USE OF BLOCKCHAIN IN HORSE RACING
Blockchain technology has the potential to solve a range of problems in racing, such as overproduction and reliability issues, and make racing more enjoyable for future race enthusiasts. Taking the overproduction of horses as an example, it has been noted that most breeders lack the financial and other resources necessary to produce good thoroughbreds. Small breeders can be financially motivated to solve overproduction problems and provide the market with the highest quality thoroughbreds by using this technology. In a decentralised database, blockchain technology keeps digital records up-to-date without any centralization. If a horse has been steroid-fed, if a person is able to pay for the horse, etc. Everyone in the network will be able to access the performance of each horse. visit TwinSpires.com for more information.
The full details of a horse, such as the breed, the races in which the horse has competed, the number of times it has won or lost narrowly, how people have bet on the horse, whether the odds were high while the horse won or whether they were low, and much more information can be found. This information is massive, and bookmakers can use it to set odds, while punters can use it to decide whether or not to bet on the horse. In short, blockchain has the potential to significantly improve engagement with race fans. In fact, a cryptocurrency designed specifically for racing can be created, or existing cryptocurrencies such as Bitcoin, Ethereum, and others can be integrated.
Horse racing events are held every hour, seven days a week, on a platform dubbed ‘On Zed Run' for the new era of digital horse racing. The New York Times says that owners pay small entrance fees — generally between $2 and $15 — to compete with their horses for prize money. The horses in these online races are non-fungible tokens (NFTs), which means they only exist as digital assets. They can't be petted or fed carrots by hand. It's not possible to sit in the stands and watch them rush by. Unlike the great majority of NFTs, which are GIFs, photos, and movies that may be preserved as collectibles or sold for profit, each digital horse is a "living NFT," according to Zed Run's developers.
Without delving into the technical aspects of NFTs, these digital horses are one-of-a-kind; no two are alike. They can be bought, sold, and, most importantly, raced for cash. The digital horse racing craze is gaining traction, and it doesn't appear to be a joke. Single horses have sold for more than $125,000, according to the New York Times. Through Zed Run's "drops," more digital horses become available. They sell out rapidly, according to the Zed Run website.
Horse racing, according to Intel and Microsoft technology gurus, needs to embrace technology in order to attract a younger audience. The sport has been slower to embrace the digital age than others, but it is beginning to do so, with more options to experience major races via smartphone apps and virtual reality. However, these experts believe that more has to be done. They refer to augmented and virtual reality, as well as blockchain, as technologies that could help modernise the sport and make it more appealing for digital-native fans.
