Blockchain Fantasy Sports Trends You Will See Next Year

What are Fantasy Sports? 

The fantasy sports industry has reached an unrivaled level of success in the past few years and is expected to witness enhanced growth in the upcoming time. In fantasy sports leagues, players are allowed to participate in matches through a completely different level while managing and controlling the teams whose performance relies upon the actual performance of the real-world players in the real-time gaming arena.

Fantasy sports is undoubtedly a multi-million dollar industry in which online gaming is only a single aspect of a big ecosystem. It consists of draft parties, merchandise, brand marketing, tickets to the real games, and much more. The fantasy sports players have become the crucial influencers who can elevate the popularity of their real-world counterparts.

This unmatched and rapidly growing interaction with multiple sports leagues is contributing to the growth of the global fantasy sports market to elevate by leaps and bounds with a CAGR of 10.32 % from the year 2014 to 2019 and made a sudden rise in 2020 by spreading its demand at a huge level.

What is Fantasy Sports App Development?

We all know that Fantasy Sports has been remarked as one of the preferred apps among all for the best way to invest and earn money by playing with virtual teams. This is the reason why Fantasy Sports App Development demand increase in the world. One of the biggest competitors in this industry is Dream11. Every company seeks to invest their bets in the Fantasy Sports App Development that can allow them also to place themselves with this world’s best business. 

Fantasy Sports Software Development

There are many leading Fantasy Sports Software Development companies around us. And we are here to help you to develop an advanced platform that covers multiple sports like Football, Basketball, Baseball, Golf, Soccer, Hockey, Cricket, and Auto-racing, Rugby, Kabbadi. By integrating Fantasy Sports API for real-time information on leagues, teams, and players the company there is no doubt that you can prove yourself the best. 

Fantasy Sports Software Design

With rising in the Fantasy Sports trends the Fantasy Sports Software Design is increasing at a massive rate. So, develop robust and scalable fantasy sports software solutions for web and mobile applications with us. We are here to help you to build an advanced admin module from where one can easily manage matches, schedules, games, view earnings, manage contests, manage reward points, manage bank withdrawal requests, and maintain customer relationships effortlessly which can lead to a non-barrier platform for this biggest lead. 

Introduction - Blockchain Trends

The use of blockchain has been gaining momentum over the past few years, most notably in vital processes such as financial transactions, cryptocurrency, manufacturing, supply chain management, and many others. When the pandemic emerged, however, momentum slowed to a crawl, at least temporarily. Companies were forced to shelve technology projects as they sought to keep business operations afloat.

But there has been a silver lining as the value of blockchain was magnified at the time of the pandemic when it illustrated, how interconnected the world is and how fragile companies’ supply chains can become. As there is a spike in demand for vital goods such as personal protective equipment and testing kits at the beginning of the pandemic and served to accelerate digital transformation across a range of industries, particularly shipping companies who began to move on blockchain-based platforms and tools to facilitate better supply chain communications and transactions.

By bringing Blockchain trends in the Fantasy App Development can prove to be the best option to lead the world by your name in the Fantasy Apps.

Therefore, in simple terms, a blockchain is a Distributed Ledger Technology that makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. New information can be written onto it, but all of the previous information stored in blocks cannot be edited or adjusted in any way or it is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. 

Now, what does cryptography do? Cryptography links new content to each block before it, so any changes in a previous block invalidate all the blocks after it. This serves to make appending data decentralized so no single entity controls the information, and because it’s publicly published, anyone can view and verify it. 

The benefit for industries that rely on supply chains is that the Distributed Ledger can reduce operational costs by removing intermediaries and administrative effort of keeping records and reconciling transactions. Getting rid of the “middleman” makes it much easier for companies to trace products and transactions back to their origin. During the pandemic, companies began to rely more on alternative digital means to track products and shipments that were reliable and helped them keep costs down. 

Examples of blockchain trends and the value it is providing during the pandemic include:-

• Support for digital passports that can prove that someone has been vaccinated for Covid-19 and their immunity status 
• Improving clinical trial data management and disseminating public health data more accurately to minimize the potential for disinformation
• The potential for government stimulus money to get to recipients faster, more securely, and at a lower cost than checks and direct deposits 

Why blockchain is important:

We all know that business runs on information. The faster it is received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permission network members. A blockchain network can track orders, payments, accounts, production, and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities. 

Key elements of a blockchain:

1. Distributed ledger technology:- All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort that is typical of traditional business networks.
2. Immutable records:- No participant can change or tamper with a transaction after it’s been recorded to the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.
3. Smart contracts:- To speed transactions, a set of rules called a smart contract is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, including terms for travel insurance to be paid and much more.

How blockchain works:

1. As and when each transaction occurs, it is recorded as a block of data 
   Those transactions show the movement of an asset that can be tangible or intangible. The data block can record the information of your choice: who, what, when, where, how much, and even the condition such as the temperature of a food shipment.
   
   
2. Each block is connected to the ones before and after it 
   These blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks.
   
   
3. In a blockchain transactions are blocked together in an irreversible chain
   Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability and builts a ledger of transactions you and other network members can trust.

Benefits of blockchain

 

1. Greater trust: With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data and that your confidential blockchain records will be shared only with network members to whom you have specifically granted access.
2. Greater security: Solidarity on data accuracy is required from all network members, and all validated transactions are immutable because they are recorded permanently and no one, not even a system administrator, can delete a transaction.
3. Generates more efficiency: With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated. And to speed transactions, a set of rules called a smart contract can be stored on the blockchain and executed automatically.

Blockchain’s Fantasy Sports Trends 

• Fair Gameplays: The need for fair games, incorruptible account balances is the real bonus that comes with blockchain-based token balances. Implementation of token balances has given birth to a new advancement in the gambling industry, a foundation for P2P markets, and foolproof customer protection.
  
  Some of the gaming platforms leveraging the benefits of blockchain technology for fast peer to peer interactions are as follows: 
• iDice: A gambling platform with its beta already processed nearly $450,000 worth of Ethereum in winnings becomes the 1st blockchain gambling Dapp to announce ICO (initial coin offering) i.e. crowdfunding via cryptocurrency.

1. Funfair.io:The world’s fastest Ethereum casino platform raised $26m in a matter of hours after releasing over 17 million tokens in just 1 week. The platforms powered by Ethereum smart contracts offer instant gaming, transparent code, lower operating costs, and consequently the possibility of higher payouts.
2. Pokereum: A secure peer-to-peer (p2p) version of traditional online poker
   
3. MiniWagor: Win ether playing games built with smart contracts on the Ethereum blockchain. (Pool games with smart contracts holding the fees in escrow)

• Trusted Platforms: Blockchain technology offers everything at its core to solve this challenge because that’s exactly what smart contracts allow us to do, automate parts where trust is usually concentrated. By implementing smart contracts in fantasy sports modules like the execution of fantasy sports scoring rules, assigning expertise level to a fantasy sports player (beginner, intermediate, or expert), determining the winners of a fantasy league, and much more.
  In terms of blockchain implementation in fantasy sports. We can write a blockchain smart contract on scoring rules of a fantasy league. The scoring calculation based on real players’ performance on the ground will be done through this immutable and unchangeable smart contract. This ensures that the scoring parameters cannot be tempered by anyone in the future, not even by the fantasy sports platform operator himself.
• Reward Distribution (payments and money transfers):  Blockchain ensures that money transfers between payers and payees i.e in the case of users and fantasy sports platforms are done directly without any 3rd party involvement, at a super-fast pace and ultra-low fees. With blockchain-based money transfers, a fantasy sports platform can ensure a direct, safer, cheap, and quick alternate to any 3rd party payment system.
• Considering all the financial transactions like entry fees and winnings withdrawals can be done using cryptocurrency on blockchain technology. This helps in reducing frauds, immediate settlements, drastically lowering fees. The biggest benefit of implementing cryptocurrency is that it opens your fantasy sports platforms to the world as cryptocurrency is free from any government oversight and is not bound by the exchange rates, interest rates, transactions charges, or other charges of any country. So, it can be used at international level transactions with ease.

Conclusion

In the end, I would recommend that begin the world of fantasy sports i.e. in fantasy sports app developers and development or business consultants, in the segments of blockchain, and grind with blockchain developers who understand the industry and its dynamics better than anyone else.

By combining fantasy sports with blockchain technology and expertise we can bring new trends and innovations in the gaming environment for the end-users in the upcoming year.