How raffle systems built on blockchain provide full transparency

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Traditional lotteries continue to witness a gradual decline over the years as younger generations access other money-making options that are just as exciting but have higher chances of winning. In accordance Statisticsrevenues for US lotteries have begun to plateau in recent years.

In any case, there are still many people participating in lotteries all over the world, in addition to the fact that online casinos are growing in popularity. The source claims that the UK alone contains around 70% of people aged 18 and over who are regular participants in lottery games. That said, around half of the UK population buys lottery tickets 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 USA with Powerball and Mega Millions has more players, given the extensive operation of these lotteries in 45 out of 50 states, and three other jurisdictions. As a result, the possibility of hitting the huge jackpot of these lotteries continues to attract players to their platform and may continue to do so for decades.

Growing distrust of traditional lotteries

A declining income within traditional lottery systems has not yet been assessed. Due to the failure of traditional lotteries to attract as many new players from younger generations as before.

The Internet has also enabled people to become more curious, for better or for worse. Some people do not trust traditional lotteries because their lottery systems are centralized. Even those who buy tickets must check whether the algorithm is fair. Of course, those who never hit the jackpot can easily be led to believe that the odds are being manipulated.

Not that they are manipulated; on the contrary, regular lotteries are regulated by public authorities to ensure total compliance. However, many believe they need a more transparent raffle system for better security.

Fortunately, blockchain and other distributed ledger technologies (DLT) exist.

Blockchain for Transparent Tombola Systems

People are starting to take advantage of blockchain technology’s incredible transparency features to build trust in lottery companies. Of course, this doesn’t come as a surprise, given blockchain’s tremendous success in transforming other industries.

Leading supply chains are now using blockchain. Payment giants Visa, Mastercard and PayPal are investigating how to best integrate blockchain – and cryptocurrencies – into their services. Banks have seen success in cross-border transactions using blockchain. Also, countries are piloting the use of central bank digital currencies (CBDCs), which are blockchain products.

Now, modern raffle systems like BillionAir show the benefits blockchain can bring to the lottery industry. The platform enables users to check their provably fair code and outcome decisions, ensuring total vertical integrity. Additionally, blockchain data cannot be altered, ensuring that all raffle results are accurate and fair.

Other Blockchain Benefits

Apart from providing transparency to raffle systems, blockchain has other benefits. For example, lottery tickets issued by BillionAir come as non-fungible tokens (NFT), meaning a player’s lottery draw can be verified by anyone using the blockchain.

Since a blockchain network is decentralized, players from all over the world can participate in any BillionAir lottery. While a US-based traditional lottery such as Powerball is not available to people outside the country.

This is just one simple yet scalable example of blockchain improving the lottery industry. Should other lotteries utilize the power of blockchain in their raffle systems, more will be encouraged to participate. Finally, with many top lottery platforms usually having a partner charity, even younger generations will have more reasons to trust lotteries.