As CEO of Fantasy Sports US LLC in Freehold, New Jersey, Ian Olito creates computer programs for the daily fantasy sports industry. Ian Olito's unique approach to fantasy sports computing uses blockchain technology.
A blockchain-based system uses repeated independent verification of all transactions to generate trust from an assumption of distrust. All participating computers in a blockchain network can see any transactions made, and all computers involved must approve any transaction or exchange conducted on the network before it is committed to the ledger. This prevents individual users from tampering with the system by adding resources to their own instance of the ledger.
Blockchain also provides a transparent record of all transactions made on the network. Once approved, transactions are added to the chain as individual blocks, earning the system its name. This can add value to any transaction involving trust or value, with applications for the transfer of money, goods, and property. In theory, blockchain could be used to combat fraud, as the public ledger makes it impossible to falsify a transaction.
