Few Points About Prediction Markets

Source: Steemit

Prediction Markets are kind of markets basically used for information gathering and aggregating process across the market which is typically prediction of some event thus using these you can leverage the likelihood of an event and make your business streamlined in that direction.

You can also do demand forecasting and calculate the value of company during a time period as prediction market of Google does.

Software companies can exploit such markets by finding will they meet their timelines or not; how many defects will be there in their software etc.

Political firms can use it to find that what will be the result of elections.

Video and music market can use it to predict the box office collection of movies and music in the market.

 For managing a project, quality of a product (manufactured or software) and forecasting these markets can be used.

Video games industry can use it to predict the success of the games they are going to launch in the market.

First few steps towards this can be having access to broad range of information, getting continuous feedback as well as real time information; because of anonymity participants will express the truth so involve them and get additional information about the event for which you want to make prediction.