Blockchain Technology introducing Fair Play in Fantasy Sports Industry
Blockchain is a revolutionary technology that establishes trust among users and business operators related to the confidentiality of data transactions and fraud activities. It’s a ready-made Fantasy Sports Solution for all the centralization processes and will assist the Fantasy Sports industry to design a decentralization system with 100% transparency.
Table of Content
- What is Blockchain Technology?
- Challenges in Fantasy Sports.
- Common Challenges of Fantasy Sports Platform
- How Blockchain is the one-stop solution for Fantasy Sports Problems?
- Benefits of Blockchain Technology in Fantasy Sports Industry
- Conclusion – The final words!
What is Blockchain Technology?
Challenges in Fantasy Sports
- Show high activity on the platform
- Winning rewards are under their control and fluctuate as per their needs
Common Challenges of Fantasy Sports Platform
- Pump and Dump Challenges – To show pseudo credibility and profitability, false facts are fabricated. False information related to weather forecasts, player inquiry, play related miss-information is done by computer control bots.
- Dummy Game – The information flow can be manipulated by the operators. To achieve this, data scouts are commanded to make dummy games in the system. However, this challenge is rare now, as it causes losses during off-seasons.
- Data Scout Challenge – It is a type of filter from which all real-time information passes. It is a type of link between the virtual world and the real game. Many times data scouts were manipulated to place a bet that has been already done.
How Blockchain is the one-stop solution for Fantasy Sports Problems?
There are many challenges while operating Fantasy Sports Platforms which affect the user and data security. Blockchain being one of the most advanced technology; will resolve almost all challenges and build a safer place.
- Offers a fair play experience to users
- Makes the Fantasy Sports platform more transparent and accountable
- Reduce fraud activities and entries
- Verify the authenticity of funds
- Verify the identity of the user (18+age users are allowed)
- Will limit the per-user monthly deposit
- Allow users to connect on a global level
- Track all the platform activities due to fixed data records
- Full transparency for activities like scoring rules, winning rules, etc.
- Best way to reduce frauds and handle financial transactions like deposits, withdrawals, and entry fees.
- Provides you with the assurance that the winnings are not tempered by anyone at any point in time, even not by the platform operator himself/herself.
Benefits of Blockchain Technology in Fantasy Sports Industry
- Decentralization – As this system doesn’t rely on any individual source, it’s not controlled by any single entity. All the members of blockchain are equally responsible which reduces any chances of fraud and does all the transactions quickly.
- Trust – As all the transactions are verified and transparent, it increases the trust level among stakeholders and users.
- Security – All the transactions under the guidance of blockchain are verified by all networks to avoid manipulations and to improve security.
- Fraud Control – Blockchain stores the data in numerical form and can’t be easily hacked. And it is easy to recover the data anytime.
- Access Levels – It allows users to access each node under the authority of the network.
The introduction of BlockChain technology in the Fantasy Sports industry will boost security and data confidentiality. The end-to-end encryption will make it the most trustable industry in the coming times. It will almost solve all the challenges and loopholes of Fantasy Sports platforms, to build a more secure place for playing sports.