Over the years, the global lottery industry has been faced with different challenges ranging from lack of innovation to lack of growth to lack of fairness, and the list goes on and on. These challenges thereby hinders the growth of the industry, and has also made many people loose faith in the industry.
Lack of fairness has always been one big challenge in the industry because I’d how easy it is to rigg the result or outcome of lottery. One of the ways the lotto can be rigged is by attaching the lotto terminal to fake servers to forge the tickets after the draw or to undermine the credibility, making the ticket unredeemable even if they win. It is very vital for there to be transparency on the industry because it brings about trust from the players. That’s why at Mitoshi, we are integrating blockchain technology which decentralizes the chances, making the lottery more transparent.
Another Challenge faced by the industry is the lack of growth due to the lack of innovation and very strict regulations/policies. The growth of the industry has been slow over the years due to lack of innovation. Many lottery companies have been doing the same thing from early 90s till now, not giving their players/customers something new to be excited about. Strict policies that prevent audiences not from a particular country from participating, to taxes and extra charges are brought about because of the centralized and monopolized nature of the lotto industry.
Here in Mitoshi, we intend to use the decentralized technology as a way to work around regulatory policies that inhibits the growth of the lotto industry while making its market much more expandable, accessible and involved.
In addition, the lotto industry is well known for late payout. Most times, payment is done after weeks or months of winning, inconveniencing the players. We plan on using Smart contracts for collecting and distributing funds made from the token sale as well as in paying sales commissions and winnings — instantly.
Mitoshi is here with all the solutions needed to solve the challenges faced by the lotto industry.
To know more about Mitoshi, kindly visit our at website
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Topic: CHALLENGES FACED BY THE GLOBAL LOTTERY INDUSTRY (Read 113 times)
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