How Blockchain Is Bringing Noticeable Changes in Sports Industry?
Seeing how the blockchain is used by every industry, we can be sure of one thing that blockchain will be one of the core technologies in the near future. Blockchain is already flourishing in the trading market and financial industry. But can it really be implemented in the sports and esports industries? Well, the answer is a big “YES”.
According to recent news, there is a company in London, Spotyco, which is thinking of utilizing the public ledger network of the blockchain technology to help their clients. It has even launched an online platform that helps them to collect funds from their clients.
The concept gets the recognition of many international footballers. One Of the footballers that act as the brand ambassador is Ronaldinho.
Before we dug in any deeper, let have a look at what Blockchain technology is all about.
What is blockchain technology?
Blockchain technology is an open, decentralized, distributed ledger that share information among the fellow member of the network. The information shared with the help of the blockchain public ledger is efficiently recorded. And as the information is embedded with blockchain technology, the information cannot be changed or deleted.
When a transaction is done with the help of blockchain technology, transparency is maintained. That means, nobody will be able to see the identity of the sender and receiver in the midst of the transactions.
The best of the cryptocurrency is that it is incorruptible. If a hacker hacks into individual information, he can only be successful if he is able to alter all the information from every individual account. Practically speaking that is not possible.
With this feature, blockchain has the possibility to disrupt the sports industry for good.
How Blockchain can disrupt the Sports industry?
Blockchain follow a public ledger network to store all kinds of information. You can use this feature of the blockchain to fight the black side of the sports industry.
Who all can forget the 2016 Rio Olympic? A hacker hacked into the medical files of the U.S athletes, that exposed the brutal reality of the U.S performances in the Olympic. In the report, traces of doping were found. It is an event that will forever be etched in the black history of the Olympic.
With the help of the blockchain technology, you will not only be able to safeguard data from being hacked, but also be able to provide a fair chance to all the athletes with proper medical data.
- Fan engagements
For sports, fan engagement is the only way to monetize from the fans. Whether it is selling tickets, sports merchandise, or doing banner advertisements, everything needs fans engagement. This is the reason why sports authority is thinking of using the blockchain technology for better fan engagement.
With the help of the blockchain, clubs can issue their own crypto token for the ticket exchanges, buying merchandise, foods, and beverages.
- Performance metrics
The sports are not only about physical activity, but it is also about athlete’s data. With proper management of data, an athlete can improve its performance. Maintaining such huge data can be extremely tough. But with the help of the blockchain, the data can be stored on a public ledger network. This way, the data will be safe and secure.
Now you know what importance blockchain technology holds in the sports industry. With all the possibilities mentioned, you can easily conclude that blockchain will be the next big thing in the sports industry, though it is still yet to reach its full potential. With that being said, those who would want to stay ahead in sports management would happily embrace the blockchain technology. If you want to start bitcoin trading, GET ACCESS NOW