PEGASUS Blockchain Application Concept
One big area of technology that will play a big part is blockchain technology. The blockchain is used to create a distributed ledger that keeps a constantly updated database of who owns what and who does what. This ledger is run on a network of replicated databases, which are synchronized on the internet. It provides an opportunity to capture the information needed to solve many problems.
The PEGASUS platform will collect authentic information and in-depth analysis on the registered animals and store verified information on a distributed secure ledger. To bolster transparency within the network, developers will ensure that the ecosystem is fully decentralized.
Blockchain could play a massive role in many areas of the horse racing industry in the future, for example, it can be used to store useful information about horses that breeders and prospective owners can access and this information could also be accessible to any equine company or horse trainer/owner. Information stored via blockchain on the performance of any given horse over time could also be put to use by bookmakers when setting odds and also for punters to decide on which horse to wager on.
Applications of blockchain technology:
- Breeding – Continue to improve breeding outcomes and foal health and development.
- Healthy horses – Reduce the incidence and impact of diseases and parasites in horses.
- Wellbeing of humans and horses – Improve the safety of industry participants and the welfare of horses and enhance the sustainability of the industry.
- Research & Development and education – Promote education and training for the horse industry through providing opportunities for training researchers and by effective communication of R&D to horse industry stakeholders.
- Economic prosperity/profitability – Industry planning, economic benefit studies and market research.
*Please refer to the Whitepaper for more details