Revolutionizing lottery & Gaming systems for social transformations and more
Winning a lottery is something everyone dreams of but only few will experience it in their lifetime. Lottery is a form of gambling that involves drawing of numbers randomly for a prize. Many people consider it as a gaming product, but it is a high volume industry which can also be called a commodity. Lottery players risk a small amount of money against very long odds to win a large prize. Lotteries can be used in decision-making situations, such as sports team drafts and the allocation of scarce medical treatment.
The first recorded signs of a lottery are keno slips from the Chinese Han Dynasty between 205 and 187 BC. These lotteries are believed to have helped to finance major government projects like the Great Wall of China.
The global Lottery market size was over $157.7 billion in 2018 and the lottery market size has the potential to grow by USD 220.52 billion during 2020–2024. The lottery industry keeps a 29% share of the entire global gambling revenue.
How does the current Lottery system work?
One can participate in a lottery using an offline/online system. Offline lottery system is an old school method which includes a long queue to buy tickets, handling or keeping the tickets safe till the result declaration date, which makes it a bit difficult to practice.
Online lottery system has become a stress free system, cutting off long queues and ticket handling problems and all it needs is a smartphone or a computer with internet connectivity.
What are the challenges ?
Traditional lottery system always has some questions unanswered. The major challenges of an online/offline system-
Transparency and Trust
As a user it’s likely to have trust issues regarding the random number generation as there have been many incidents in the past which makes it generic to think about it.
Am I buying a valid ticket?
Is the announced winner a genuine participant?
Centralized nature of the system can be the most considerable disadvantage as it provides the authority to the organizing team or owner the authority to tamper with the random number generating code and even this privileges can lead to an unbiased decision. It is practically possible for centralized entity to tamper with results as well as timeline of lottery
Participating in the lottery can be very stressful when it comes to standing in a long queue for the tickets and handling those tickets till the results and even sometimes get less options to select the ticket. Generally, the online lottery system tends to have a complex system due to the involvement of third parties. In an Electronics lottery system sometimes the registered users data will be managed by a third party and even the involvement of the bank for the cash flow.
How can Blockchain solve the problem?
Blockchain being a completely decentralized entity can be replaced by a traditional centralized system to increase transparency and trust in the system. Implementation of smart contracts can make it tamper free and easy to trust. The generated random number will be stored on blockchain which will increase trust and help in delivering unbiased decisions. Prize transactions can be automated to make the system independent. Henceforth blockchain can bring more fairness to the game, transparency and make the system reliable.
Blockchain based lottery Solutions of SPARK+
Spark+ has built a blockchain based lottery pilot in 2018 called SPARK Lottery. The platform is based on ethereum blockchain and uses an external API for random number generation. In the last two years SPARK+ has successfully built lottery solutions using fully decentralized technologies on core chains as well as sidechains. Such lotteries are based on various blockchain networks such as Ethereum, Tron, Matic Sidechain, Binance, EOS. Lottery reward programs can be integrated with the token economy which opens up new possibilities in Decentralized finance.
SPARK+ approach to bring blockchain benefits for users at the same time build the user journey similar to the transitional approach they are used to with. We believe in developing solutions with advanced backend but user-friendly front end at the same.
How SPARK+ can help you?
SPARK+ Technologies have demonstrated expertise in delivering such transparent and unbiased systems by removing untrusted Paper-Based transactions, illegal gambling, and other sorts of gambling with digital Gaming/Lottery. The engagement from an authorized authority will bring transparency, trust, and immediate revenue for related stakeholders.
Blockchain technology is evolving and crossing technical barriers to enable developers to build full fledged decentralized lottery systems.
In recent years platforms like chainlink VRF emerged which allows fully decentralized random number generation to achieve the next level of transparency. SPARK+ has an extensive research approach and experience of working with such platforms to build interconnected decentralized ecosystems.
Whether it is a Lottery platform on a Layer 1 Blockchain or Modern Layer 2 or your own custom chain SPARK+ can be your go to tech partner for end to end research and development.