BCG is a predictive market platform which will allow participants to invest information during their free time to predict the outcome and the corresponding probability for future events by using blockchain decentralization and smart contract technology. This information can aggregate to form a powerful predictive force that facilitates the sharing of collective intelligence around the world. The knowledge of this collective consciousness, also known as the power of the crown, is so powerful that it constitutes by itself a very accurate predictive tool. It is also empowered by human intuition and will fill many areas where artificial intelligence has failed. It is well know that AI presents problems when faced with complex problems or situations due to its lack of human creativity.
BCG adds its name to the list of projects that not only will exploit this huge reserve of human knowledge to create a predictive platform, but also will guarantee the fairness and transparence of the process. It is known that the traditional centralized prediction market cannot guarantee fairness and transparence, since it can be easily manipulated and controlled by interest-related groups. In such circumstances no trust can be established between the platform and its participants. Additionally, the centralized servers frequently lead to some security problems, causing disclosure of accounts and information that can lead to huge asset losses. It is difficult for traditional forecasting markets to globalize information flow and payment transactions.
The BCG predictive platform aims at reconstructing the prediction market by using the blockchain bottom technologies such as distributed network, cryptography, smart contracts and tokens, adjusting it to the blockchain era. Given the blockchain technology decentralized properties and the non-destructive nature of data, no interest-related group can take over the forecast market, which is sufficient to demonstrate its fairness, openness, and transparency. It also aims to establish a global and open prediction market platform based on blockchain technology. Platforms, where anyone can create his/her own prediction, propose questions to the community, and reward participants who come to answer such questions correctly.
If there is an area where predictive markets and trust and transparency intercept, that is sports betting, given the huge importance of this market in economic terms. It is estimated that the amount of betting in the regulated market at least reaches several billion USD. Some estimations show that the total amount of betting in the unregulated market is 10 times that in the regulated market. The annual revenue of companies such as William Hill can exceed one billion yuan. The development cost of the traditional sports betting products is high and the users are charged high taxes, making it difficult to provide an open, transparent and trustworthy market environment. The users will face additional risks such as fund stealing, system failure, and operator’s contract breaking due to centralized services.
The innovations brought by BCG aim to solve these problems. Its design based on blockchain technology can make sports prediction event fully fair, open, transparent and with untampered data, with funds secured via smart contract management. Also, the BCG prediction market develops a dedicated template for sport competitions. Football fans can easily create prediction events for their favorite matches and exchange their opinions with other fans and friends for entertainment. Finally, BC.GAME prediction market has developed a dedicated template for sports competitions. Fans can easily use this to create predictable events for their favorite matches and exchange them with other fans and friends for entertainment.
BCG plans to be one of the leading projects when it comes to the area of sports betting and entertainment. And it will make it transparent, fair and fun.