We all know that the probability to win lottery depends on plenty of reasons. However, only one reason is quite real that is today lottery is not a transparent mechanism. The process of conducting lottery, to check its reliability and transparency is impossible. The good news however is lottery companies are pushed by the changing phase of technology such as blockchain and ICO (Initial coin offering) to fully decentralize and become transparent system managed by Ethereum smart contract. This system will clean up the entire lottery world and eliminate any third party involvement in the best possible way. For example, a leading lottery organization GG International has forayed into the ICO business. Ico.gg.international is government regulated, nationwide online lotteries with illustrate transparency based on Ethereum well structured deals and certified by Global Laboratories International. Customers can fully invest in ico.gg.international as intelligent way of investing since Ethereum Smart contracts exclude the human factor and organizer’s fraud completely. Thanks to Blockchain a latest buzzword in daily conversation, it is quite inspiring to see how far the technology has become since Bitcoin invention about a decade ago. Adoption of Blockchain is the main driving force disrupting the lottery world. Increasingly engulfing every industry, it is obvious to see blockchain is rising as prevailing technological power that assures to change lottery industry’s status quo.
Challenges in the lottery Industry
The traditional lottery services have real and perceived issues of trust and reliability. In addition, some most common problems are described as below.
- Fairness – The prime dispute is creating fair system. Players might matter the odds of manipulation or scam such as, Are the lottery ticket real? Is money accumulated in one pool? Is jackpot winner real? Are prized paid on time?
- Availability – Euro millions or some of the biggest lotteries played in United States restricts players from elsewhere. Players are restricted to play local lotteries due to smaller range of domestic market. However, online solutions spearheaded by organization such as ico.gg.international allow players to buy worldwide or US lottery tickets.
- Regulations – Lottery is illegal in some countries and in some countries, only government and affiliated organizations can obtain a license to operate in lottery business.
How technology resolves these challenges?
- Privacy and accessibility – The advantages are many and well documented about ICO and crypto currency. Users have complete anonymity.
- Improves fairness – The Ethereum blockchain smart contract is digital agreement between parties. Impartial network ensures the deal is adhered to any latent obstacles to eradicated by blockchain technology.
Creates supportive ecosystem for the lotteries. The platform leveraging this technology provides transparency at transaction level despite the fact the technology is in its infancy however, it promises to bring substantial promise for bringing the element of trust into the lottery world.