The distribution of personal information comes full circle each time someone is to deposit money on a fantasy sports website. This instantly transmits personal information across streams of internet information. While many sites have placed security measures to protect this information, no insurance can be completely guaranteed when money changes hands online. This is where Blockchain technology comes into play.
This cryptocurrency does not have an intrinsic value, meaning it cannot be exchanged for physical goods. This leaves the networking systems of transactions in a secure place. It also prevents from indecent exposure to personal banking information, personal credit cards, and other such saved information. This system is creating a transparent form into the way fantasy sports operates. Below is a detailed description of how this service works for the fantasy sports industry.
Protection of Personal Information
The main basis of operation for the Blockchain system occurs via Bitcoin technology. Bitcoins are forms of online currency, that can be exchanged for online services, online games, and other such industries.
This is where the notion meets the fantasy sports world. Previously, users would be prompted personal phone number, and all your personal card information. In the hands of the to enter debit/credit card information, which would create a direct link to a home address, wrong individual, this information could expose individuals to fraud and puts them at risk of a cyber-attack. The Bitcoin replaces this personal information with an account that does not display or require such provided details for operation. The separate entity of the account creates a block against obtaining these personal information details.
Revolutionizing Online Exchange
This alternative format will create a whole new exchange entity. Users will never be forced to produce personal information, nor will they have debit, credit, or PayPal funds travel through a stream of different entities. This newly found service will house their digital currency and nothing more, meaning less monitoring from threatening sources and increased security measures. The data stream and data collection also become more public and readily available. These data sets will be available to the world, the user, and the Blockchain company. This information will transmit across different sources and information streams, leaving little to hide from the fantasy industry and the Blockchain company. Leaving information out in the open will create transparency with an industry that has often taken some heat for previous foul play scandals. No longer will individuals be able to cheat the system or find loopholes into different information schemes. This is a positive notion that keeps the partnership between Blockchain and fantasy sports a solid, single entity.
Changing Fantasy Sports Operations for Good
The implementation of Blockchain technology will initially begin with Fantasy 6 Sports. Fantasy 6 offers daily fantasy sports contests, head-to- head competitions, and other such formats players have come to love. This technology will replace measures used in the past. Additionally, Blockchain will be working with a company called SecurePlay. Together they will produce this proprietary software and create a new format for how fantasy sports are operated, regulated, and tracked. While this start offers a small sample size for players and network popularity, it represents a step in the right direction. The software being implemented will change the way daily fantasy sports are operated. The daily contests and transactions will be changed completely with the implementation of these new services.
The end hope is to transmit this technology to sources all over the world. To date, DraftKings and FanDuel remain the largest operating daily fantasy sports entities. With the pending fusion of these two entities looming, this could be the breakthrough they need to make it happen.
Blockchain is open to lending these services to other entities in hopes of revolutionizing the fantasy sports world. The trial run of this technology is set to kick-off within a few weeks, leaving the results some time from entering the market. With the change from collected data sets and information to the real- time format, users and speculative individuals will be able to locate and track results in quick fashion.
This will help the market decide if this is a format that can be utilized moving forward. The initial recommendations and changes represent a new security platform that better protects the players. With money becoming an omitted entity, users can create better protection measures with ease and simplicity. This will hopefully draw more individuals to this industry that already has millions and millions of subscribers and followers. Within a few years, the way fantasy sports are optimized, tracked, and players will be safe for the millions of users participating in this continuously trending industry. With Blockchain, SecurePlay, and the players, fantasy sports can remain safe and fun for all involved.