" Lottery Games industry entry with blockchain technology "
The traditional lottery industry is lossless and also the avarice of traditional lottery industries which lacks in the transparent publicity. The traditional lottery industry is an industry without losses and it is also the greed which lacks the clear publicity of traditional lottery companies. Usually, data such as game results, winnings and out-of-pocket expenses are intentionally hidden or partially covered by the public audit.
There should be a solution by a dapp platform which brings 'Trust', 'Freedom' and 'Fairness' to build up both fairness and loyalty for the people who buy lottery tickets. The lottery industry carries a 30% share of the entire global gambling credit.
Increased from $187.1 billion in 2004 to $284.3 billion in 2014, the global lottery defined an annual growth rate of 4.5% over ten years. The growth of the digital economy, the industry faces challenges like the lack of fairness and transparency. Blockchain solves the demands of transparency and fairness in the gaming industry.
How did blockchain work in a lottery game?
Accessibility and Privacy
The gambling industry has a strong solution for casinos, alternate for fiat currency or as the primary payment systems with the use of cryptocurrency.
With cryptocurrencies, users can bet anonymously, without the commitment to submit copies of the documents. In addition, cryptocurrencies offer a low entry barrier to new players and that enables them to avoid regulations in the gambling which is applied to fiat currency.
With the use of traceability, players can able to get a transparent view of saved transactions. Players can reach the attack if any occurs in the future with the help of traceability.
Paying with Cryptocurrency
As an alternative payment method that Blockchain has brought on board is the use of cryptocurrency. Accepting cryptocurrency generate an opportunity for players to endeavour way beyond their regulatory jurisdictions. Crypto is not dependent on ordinary payment services and it will naturally reduce costs associated with deposits and withdrawals.
Online fraud causes account for serious loses in the gambling industry. Some “smart” hackers can easily hack the lottery system via the servers’ back door. Blockchain technology solves this problem by generating secure ways of transactions. Blockchain’s distributed ledger makes it an impossible task to hack anything in the system. Your winning credits are automatically calculated and sent you to wallet with the help of smart contracts.
Transparency with the smart contract
A smart contract is a digital agreement between the two parties in which computers enforce terms and bring transparency to any transaction. In a blockchain lottery game, rules that are legible to all players can never be altered. Without the interfere of intermediates the player's funds are directly going into the contact. There is no centralized authority to conduct the game, and there are no concerns associated with winnings.
Obstacles face in the lottery industry
Due to the smaller size of the domestic market, users from various countries cannot get involved in the biggest lotteries in the entire world. They are controlled to participate in smaller local lotteries. Although it enables players to purchase US lottery tickets from worldwide the risks of fraud, services charge and mismanagement are higher.
The state and law regulations controlled the lotteries from the various corners of the world. Also, the lottery participants don't know how much amount collected from ticket sales and about the lottery winners.
Distribution of Funds
Lotteries are served as money for charity and other social projects. But in many cases where countries have a high level of corruption, players can raise the question while distributing the funds. Since there is no way to get data about the transaction of funds, in a plyers side it is too hard to trust the specific lottery association.
To overcome this, use blockchain technology for the secure authentication system. Every node included in the blockchain network has a copy of the ledger. Users can update the information into the ledger without the intermediator. It gives individuals more flexibility and power. Therefore, the blockchain can be well implemented in the gambling industry.
Implementing blockchain in a lottery game
Some companies are creating the lottery game with latest blockchain technology where the players can play the game with more trust.
Firelotto is the decentralized lottery platform developed by Ethereum and its smart contracts. There are two types of lottery games: a draw lottery and instant win game, the platform is a licensed crypto-exchange that allows players to buy tickets with fiat money and cryptos.
Kibo is the smart contract enabled game on Ethereum platform. They have developed in blockchain technology to bring a new level of transparency and availability in the lottery market. It aims to connect the players from over all the world.
Quanta is also a fully licensed blockchain lottery platform developed on Ethereum. Designed to transact the conventional lottery, it offers safety for the players and credibility. It allows the people to participate in the lottery regardless of pf economic status.
Whether its a ticket sale, commissions, a jackpot win, investment or every transaction goes through the blockchain. Each and every block in the chain is transparent and it has a record of the transactions, so the hacker can't manipulate or compromise the lottery number.
The futures of the betting, gaming, gambling and lottery industries are fixed to converge. This is one of the most promising sectors. However, gamblers have certain restrictions and exposed to fraud and dishonesty from other players as well as untrusted operators. Eventually, there is hope. Blockchain technology has a huge potential to revolutionize this industry for players, regulators as well as the operators.
Lottery Dapp Game Development
Developing lottery game in dapp build the trust among the players. They can collect the informations about lottery tickets and able to know the winner of that lotteries. It gives security and transparency among each players. We are the one who provide the inceadible lottery games with latest blockchain technologies. Our technical experts creates a games with innovative ideas. Reach us to know more about the dapp game with smart contract.
Get A Demo