The fantasy sports world has evolved over the years. This evolution has brought with it a myriad of challenges, some expected and others unexpected. They include insider trading, licensing, legal cases, fair game play, and untrusted transactions.
Reasons behind the Challenges
There are three main reasons behind these challenges.
· Reward distribution
As an ardent fantasy sports fan, you want to be sure you’ll get returns on time. And you want to get all your winnings back. Are there any hidden deductions or terms you may be unaware of? You ask.
· Fair game play
As a fantasy sports enthusiast, you want to know whether your platform offers fair game play.
· Trusted platforms
Being the smart fantasy sports fan you are, many questions linger in your mind. Is your fantasy sports platform trustworthy?
A fantasy sports platform that has answers to all these concerns and goes ahead to overcome all the challenges is definitely your ideal platform, right?
Blockchain Technology
Blockchain technology has evolved exponentially over the last decade. It started as a cryptocurrency technology. It then penetrated the banking and finance sector, among others. The technology has since become a distributed ledger technology. And it has taken many industries by storm!
But what makes blockchain such a game-changer in fantasy sports and other industries?
Well, quite simple.
It’s immutable, secure, anonymous, and transparent. Besides, its authentication, validation, and disintermediation place the technology above the rest.
Blockchain is already changing the way of doing business by introducing transparency and trust.
What Blockchain Technology Brings to Fantasy Sports
1. Reward Distribution
Blockchain technology ensures that money transfers on fantasy sports platforms are done without a third party. This results in ultra-low transaction fees and a super-fast processing speed.
Also, you get to withdraw your winnings and pay entry fees in the blockchain using cryptocurrency.
In a nutshell, in terms of reward distribution, blockchain reduces fraud, lowers fees, and ensures immediate payments.
But the biggest benefit of blockchain is that it opens fantasy sports platforms to the whole wide world.
How? You may ask.
Well, three main ways.
First, cryptocurrency is free from any form of government oversight. Secondly, it’s not bound by any exchange rates. Thirdly, it doesn’t attract any transaction charges or any other charges, for that matter.
With all these benefits, blockchain and cryptocurrency have significantly eased international-level transactions.
2. Fair Game play
Blockchain technology ensures fair games and incorruptible account balances. These are two very important aspects of fantasy sports.
3. Trusted Platforms
Blockchain technology has solved the challenge of trust in fantasy sports with its smart contracts feature. The feature automates all parts of a transaction where trust is most concentrated.
In fantasy sports, smart contracts are used in winner determination, assigning players their level of expertise, and executing scoring rules. A player could be a beginner, an intermediate level, or an expert.
Conclusion
Blockchain has indeed been a game-changer in the fantasy sports world. As the pioneer blockchain-based fantasy sports platform, Fanspel has been part and parcel of this change.
As the first player in the market, no other platform understands blockchain technology better than Fanspel.
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