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Blockchain in Sports Betting

hemangmehtaPosted for Everyone to comment on, 5 years ago2 min read

Hey guys,

Today i came across another use case of blockchain technology in sports betting.

"Blockchain in sports betting could provide a new kind of fan experience"

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With the evolution of online fantasy sports industry across the world in last decade, the industry has faced many expected and unexpected challenges.

What problem fantasy sports facing ?

  1. Fair Gameplays
  2. Trusted Platforms
  3. Reward Distribution

If any platform can oversome these problems, would be really ideal platform for users.

Why block chain solve this problem ?

Because we all know This technology ensures immutability, tough security, anonymity, transparency, disintermediation, validation and authentication in the system where it is implemented

Blockchain technology as the backbone for sports betting platforms allows bettors to feel confident that their data is safe. As an added bonus, blockchain also ensures there will always be a record of the bets they placed.

Some companies like ZenSports come up with blockchain technology into their sports betting platforms, they sees the potential of blockchain in sports betting, and how it could allow for a new kind of fan experience.

Through the use of cryptocurrencies and smart contracts, ZenSports lets users place peer-to-peer bets without the need for a centralized bookkeeper. Because of blockchain’s efficient structure, it allows users to place bets in real time.

Platforms backed by blockchain, like ZenSports, provide users the opportunity to place bets on anything, and to set their own parameters and odds on each one. Smart contracts are created each time a bet is made, and these inform how a bet is won or lost, who gets paid out, etc.

Hope we will see many awesome use cases of blockchain in coming future.

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Hope it will be great time together. Thanks for your time.

-Hemang Mehta

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