Blockchain in Lotteries

Note from the Publisher:  FintekNews Friends, we aim to keep our content easy to understand, as the technology of fintech in its myriad of forms can make the eyes of most (other than quants and hackers) gloss over in a haze pretty quickly.  For that reason, we won’t dig TOO deeply into this story, but we saw an interesting ad on TheMerkle today, as we were looking at some other stories, and we decided to pursue the company in the ad instead. 

The ad was for KIBO, with the tagline “The first international lottery based on Ethereum smart-contracts”.  Most of our readers are in the wealth management, broker/dealer and hedge fund industries, so the application of this story will be adjunct to their business (unless you want to start an online lottery), but we mainly wanted to point out, yet again, that blockchain is a transformative technology that can seemingly be used in virtually any industry.  The KIBO team is based in Singapore, a hotbed of innovative fintech activity. 

From their website:

“We have always believed that humanity deserves transparency, openness, and fair play as basic values.

Ever since the Blockchain technology was developed we have been really impressed by what it has to offer. With our many years of experience in entertainment content development, we could not but notice a technology that removes all key shortcomings that gamers across the world have to face today.

Blockchain and smart contracts are not only second to none in solving end user’s problems but also ensure 100% security and fair play in creating an independent affiliate network governed by a smart contract.

This is how KIBO originated – the first decentralized lotto that makes it possible to develop collectively owned social games. By joining the efforts of our team, we were able to commence development in June 2015………..

A lottery is the most popular game in the world.

More than 50% of the population in developed countries play lottos on a regular basis. However, a traditional lottery has a number of shortcomings which affect every participant without exception.

KIBO LOTTO offers a new approach to the organization and holding of lottos. Thanks to Blockchain and Ethereum smart contract technology, we have eliminated key shortcomings in the most popular social gaming entertainment on earth.”

Read More at KiboPlatform