Blockchain’s RaceCoin Aims To Transform Motor Racing Sportsbr>
Blockchain racing platform RaceCoin and its CEO, Joachim C. Baron von Behr-Baerwald, aim to revolutionize the motor racing space.
Despite a global fan base and the industry being worth more than $5 billion dollars, motor racing as an industry has remained relatively unchanged for decades. However, RaceCoin believes that blockchain technology has the potential to transform the industry like never before.
RaceCoin is proposing a fully-integrated digital solution that will transform competitive car racing into a collective adventure in which everyone can participate. Its platform uses its own proprietary blockchain technology that allows hobby racers, enthusiasts, and investors to connect directly through the RaceCoin ecosystem; allowing them to connect, interact and place bets on races within the RaceCoin-branded league system.
As well, by combining motorsport with blockchain technology, RaceCoin is able to deliver a unique opportunity for the industry with the introduction of “phantom racing,” which allows real drivers to race on real tracks; independent of geographical location or timezone.
Joachim C. Baron von Behr-Baerwald answered a few Block Tribune questions about his vision.
BLOCK TRIBUNE: Why is this a blockchain play?
BEHR-BAERWALD: RaceCoin is aiming to completely transform the motor racing sector by allowing drivers, racing enthusiasts, business owners, investors and stakeholders to connect directly through RaceCoin’s custom-built platform which has never been done before.
As a business, we want to address four key challenges that we perceive to exist within the industry, including; funding for hobby drivers, connectivity, geographic limitations for drivers wishing to race each other and a lack of commercial opportunities for racetrack owners. All of this is going to require a significant amount of data and using our own proprietary blockchain technology we can ensure absolute transparency and a tamper-proof way of storing such large amounts of data.
In addition, RaceCoin will provide betting opportunities for fans to place bets on races and blockchain technology is essential for our intricate algorithm.
BLOCK TRIBUNE: What obstacles are you facing in launching this?
BEHR-BAERWALD: The motor racing industry has remained relatively unchanged for a number of years, meaning that people have either accepted things as they are or might be sceptical about such a drastic transformation to the sector. So RaceCoin will work directly with racetracks, drivers and fans alike to ensure they see the benefits for everyone within the industry. So far, feedback from racetracks has been very positive so we are confident this sentiment will be shared across the racing community.
BLOCK TRIBUNE: How will your company make money?
BEHR-BAERWALD: RaceCoin’s business model is manifold. Firstly, there will be an entry fee for drivers wishing to take part in races. The betting functionality of our platform will also drive revenue along with sponsorship and merchandising opportunities. As well, RaceCoin has been developed to benefit the industry as a whole and will work with track owners to generate additional income by hosting events.
BLOCK TRIBUNE: Since racing is done by humans (albeit in machines) will this create an incentive for cheating or “throwing” a race?
BEHR-BAERWALD: As with every sport that enables betting, there are attempts and motives to win unfairly. However, that is why blockchain technology is so crucial to our platform. The technology ensures that our data is completely accurate and secure allowing us to accurately analyze it. This will ensure that the ability for drivers and betters to cheat is greatly reduced.
BLOCK TRIBUNE: Tell me how “phantom racing” will work. Will there be betting with that?
BEHR-BAERWALD: Currently, if drivers wish to race each other they need to be in the same location at the same time. However, by combining motorsport with blockchain technology, we are able to offer “phantom racing” whereby two or more drivers can race each other around the world no matter their location or timezone. By using our hardware sensors installed directly on racetracks and in the car (Abox), we will be able to collect data during a race and run this through an algorithm to allow a driver in another geographical location to race against the set time using similar parameters.
We believe that phantom racing has the potential to fully transform the racing industry by allowing drivers to race each other no matter their geography. In short, location, timeframe and physical conditions need no longer be a hindrance to racing who you want, where you want thanks to our specifically developed technology.
In addition, we will be able to offer a transparent and secure betting system via our platform that will allow racing fans to bet on specific racing events. The system uses a smart-contract that will handle all wage processing operations, acting as escrow between bettors placing bets and winner payouts.
BLOCK TRIBUNE: There are issues with licensing and use of images and other issues surrounding real humans and events. How are you dealing with that?
BEHR-BAERWALD: As our events will be commercial and charge participants a fee, they will be subject to licensing. We will work closely with our legal team to ensure that each individual event is compliant with these license regulations.
BLOCK TRIBUNE: If you are successful with racing, can this be expanded to other sports gambling?
BEHR-BAERWALD: The core of RaceCoin’s vision is to instil a sense of community within the industry by connecting drivers, fans, investors and circuits. This sense of community absolutely exists within different sports and we believe RaceCoin’s model could be replicated within these sectors We also believe that our betting algorithm provides a much more transparent and secure betting model which could be utilized across different forms of gambling.
However, for now, we are focusing on the motorsports sector and we are thrilled to be the first company that is doing this and leading the way in revolutionizing an industry that has remained the same for decades.