This is a guest contribution by Manoj Trivedi. If you would like to submit a contribution please contact Bill Beatty for submission details. Thank you.
On hearing the word Blockchain, a lot of possibilities enter one’s mind. ICOs, cryptocurrencies, smart contracts, SegWit and what not! The penetration of Blockchain in the technology world has exceeded to next level and is increasing day by day with new industries adding up to the ecosystem. Making this even more interesting is the implementation of blockchain technology for fantasy sports industry.
About fantasy sports
Not a very old name in the list of rising industries, fantasy sports encapsulates the idea of people participating and winning money via online sports. The concept is to create virtual teams consisting of players as per the choice of the participant and once these teams are created and are ready to play, the scores of players are determined according to their performance in the real time game.
Fantasy sports is a booming industry that’s evolving in the system with its merits as well as faults. On one hand where people get a chance to follow their sports, get engaged, compete and win money with virtual games, the risk of frauds and security persists. Problems such as insider trading, untrusted money exchange, fair plays as well as licensing are continuously advancing with the popularity of fantasy sports.
Issues in the fantasy sports industry
Before going further, let’s get an understanding of issues that are persisting in the fantasy sports and gaming industry. Major issues that arise can be broadly categorized as follows:
Platform security- The most prominent issue with online gaming is that people tend to be skeptical about its security. No matter what kind of a game you play online, the real concern of getting hacked cannot be avoided. It becomes highly critical for players to trust the platform they use for playing the sport of their choice.
Money/Reward earnings- Fantasy sports platforms offer money based on an individual’s score. But in many cases fraudulent attacks or hidden terms and conditions make it difficult for the player to get his/her winnings.
Fair Gameplays- While users play on any fantasy sports platform, they always tend to question the reliability factor that the platform offers. Are the scoring parameters fair? Is there any surety that the game rules and the overall system are not being manipulated? Such queries regarding fair gameplay conditions often raise questions on the authenticity of the platforms.
With the advent of secure technologies like blockchain, the industry issues associated with fantasy sports can be addressed better while increasing the reliability of digital currencies in new industries.
What is Blockchain technology anyway?
Blockchain is a revolutionary technology behind the leading cryptocurrency Bitcoin. Not limiting itself to Bitcoin and cryptocurrencies, Blockchain has scaled itself to new levels by offering solutions in different domains and industries including fantasy sports. Blockchain technology for fantasy sports helps in making the gaming system more reliable, transparent and accountable. It holds the potential to keep a check of false transactions and verify authenticity of bets that a user places.
How does Blockchain address issues of Fantasy sports industry?
– By applying the tight security underlying the blockchain ecosystem, transparency is highly increased in fantasy sports domain
– Blockchain is a decentralised technology which does not allow anyone to breach in the system and make changes at any single point thus, enhancing user’s trust on the platform
– The concept of fair gameplay and trust is supported by applying blockchain technology in fantasy sports as the scores cannot be tempered even by the operator of the platform.
– Money exchange and winnings can be easily and securely transferred by players and operators in the form of cryptocurrency. Also, this allows more value as no exchange rates and extra third-party charges are included in the transaction.
– Frauds and invalid entries will be restricted and funds will be verified thoroughly before being transferred from one person to other.
– Blockchain smart contracts can be connected with the gaming system which in turn, will help in fair scoring and allotment of winning amounts
While fantasy sports has gained most popularity in the USA; the field is expanding in other geographies as well. In order for fantasy sports to gain the support of people across the world, a reliable technology such as the blockchain surely has the potential make the difference.
About the author:
Manoj Trivedi is an iGaming (fantasy sports, sports betting & social gaming) enthusiast with focus on new and emerging technologies and their implementation in the iGaming sector. Manoj comes with more than 5 years of marketing and product development experience in iGaming and has been associated with multiple industries like Telecom, Media and IT in his 10+ years of career span with companies like TATA, Star TV, Ten Sports and now Techracers.