Lottery is probably deemed the oldest form of gambling in human history. In fact, the first lottery was played in Ancient China during the Chin Dynasty, which means this game is as old as the Great Wall of China.
Sadly, the industry of online lottery has slow progress, having had a few innovations these past few years. Also, according to the demographics, the age groups that mostly play lotteries are elderly people. That being said, the lottery needs an upgrade and it needs fresh technology to revitalize it.
Lottery and the internet
Since the inception of the internet, a lot of gambling games have benefited from its innovative purposes. Casino games such as slots and poker have been easily translated to be played online.
Meanwhile, in the modern times, the internet has only been used to cater to gamblers to buy a ticket online but the lottery draw itself is being done outside the internet. This is why the lottery needs to use new technology to upgrade its systems. This can only be done successfully with the use of blockchain technology.
Why can blockchain help improve lotteries?
One of the qualms of many lottery players is that for a very long time, they assume that 4D results can be rigged. However, random number generators can help to keep the winning combinations in lotteries random.
One of the important uses of blockchain in the lottery is when it comes to dealing with financial transactions and online payments. A nexus of blockchain is hard to be penetrated, that is why it is perfect to be used in keeping the ledger of transactions to prevent any form of scam. Also, it is good to be used to authenticate the claims of a lottery winner.
How is blockchain innovating the lottery industry?
The use of blockchain technology can help ease the accessibility of online lotteries, so that players didn’t have to leave their homes, and to go to a lottery outlet to purchase a ticket.
If done appropriately, it can reduce the need of the players to provide sensitive or personal information just to play the game.
One of the disadvantages of the traditional lottery system is the difficulties in authenticating a 4D lottery winner. This is because anyone who can get their hands on a winning ticket can claim that they are the winner. This is a stolen ticket that can still be used to claim the jackpot prize without having to confirm if the owner of the ticket is indeed the one who bought the ticket.
Blockchain can add a layer of protection to the player with the addition of public documents which can help to be used when identifying a legitimate winner. The technology also requires the user to add a second layer of verification which can help make the transactions more secure and prevent the theft of identity or ticket.
One of the benefits of blockchain technology to the industry of lottery is transparency. With the inclusion of transaction history and public records, players can be assured that the winning numbers are pooled in real time.
What this means is that despite having lost the lottery bet, you can still be able to authenticate if the lottery winners are legitimate, and if not, you can check if the numbers are available to you. The aspect of transparency can help the users to be confident when buying the ticket and they can be assured that fairness is prevailing in the draw.
The bottom line
Truly, blockchain technology is one of the modern technologies that has many uses and applications across industries. Like we stated above, it is a perfect technology that can modernize the archaic system of the Singapore lottery industry.