As a regular lottery player, we have many times wondered will there ever be a lottery platform which can guarantee completely fairness and transparency in lottery transactions and results. From what we have come to know about blockchain we know that it has the potential to solve most of, if not all, the problems of the lottery industry.
So when someone asks me questions like whether blockchain is the future of the lottery or why should they play blockchain-based lotteries. Here is the answer:
Airtoto is a blockchain-based lottery system which is known as the The World’s First Government-Backed and Fully Licensed Blockchain Lottery . It is by far the most successfully blockchain lottery out there, so we will take its example for this article.
Let’s start with the problems of traditional lotteries.
There are actually many. Traditional lottery systems involve a lot of human intervention. From the sale of tickets to drawing of numbers to the distribution of rewards, all things are performed manually, and there is always a chance of fraud. End users or lottery winners have no idea how the rewards are distributed or how much commission the bookmaker is charging.
Blockchain can bring decentralization to these lotteries making them more transparent and fair. This will also remove the middleman or bookie, so the end user can get the maximum benefit. In short, blockchain will reduce the cost and increase transparency in lottery transactions.
For instance, Airtoto makes use of Ethereum blockchain along with an ERC-20 token - ATT - enabling users to perform secure and verifiable transactions.
Why are lottery owners not so interested in adopting the blockchain technology?
The blockchain technology can offer many benefits to the players, as we discussed above. But the sad thing is that big lottery owners around the world are not so thrilled with the idea of implementing this technology into their systems. Why?
Because they see a potential decrease in their profits. Among many other things, blockchain removes the concept of the middleman. When the system is completely transparent and there is no platform fee, the owners will be required to share most of the profits with the winners. This will endanger their profitability.
This is why we are not seeing many blockchain based lotteries and gambling places. But things are changing now, with more lotteries accepting the benefits of this futuristic technology.
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