In today’s evolving business world, industry leaders across the globe are turning to blockchain technology to revolutionize their respective industries. Although blockchain is still a relatively new concept, a growing number of companies are now investing in it. Blockchain has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency and low costs. One niche area that could be poised to benefit greatly from it is lotteries.
Although many global economies were soaring prior to the COVID-19 pandemic, the inefficiencies of mature industries can still be addressed by implementing blockchain technology. The main issue with traditional lottery platforms is that they are full of varying inefficiencies that end up causing huge levels of mistrust between developers, players and platform lottery hosts. Large scale fees and poor user experiences further hamper the traditional lottery system.
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