Blockchain Technology for Transparency and Security:
- Immutable record keeping: the decentralized, tamper-proof nature of blockchain can be used to record race results, horse pedigrees and medical records, ensuring transparency and preventing fraud.
- Smart contracts for payments: smart contracts on blockchain can automate the betting payment process, ensuring fairness and reducing the risk of disputes.
- Increased trust: the transparency offered by blockchain can increase trust among bettors, owners and other stakeholders in the horse racing industry.
Fractional horse ownership through NFTs:
- Democratization of ownership: blockchain-based assets, such as non fungible tokens (NFTs), can be used to fractionalize ownership of racehorses. This allows more people to invest and own a share of a horse, thus lowering the barrier to entry.
- Shared rewards: fractional horse NFT owners can share in the potential earnings generated by the horse through racing or breeding.
Digital and collectible horse racing games:
- Games to win: blockchain technology has enabled the development of horse racing games to win, where users can own, breed, race and trade digital horses as NFTs and earn rewards in cryptocurrencies. ZED Run is a prime example of such a game, which even partnered with NASCAR to feature branded digital horses.
- Digital collectibles: NFTs can represent unique digital collectibles related to horse racing, such as famous horses, racing memorabilia or virtual artwork.
Prediction markets based on cryptocurrencies:
- Betting on the performance of cryptocurrencies: platforms such as Ethorse (although they do not bet directly on horse racing) allow users to bet on the price performance of different cryptocurrencies, drawing a parallel to betting on horse racing.
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