EXCLUSIVE: TALKING INNOVATION WITH RAY DAVIES, CHIEF OPERATING OFFICER AT BLOCKCHAIN LOTTERY QUANTA

Over the past six months we’ve been following the exciting developments at Isle of Man-based Quanta, the world’s first fully licensed blockchain lottery. So, when we got the opportunity to chat with Quanta’s Chief Operating Officer, Ray Davies, we jumped at it.

By avoiding an ICO you’ve definitely bucked the trend with QNTU – how’s this working out for you?

Its working well. The value of the QNTU, our utility token, is expected to increase through expansion of its use and on the on-going increase of the value of our company.  We have developed a specific strategy ‘our roadmap’ for the leverage of the QNTU and the value of our company, which is irrespective of the ICO strategy.

More specifically, our roadmap is based upon ‘pillars’ which are about significantly improving our products by increasing their performance, addressing scalability, widening our games and services portfolio and expanding the operation of our blockchain based gaming platform on a global basis.

How long do you think it will be before blockchain-based gaming really goes mainstream?

Blockchain-based gaming should be considered as an enhancement to, and upscale of, the current conventional gaming technology rather than disruption to it. Blockchain gaming can and should develop in parallel, and as an add-on, to the conventional technology games. 

The coexistence of the two gaming technologies has already started and will continue to be deployed more and more in the months and years ahead. Quanta is already in the process of applying this model in Nigeria and shortly in other countries too.

I believe blockchain-based games will become mainstream though this will be through the coexistence of the two worlds rather than at the expense of one of them.

As people immersed in the blockchain and igaming ecosphere, it’s easy to lose sight of the typical, ‘everyman’ perspective. We understand the benefits of blockchain-based gaming and lotteries, but how do you sell those to the ‘regular Joe’ on the street?

Blockchain technology is not targeted to the specific classes of our society but rather to everyone whatever his/her status; e.g. social, educational, financial, geolocation etc.  It’s the medium through which blockchain-based games can provide the same or superior customer experience for everyone.  

Blockchain, thanks to its peer to peer orientation, gives access in high tech applications to everyone and especially those in developing countries like in Africa who have readily adopted modern communications technologies.  All players can benefit from the blockchain’s superior integrity and trust compared to conventional games technology. 

Jurisdictions like the Isle of Man and Malta are clearly stealing a lead when it comes to all things blockchain related. Do you think small countries have an advantage here in terms of adopting new legislation quickly?

The economy model of small size countries such as Isle of Man and Malta is mainly offshore oriented, which in simple words means the cross-border economy. Blockchain technology fits perfectly with the offshore economy model of these countries as it goes beyond borders and intermediaries and provides time & cost efficiencies.    

As such these countries, mainly due to their size are incredibly flexible and nimble and can react and adapt quickly to the ever-changing nature of business. This is a competitive advantage which they are clearly embracing.

Watching mainstream media reports, it seems obvious there’s still a widespread ignorance about blockchain, with many still using the term ‘bitcoin’ to refer to all things blockchain. Why do you think this is? Are education systems failing?

There are many people who are not aware at all about blockchain technology or simply connect blockchain technology exclusively with the bitcoin and other cryptocurrencies. 

I don’t think that this is a kind of ignorance about the blockchain technology but rather blockchain sits quietly in the background.  Most people today are familiar with the smartphones and the tablets thanks to the user-friendly applications on these devices, and I trust that it is only matter of time for more and more people become acquainted with the blockchain technology as more and more blockchain-based applications become part of our day to day life.   

Given Quanta’s acquisition of Naija, you’re obviously interested in the African market. We’re seeing a lot of blockchain and crypto projects focusing on developing economies. At the danger of sounding idealistic, do you see blockchain as something of an economic equaliser – after all, one of the main problems plaguing African economies has been corruption, and blockchain tech offers the promise of incorruptible records and transactions?

We believe that the blockchain technology will be disruptive to the developing countries, such as in Africa, and rather foundational in developed countries.  In developed African countries blockchain technology can fill the gap of integrity and trust for its citizens and in these countries blockchain technology can be economic equaliser and aid democratic society. 

It’s always great to get insights from the people at the cutting edge of an industry, and the Quanta team is certainly that! So, it’s a big ‘thank you’ to Ray for giving us some of his time, and if you’re curious you can find out more about Quanta at https://www.quanta.im/

We’ve also got a fascinating exclusive video interview with Shogo Ishida, CEO at QRC Group and Quanta coming very soon, so watch this space!

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