Blockchain Technology in The Horse Racing Industry

In the vast world of horse racing, a new trend emerges, which is quite surprising. The age-old sport is adapting to modern times and looking for a way to incorporate the relatively new and still not fully explored Blockchain Technology.

Horse racing despite its approach to heritage and history, has always been following technological innovations. Just take a look at the sport from 20 years ago and today. It is completely different!

Now we have VR technologies, scanners for horse body temperatures, technology used to follow the horse’s health, smart wearables and trackers, and lastly, Blockchain.

With the Breeders’ Cup betting challenge 2023 on the horizon, scheduled for November, let’s see how blockchain technology already affected horse racing, and what the future holds for the sport.

Digitalization of the Horse Racing Industry

One of the biggest changes that blockchain technology will bring to horse racing, is going to be the digitalization of the sport. Nowadays, you might think that horse racing has gone digital since there are already many places where you can watch horse racing online.

However, blockchain technology will bring new elements to horse racing and will build an entirely different digital sport that is based on horse racing. For instance, we already have Digital Horse Racing, where people can purchase, own, and race their digital horses while earning money.

Authenticity

One of the most valuable things that blockchain brings to the table is authenticity. In the past, it was impossible to authenticate digital things, but thanks to blockchain technology we can now own digital and unique images, videos, software, and so on…

If you have been living under a rock and somehow, you’ve missed the incredible NFT run a few years ago, let’s explain more about authenticating digital products.

Authenticity is already a thing, especially for digital goods! Just like the digital horse racing games we mentioned earlier, wouldn’t be a thing if you cannot own your digital horses through NFTs.

But this is not only limited to digital goods. We’ve started to see the impact of this technology in real-world horse racing.

Nowadays, every horse racing fan can easily become a racehorse owner, and no, you don’t need high-class individuals in your network. Some companies already jumped on this fast-moving train, and now offer horse racing ownership to all people through blockchain technology.

It is a fun world we live in!

More Revenue Streams

The introduction of NFTs changed the entire game! With non-fungible tokens, all participants in the sport can earn money, including jockeys, trainers, organizations, and even horse racing fans.

NFTs can be sold in the form of racing tickets, winning moments at the races, unique collectibles, you name it. The potential is limitless.

Basically, the horse racing industry has the potential to increase its revenue streams by using blockchain technology.

Breeding Excellence

Blockchain isn’t just about celebrating winners; it’s also about breeding them. With blockchain’s data prowess, we can record and analyze the genetics and performance of horses, fine-tuning breeding practices for record-breaking racehorses.

The breeding process in horse racing plays a crucial role in combining genetics to create the ultimate racehorse capable of running at incredible speed. Blockchain and big data can help analyze the best breeding methods and who knows, maybe this process will help us breed the new Secretariat that will break records.

Overhaul the Betting Process

Betting is a huge part of horse racing and it is safe to say that the sport wouldn’t be anything if it wasn’t possible to place wagers on horses.

How can the Blockchain technology revolutionize betting?

Well, it already has an effect. For instance, we now have crypto betting websites where people can bet on horse races using Bitcoin, Ethereum, or other cryptocurrencies.

This will not only add a layer of security and make the process more transparent, but also make horse racing betting more accessible.

Collectibles

Remember collecting trading cards of your favorite athletes as a kid? Now imagine collecting digital memorabilia from horse racing—a rare clip of Secretariat’s historic Belmont Stakes win or exclusive access to a legendary jockey’s training sessions, all locked in the form of NFTs. It’s not just a collectible; it’s a piece of racing history you can own and cherish.

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Balvinder Singh
Balvinder Singh

Founder And Editor at Tekraze.com. Loves to write about technology, gaming, business, tips and tricks. Working as a Senior Software Engineer in Infosys India. Exploring different blockchains as well.

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