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
- 01. Pump and Dump Challenges
- 02. Dummy Game
- 03. Data Scout Challenge
- How Blockchain is the one-stop solution for Fantasy Sports Problems?
- Benefits of Blockchain Technology in Fantasy Sports Industry
- Conclusion – The final words!
All the transactions done are permanent on a public ledger and can be verified easily. It just kills all the possible chances of any fraud that might be done after hacking the hidden information.
Blockchain technology will be opening doors for the users to be a part of the game and take required decisions. It will also reduce the influence of developers and administrators on the game which sometimes manipulates the game for self-benefit.
What is Blockchain Technology?
Blockchain is the latest cutting-edge technology that makes the Fantasy Sports business more transparent and accountable. All the problems like trust issues, frauds, glitches, etc; are resolved by the integration of the Blockchain Industry in the Fantasy Sports industry.
As it uses a decentralised system to verify the information, dismissing all the possibility of fraud. It also boosts the chances of connecting globally by enhancing the transparency and credibility of the platform.
The technology will keep a track of all the ongoing activities and manage all records. It will also act as a verification channel for the randomness that happens in the Fantasy Sports industry.
Challenges in Fantasy Sports
Usage of fake identities to boost the artificial liquidity is usually done by Fantasy Sports owners to build a false impression regarding the high activity on the platform. These fake identities help the operators with :
- Show high activity on the platform
- Winning rewards are under their control and fluctuate as per their needs
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Common Challenges of Fantasy Sports Platform
Here is the list of most common challenges faced during the operation of a Fantasy Sports platform. Some of them are done by operators, which might affect the user’s performance.
- 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
Blockchain Technology is quite beneficial for the Fantasy Sports Industry and will bring revolution by making it one of the most successful businesses of all time:
- 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.
Conclusion
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.
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