In the business-driven world, every industry across the globe are stepping in Blockchain technology to revolutionize industries. Though for a few Blockchain is a new concept, an increase in companies investing in it. Blockchain has managed to gain a reputation for greater transparency, enhanced security, efficiency, and low costs.
Problems with traditional lotteries
Though many global economies were wheeling before the COVI-19 pandemic, the inadequacies of many industries are still addressed by executing Blockchain technology. The main issue with traditional lottery platforms is that they have varying inefficiencies that might end up causing huge levels of mistrust between developers, players, and platform lottery hosts. Large scale fees along with poor user experiences might hamper the traditional lottery system.
In addition to the aforementioned issues linked with traditional lottery platforms, more issues for players include small and few jackpots, less social interaction, hidden costs, and a high risk of fraud. Talking about businesses and charities, a few serious issues include an organization cost, no support for Blockchain protocols, an inability to provide large jackpots, and the expensive licensing processes that are required. With the provided issues, it is surprising that change is not yet.
Also, thanks to Blockchain technology, the future of lottery platforms might look brighter. For availing more information on Blockchain technology, you can always have a conversation with the team members who are always there to assist you. You can always call on Blockchain helpline number which is functional.
The common question that pops up among consumers is that why Blockchain technology transforms the traditional lottery model. The main four core features of utilizing Blockchain protocol in the case:
- Infallible: because of its independent nature, Blockchain tech eliminates the human intervention requirement.
- Reliable: The prize and mode through which they will be delivered to winners, done through smart contracts.
- Transparent: The unchallengeable nature of the Blockchain ledger means that all data on ticket sales, revenue, expenses along with other performance indicators will be safely stored.
- Democratic – Lottery platforms are beyond the reach of governmental control, it doesn’t mean that it is despicable in nature. Instead, it facilitates compliance with regulations along with local cultural practices in the lottery’s operation region.
The Blockchain lottery platforms: Three cases
Many industries are benefitted from blockchain technology, execution of that technology will take time. Luckily, when it comes to the lottery space, there are a few promising platforms that are trying to revolutionize the way lotteries were used to conduct.
Lotto Nation is a new invention in decentralized lottery platform form powered by both artificial intelligence and Blockchain technology. The platform allows businesses, charities, and players to connect via a safe technological medium.
Created on the Ethereum Blockchain, allowing individuals to create and launch their own lottery. It was in the news that traditional lotteries lack social interaction that is required for modern audiences and the platform has solved many issues by encouraging invitations to family members, friends, and acquaintances, allowing them to essentially be a part of a syndicate. To know more, call on Blockchain support number which is always functional.
Fire Lotto is a globally decentralized lottery platform based on the Ethereum blockchain and is managed by smart contracts without any human intervention. The platform caters to two types of lottery games – a draw lottery and an instant-win game. The licensed crypto exchange is also featured on this platform, allowing players to buy lottery tickets with crypto and fiat. One big concern is that users might have an issue regarding the platform is that previous iteration of the technology asked users for their private keys while paying for tickets.