Why Blockchain In The Lottery?
Lotteries and raffles date back far into the history of humanity. In fact, the first recognizable lotteries are said to be keno slips from ancient China. What is even more fascinating, these lotteries were an important source of funding for major government projects.
As time went by, the methods and techniques of carrying out lotteries have changed, as well. People came up with more and more ingenious ways of cheating the system, and lottery creators devised coupons that grew more and more impossible to win. The fundamental principle remained the same, though — pick a few numbers and hope for the best!
We’re well into the 21st century and you’ve got all the best lottery sites at your disposal to make the best decisions regarding which provider to go with or when to play to maximize your chances of winning. But online aggregators of best lotteries around the world are not the only way in which modern technology is reshaping the landscape of these chance-based games we’ve all grown to love.
Wondering how the process of lottery modernization is changing the lotto landscape? Keep on reading to find out more about the marriage of lotteries and the internet, particularly blockchain technology.
Lottery and the Internet
The invention of the internet has enabled people to play all sorts of games and engage in various activities with others who are located thousands of miles away. It has also transformed the way we perceive payment methods nowadays. This makes it the perfect tool to streamline the lottery process, from how frequently they can be played to how their prize money is distributed. All this can be achieved thanks to a neat little thing called blockchain technology.
Why Blockchain in the Lottery?
Blockchain has become the way to go when it comes to dealing with payments and transactions. A blockchain-based network is virtually impenetrable, which is why people consider it ideal for performing online transactions. Obviously, no one can claim virtual lottery prizes without showing a random public key that is attached to the lottery ticket that they own.
Benefits of Blockchain-Based Lotteries
Blockchain-based lotteries have several benefits over traditional lotteries if used correctly and implemented properly. First off, they can be easily accessed by lottery players and they do not need to travel to a lottery outlet or provide any personal information just to participate.
Blockchain requires a public key to play along with some form of identification which makes it much safer than any other form of payment method because no one can steal your identity or lottery ticket from you.
All listed transactions can be verified using the platform’s public keys and by viewing their transaction history. You can also expect transparent transactions since winning numbers are published in real-time. This means that even if you lose a bet, you can still verify whether any of the winners were playing with your preferred keys or not. This element of transparency will not only give winners confidence in knowing that their winnings were fairly distributed, but it will also help prevent any sort of fraud from taking place during prize distribution in a blockchain-based lottery platform.
In addition to all these benefits, blockchain technology also allows users to purchase different types of tickets for the same game from all over the world without any problems whatsoever! This means that regardless of where you are at the moment, you can still play a lottery game of your choice by simply launching the platform.
