Blockchain and Sports Betting
At a recent meeting of The Presidents Forum, the members again had a discussion on Blockchain. With all new technology, we use different words to describe features. In Blockchain, we frequently hear immutable and irrefutable. Immutable means the transaction cannot be altered or changed. If the parties want to void the original transaction, they create a new transaction to reverse the first, but both transactions are visible. Irrefutable means operational transparency that allows trust to be instantly established. Both of these features create efficiencies. We also hear about “Smart contracts”. These are regular contracts that have many contractual clauses, coded into the computer, that allow contracts to be made partially or fully self-executing and self-enforcing. Again, creating efficiencies. A frequent question is “what types of processes could be considered for Blockchain applications?” A recent Supreme Court decision opened the door to legalized sports betting (particularly in NJ). Blockchain with its immutable, irrefutable and smart contract features will play a significant role to sports bettors by providing security under Blockchain’s secure and trusted platform. How do we think about other processes to consider. Just like any other decision, the process should have viability, feasibility and desirability. Another active discussion among The Presidents Forum members on a technology that may not be as far in the future as some think.
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