The lottery culture has been perceived as a gaming product, but it also contributes high profit-volume ratio industry that can be termed as a commodity. The mechanism of the lottery industry works by risking a small amount of money against a bet, with the intention to earn a higher price. There is an annual growth of around 4.3% in 2014 as compared to previous years. Over a decade, the lottery industry has increased from $187.1 billion to $284.3 billion. However, there is a drawback to the evolution of technology. Due to this evolution, there is a risk regarding fair play and transparency.
CHALLENGES FACED BY THE LOTTERY INDUSTRY
- Fairness: The fairness of the game is an essential aspect of the lottery industry. A lottery business must maintain fairness through the gameplay to reduce the risk of fraud and manipulation. Login Wajan4d ensures users access a platform that prioritizes transparency and security. Due to digitalization, there’s always a questioning mind in the users regarding the authenticity of tickets or others.
- Availability: Due to a shortage of size in the domestic market, players from other countries cannot get the chance of involved in the largest lotteries across the globe. However, the new system in the US enables players across the world to participate. There is always a risk of fraud and breach of security.
HOW A BLOCKCHAIN LOTTERY PLATFORM UTILIZES TECHNOLOGY FOR FAIRNESS AND TRANSPARENCY?
The introduction of a blockchain lottery-based platform has significantly reduced the risk of fraud and manipulation. This blockchain method has added a layer of security to enhance transparency and fairness. It will also ensure that the game played will be totally free from manipulation.
ADVANTAGES OF BLOCKCHAIN AND THE LOTTERY INDUSTRY
Due to the revalorization of blockchain technology, the ability to bring fairness, transparency, and accessibility can be noticed in many industries. The lottery industry is also impacted by blockchain technology. The blockchain technology offers the following benefits,
- It enhances gameplay by establishing fairness. The element of transparency is applicable to all transactions, irrespective of the parties.
- There is a trend of using cryptocurrency for betting instead of money. The gamblers anonymously use cryptocurrency without any limit in the casinos or other betting places. This mode of transaction can become difficult in a country where gambling is illegal. The blockchain technology makes online gambling more inclusive and caters to a wider customers.
- Blockchain technology can be used for tracing a transaction. Since all the transactions of the players are stored, it builds transparency among the players to get a wider view of their transactions.
CONCLUSION
It is a massive technological transformation in the industry due to blockchain technology. The lottery industry can implement blockchain technology to build transparency, traceability, and accessibility in its business. By following this, a lottery company can become more transparent and fairer towards every player.
