7Chain, At Every Single Moment That Needs Probability
“Apartment Lotting-Out and Lottery” Episode
Even at this moment, lots of construction companies are building apartments. And they are supplying those apartments with so called ‘Sales in lots’ method.
Buyers who want to won the ownership of those apartments apply for subscription, and the winners are sorted by priority by comprehending various factors including but not limited to current housing condition and the amount of subscription deposits. There is the most important procedure which the people with the right to apply for subscription must follow. That is the drawing procedure which will decide the apartment number.
The procedure is usually executed with drawing method. Such action is required as supply does not meet demand. If there are only 50 apartments with the size of 109.09㎡ even when 100 people demand 109.09㎡ apartment, the rest 50 people must be allocated with other apartments with different size. Moreover, elements like view and the amount of sunshine varies according to the size and the location of apartments even when they share the same size. This makes huge difference in price.
How does the system categorize the location and size with what kind of standard? There is no other alternative besides drawing when dealing with the people with the same right.
The drawing for apartment number is a highly sensitive issue as the price may vary hugely from tens of millions of dollars to hundreds of millions of dollars.
The drawing is done with two methods including manual drawing and electronic drawing.
Many people demand manual drawing method. Manual drawing method is less controversial as people directly participated in the drawing process. However, manual drawing method becomes a huge burden for large-scale apartment complex. For apartment complex that consists of more than 2,000 households requires huge amount of cost and time for a drawing.
On the other hand, electronic drawing method is highly controversial. It is because people believe that manipulation can be done as they do not trust computer programming. Because of spatial limit, people cannot see the drawing scene when it comes to electronic drawing.
Controversies arise as there are cases when union members including the union leader win the upper floors which are usually referred to as “Loyal Floors”.
What would be the positive things that can be brought from the application of 7Chain’s RNG technology on such drawing procedure?
If all procedures that are done for drawing are automated by using 7Chain’s RNG technology-powered smart contract, the cost that arise from visiting the scene can be reduced. (Of course, there are people who want to feel the excitement of winning the drawing at the scene :D)
Even when people do not attend the scene, they can trust that the drawing is fair and transparent. Also, they can check the procedures at all times regardless of their location.
7Chain’s RNG technology that is realized as a smart contract blocks the possibility of errors and the risk of manipulation. Furthermore, it can block many controversies from the very foundation as it transparently and fairly generates probability itself which serves as the foundation of drawing.
Lottery Market, The Sector that Requires Transparency
In 2015, Eddie Tipton, former information security director of the American Multi-State Lottery Association, was arrested for receiving the winning prize money by installing a software that illegally manipulated 2005 Colorado Lottery. The amount of winnings he received for 6 years accounted for 2 million dollars.
He got arrested as closed circuit camera caught him purchasing a 14.3 million dollar lottery ticket in Iowa in 2010 while disguising himself as someone else. Even lottery is prevalent in our society, purchasing lottery becomes a cautious thing when we hear such news.
Blockchain-powered lottery system does not allow such falsification as data are stored in a decentralized system. The falsification of data becomes impossible here. Existing blockchain-powered lotteries share the same strength.
However, 7Chain RNG-powered smart contract contracts brings fairness and transparency to this sector when the technology is applied to lottery. Transparency is maximized as 7Chain, lottery seller, and lottery buyer all participate in the drawing procedure. Also, as the technology aims to become an open platform technology while not forcing the application of cryptocurrency, it can also be applied to offline lottery. More transparent and flexible business model design becomes possible.
7Chain team believes that technology becomes truly meaningful only when it brings change to our daily life even when the technology is innovative. There is no reason to use blockchain if blockchain cannot help our lives even when the spirit of decentralization holds amazing philosophy.
That is why 7Chain’s RNG technology designed a system that does not require cryptocurrency even when it is run on blockchain. We used blockchain technology, but did not force the use of blockchain to the sectors that need 7Chain.
It is known that probability first came out from a question about fair distribution of winning, “How should the winning prize money get distributed when a game suddenly stops?”. And we are offering our blood, toil, tears, and sweat to apply 7Chain’s RNG technology on all sectors where probability exist.
It is not important whether blockchain technology is applied o not. We just want our lives to be fairer and more transparent with 7Chain’s technology.