- Summary:
- Blockchain has become the way to go when it comes to dealing with transactions. So it is natural for that the lottery moves to the blockchain. Learn more.
Table of Contents
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, including the Great Wall of China itself!
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. Check out this Health Millions review to get a better understanding of what is expected of a modern lottery site nowadays.
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. At the same time, blockchain platforms such as the RChain help manage and verify the transaction records of everyone involved in the lottery process.
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.
Shortcomings of Blockchain-Based Lotteries
Even though blockchain-based lotteries have many benefits, they also have their fair share of problems that are best solved by using another type of platform.
It is pretty much impossible to play a blockchain-based lottery game anonymously. While it is true that no one can steal your lottery ticket from you or find out what numbers you like, all transactions are still recorded on a public blockchain that is available to everyone. The information regarding your preferred keys will still be stored in an immutable database and will be available for anyone to see if they have access to the root node. This means that your entire transaction history will be available for anyone who wishes to know what numbers you played in the past.
This should not be too much of a problem for recreational players, but it could pose a serious problem for professional bettors who want to keep their strategies and bets anonymous from the bookies and other players.
The Bottom Line
As you can see, the implementation of blockchain technology in lotteries can improve the drawing and ticket-buying process, making both the players and providers better off. Thanks to the decentralized finance option it provides, people can be certain that their winnings are going to be distributed fairly, in accordance with all of the laws and regulations specified by each particular lottery’s rulebook. On top of that, blockchain gets rid of the location issue, meaning that regardless of where you are in the world, you will be able to use this tech to buy multiple lottery tickets for the event of your choosing, even if it would normally be limited to a specific location!