A Smart Approach For Securing Lottery System With Blockchain
Blockchain technology refers to a digital record-keeping system in which data is entered in the forms of sequential blocks that are connected in a P2P network . The cryptography behind the protocol is based on asymmetric encryption where the key for encrypting a message or transaction is different from the key to decrypt it. We are going to be using the sha-256 encryption algorithm and the proof-of-work concept to generate the blocks for the blockchain. Any completed transaction is stored in these blocks in a permanent immutable and completely verifiable and transparent way. Over the previous few years, it has progressively attracted the eye of various industries. The logistics and supply chain management community realized how greatly blockchain could have an impact on their industry. Record keeping via blockchain has several clear-cut and well- defined benefits over traditional database systems and promises tremendous growth in the supply chain management system. This project focuses on making the current lottery system transparent by using Ethereum based payable smart contract to be deployed on a blockchain network and to eliminate the middlemen involved in the lottery process by using ring signature scheme that would allow the participants to fairly decide the dummy manager amongst themselves who can pick the winner of the lottery and compare different signature schemes.