Earlier in August, Leicester City Football Club has announced establishing a partnership with FansUnite Entertainment Inc. The news comes as no surprise, since the football club has had its eyes on FansUnite for a while. A FansUnite review has informed us what it is that FansUnite brings to the table – blockchain tech.
How will it be used?
Blockchain technology is still fairly new. So far, the only application of it that was widely known was mining for cryptocurrencies, such as BitCoin, LiteCoin, DogeCoin, etc. For FansUnite users, this means that this tech will be used to keep track of all of their transactions while betting, preventing financial manipulation long after the results have come in.
It will not be used only for financial data – all kinds of sports-related information will be stored in the blockchain – allowing users to track other users’ statistics, the winning percentage of their favorite team, the likelihood of victory and so on. This should make the public information more trustworthy.
What is Blockchain Technology?
Blockchain is a collection of “blocks” of information. Each subsequent block has the information of the previous block, along with changes that occurred since the last block. Every block has a time-stamp and all of its data is protected via cryptography (hence the name for cryptocurrencies). Apart from creating decentralized currency, we are yet to see the full potential of blockchain.
Advocates of this technology claim that it is very difficult (some even say impossible) to manipulate the information stored in the blocks. They are encrypted, feed off of each other and have no keeper. The reason someone would come up with such an idea is that it allows data to be decentralized, meaning that no person, organization, or government can manipulate the blocks to serve their purpose.
Why the Partnership
This affiliation will most likely prove to be profitable for both parties, as Leicester City Football club needs someone to keep track of their info using new technology, without any bias or manipulation. On the other hand, FansUnite will gain a lot of exposition through this partnership.
It means that this company, which dabbles in sports booking, will get to present its futuristic way of preserving relevant information, all the while gaining momentum growing as a bookie. It is almost certain that Leicester City fans will be eager to give it a try, since not many bookies like taking in BitCoin as payment.
Johnathan Gregory, the Commercial Director of Leicester City, said that FansUnite is “looking to bring transparency and collaboration to their industry”. This partnership could be a trial run for a wider acceptance of cryptocurrencies as valid betting tender, and it will probably generate a substantial buzz for both parties.