first time blockchain technology has been applied in the lottery system. Shenzhen’s Welfare (Charity) Lottery system conducted its initial test on the blockchain technology application back in 2019. However, the lottery is electronic and not paper-based.
In conclusion, Cambodia has made use of technology in other areas as well. The Asian nation’s central bank announced that it is creating a central bank digital currency just recently. The central bank aims to improve the liquidity of Cambodia’s legal tender, Riel.