The resulting product will be “the world’s first paper-based blockchain-powered lottery,” and that is a mouthful. Yet it makes sense. The lottery will be available to less tech-savvy patrons as well as players interested in purchasing tickets online.
The project is developed with Jin Xiang, a Jin Cai International Holding subsidiary. Partnering with local operators, Jin Xiang will see the project realised when, as per reports, the official paperwork has been sorted and licences have been granted.
Hongbo will hope to bank on its unique Goldvalley KHR product. In Goldvalley, players will see if they have won before the result is announced and be able to cash out before a game completes.
Another upside of the introduction of the lottery is that the tickets would most likely help Cambodia reduce ID fraud, as the buyer’s mobile phone number and QR codes will be used for authentication.
Earlier in February, Hongbo said that it would provide the required technology and make the project happen. Meanwhile back home, China is trying to pioneer Hainan as a leading province for the development of blockchain, and possibly blockchain gaming solutions.
China has a very singular approach to blockchain, as it can centralise the technology and even issue a national currency, helping it circumnavigate the established financial order. To the west, blockchain isn’t as readily adopted, with regulation halting progress in certain sectors.
Embracing crypto and blockchain has allowed many countries in the east to also see an increase in entertaining platforms such as crypto casinos, with FunFair recently launching a localised Japanese site, and Bitcasino.io and FortuneJack having translations for the region.