How Raffle Systems Built On Blockchain Provide Full Transparency
Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content.
Traditional lotteries continue to witness a gradual decline over the years as younger generations are getting access to other money-making options that are equally exciting yet have more odds of winning. According to Statista, the revenue of American lotteries is starting to plateau in recent years.
Regardless, many people still participate in lotteries all over the world in addition to online casinos growing in popularity. The source claims that the UK alone contains around 70% of people aged 18 years and above are regular participants in lottery games. That being said, approximately half the population in the UK purchases tickets to lotto games every week, according to the source. That’s more than 30 million players weekly, given the UK’s current population of 67 million.
On the other hand, the US with Powerball and Mega Millions have more players, given the comprehensive operation of these lotteries in 45 out of 50 states, and three other jurisdictions. As a result, the possibility of hitting the whopping jackpot of these lotteries continues to attract players to their platform and may continue to do so for decades.
Growing Mistrust in Traditional Lotteries
A decreasing revenue within traditional lottery systems is yet to be considered. Due to the failure of traditional lotteries which attract as many new players from younger generations as before.
The Internet has also enabled people to become more inquisitive, for better or worse. Some people do not trust traditional lotteries because their raffle systems are centralized. Even those who purchase tickets need to check if the algorithm is fair. Of course, those who never hit the jackpot may be easily led to believe that odds are being manipulated.
Not that they are manipulated; on the contrary, mainstream lotteries are regulated by government authorities to ensure total compliance. However, many people believe they need a more transparent raffle system for better assurance.
Fortunately, blockchain and other distributed ledger technologies (DLT) exist.
Blockchain for Transparent Raffle Systems
People are starting to harness blockchain technology’s incredible transparency features to foster trust within lottery businesses. Of course, this doesn’t come as a surprise, given blockchain’s massive success in transforming other industries.
Leading supply chains are now using blockchain. Payment giants Visa, Mastercard, and PayPal are exploring how best to integrate blockchain — and cryptocurrencies — into their services. Banks have seen success in cross-border transactions using blockchain. Moreover, countries are piloting the use of central bank digital currencies (CBDCs), which are blockchain products.
Now, modern raffle systems like BillionAir display the benefits blockchain can bring to the lottery industry. The platform enables users to check its provably-fair code and result decisions, ensuring total raffle integrity. In addition, blockchain data cannot be altered, ensuring that all raffle results are accurate and fair.
Other Blockchain Benefits
Aside from providing transparency to raffle systems, blockchain has other benefits. For example, raffle tickets issued by BillionAir come as non-fungible tokens (NFTs), which means that a player’s raffle entry can be verified by everyone using the blockchain.
Since a blockchain network is decentralized, players from all over the world may participate in any BillionAir lottery. Whereas, a US-based traditional lottery like the Powerball is unavailable to persons outside the country.
This is just a single, yet scaling, example of blockchain improving the lottery industry. Should other lotteries harness the power of blockchain within their raffle systems, more people would be encouraged to participate. Lastly, with many top lottery platforms usually having a partner charity institution, even younger generations will have additional reasons to trust lotteries.