Future of lottery being saved with Blockchain transparency
While we think of gambling, lotteries occupy almost 29% share of the entire gambling area. Though it is a game of luck which rewards huge amounts but it stands quite different from the gaming category. Players invest a miser amount hoping to win a huge amount from the lottery. Few national lotteries are taxable and a few are tax free. Considering how lavishly the online lotteries reward the players, it’s transparency plays a vital role.
Blockchain is a savior in disguise for the lottery world to continue its flagship.It is one of the best tools to reshape the current trends of the lottery industry. Blockchain Lottery has helped maintain a clean slate for customers across the world in multiple sectors. National and International lotteries are all equal when it comes to decoding how fair they perform. Lottery online is equivalent to a commodity which serves the nation with quite a good chunk of donations.
The money earned from the selling of tickets, a decided percentage is given to the nation’s economy. With the Lottery industry expanding at such a rate, technology had to dive in. Technology widened the horizons larger than expected. Lotto-blog has decoratively showered the importance of blockchain technology for constructing fairness alarms amongst the other lotteries.
Amidst the technological flair of the country, maintaining trust amongst the players is getting difficult. The Block-chain Lottery Platform has left no page unturned to make sure that the transparency of the lottery industry stays intact.
Difficulties faced by Lottery Industry
Availability in all areas
Distribution of Cash
How does Blockchain Lottery help to solve difficulties?
Since the Lottery industry works on trust, luck and patience it is important to deliver authenticity. Players might lose trust if the number of frauds escalate as compared to genuine results.
They often doubt if the website is authentic, if tickets are , the winners are announced are real or not, do winners actually receive their prizes and what not.
When you invest, you ought to check the integrity and to showcase fairness, Blockchain lottery is the best access.
Blockchain lottery forces the players to sign up and make a profile on the official website. The account complies with all the details of the players except the bank details.
Availability in all areas
Smaller domains does not allow the players to participate in International lotteries. They are restricted to play their state lotteries only.
Nevertheless, online lotteries enables all the players to participate in lotteries all across the world. No lottery can be missed with invasion of online lotteries.
Nations have spread their wings and made their lotteries available to other nations also. This has increased the number of frauds, mismanagement and scams. Lottery scams were rare before, with technology invading the system it has become frequent.
State lotteries run with rules commanded by the law. Not more than 50% of the funds collected from ticket sales are given for the prize amount.
Equal distribution of funds
Lotteries often donate their collected funds to charities in large proportion. However, who knows what goes on internally? Based on such lack of transparency, players often doubt if their money is actually being used for social projects. This loses players’ trust in the lottery system causing loss to the lottery companies.
Well, lotteries have always claimed to be partially charitable but what , where and how? To answer these questions, a blockchain lottery is implemented.
Blockchain technology is a single handed army and can add data without the fear of any failure. Every root consists of the copy of the ledger system.
Players are given more power and flexibility as the users are able to update the information without involving any third party.
Hence, the blockchain lottery brings out every ounce of transparency maintaining all 100% trust in the players.
Performance Capability of Blockchain Lottery
There are three major components involved in the success story of blockchain lottery process:
2.Web platform for players
3.Web platform for admins to ignite smart contracts
Undertaking these steps a clear picture of lottery workings will be observed. Blockchain lottery enhances multiple key points while developing transparency for the players. To begin with, the players are supposed to sign up forming their account on the web platform.
Admins of the web pages announces the ticket selling and gives ignition to smart contracts.
Ticket sales is followed by the random number generation for the players which is recorded by the blockchain.
When the steps from the players’ end are done, they can also trace their history of transactions in their account.
As easy it is for the players to take a peek in the whole system, equally easy it is for the lottery companies to identify if the players are not creating any fraud.
Block chain lottery benefiting the lottery system
1.Improved fairness with smart contracts.
2. Hgh end privacy and increased access.
3. Can be easily traced.
All these points have been implemented by multiple lottery games to build stronger trusts of the players towards lotteries. A few lotteries that have adapted this method are Quanta, Kibo, Firelotto, etc.
Starting from the clarification of authentic sites to selling tickets, to winning jackpots or investment, every step undergoes the blockchain. Every chain has a block and to surpass these blocks, scammers or hackers will have to crack every single block. This becomes next to impossible decreasing the number of lottery scams.
Thus, the blockchain lottery system secures the system from any foul or scams, Rather the whole system is equipped with high end security putting an end to scams and frauds in the lottery world.