Leading online sports lottery service provider in China 500.com has released an intelligence report on the Chinese lottery industry called “Blue Paper on Blockchain Technology for China’s Lottery Industry”.
As a leading player in online sports lottery service in China, 500.com assembled an independent research team in 2015 dedicated to the research, validation, development, and application of blockchain technology to lottery products. Upon such technical strength, the team designed the framework of the Chinese Lottery Chain (CLC), a blockchain solution specifically tailored to China’s lottery industry.
A first of its kind in the lottery sector in China, the paper provides an in-depth study on the current state and needs of China’s lottery industry and outlines plans to drive its sustainable development using blockchain technology.
CLC was designed to be applied across the lottery industry where it 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.
In a recent press release, 500.com stated they strongly support the application of blockchain technology throughout China’s lottery industry and are committed to working independently or in conjunction with other industry players to develop innovative solutions. The Company added they believe that blockchain technology has unique advantages that will create a new impetus for innovation and development of China’s lottery industry.
500.com is a leading online sports lottery service provider in China. The Company acts as an aggregator and processor of lottery purchase orders from its registered user accounts and derive substantially all of its revenues from service fees paid to it by provincial sports lottery administration centers for the purchase orders of sports lottery products that it direct to such centers. The Company offers an integrated suite of online lottery services, information, user tools and virtual community venues to its users. The Company provides its registered users with a range of lottery sales services that include Individual Lottery Purchase, Lottery Pool Purchase, Automatic Tag-along Purchase, Recurring Purchase and Locked-in Lottery Number Purchase. Its information services cover the news in the lottery business, including information on approximately 10 national level lottery products and over 100 provincial-level lottery products.