The gambling industry is experiencing massive growth amidst the COVID-19 pandemic lockdown. However, there are problems in the traditional online gambling platforms and it seems many users are switching to decentralized platforms in search of efficiency and transparency.
The Problems Of Traditional Lotteries
One of the first and most prevalent issues that have appeared within the lottery sector is a lack of transparency due to the fact that many systems and operations are centralized; the customer does not know what is going on behind the scenes. This lack of transparency has led to regular allegations of fraudulent behavior, specifically: winnings not being paid out to customers, mismanagement of random number generators. This does little to foster trust and repeat custom from users.
Why Blockchain Is The Solution
By running a lottery using a blockchain platform, lottery providers are able to solve almost all of the problems faced by themselves and their customers. Due to blockchain technology’s open distributed ledger system, all transactions and procedures on that blockchain will be transparent.
This helps to foster trust and credibility for a blockchain lottery, which will greatly assist in generating new customers. Also, blockchain technology helps to eliminate the problems of inclusivity that plague many lotteries, due to the fact that anyone with internet access is able to join. As a result of this, blockchain lotteries have the capability to draw on customers from across the globe, increasing usage rate and profits.
Source and the full article
I feel there are so many cases of Lotto scams its crazy, for example, Iowa Hot Lotto scandal, apparently cyber expert fraud $2 million in illegal winnings from five states
The guy later said "It was more of a trying to see if I could do it scenario," he said. "And then it just continued to exist ... the opportunity was there and I took advantage of it." Well I can't blame him, I think blockchain really can help here, what do you think?
Topic: Blockchain can revolutionize lottery platforms. Solving many regular allegations (Read 62 times)
May 17, 2020, 01:03:17 PM
Jump to: