How will the blockchain revolution affect sport?
How will blockchain technology affect sport? The short answer is, there are many different uses and they will have a huge impact. Many people still find it difficult to understand what the blockchain really is, let alone explain it to others. I’m not going to reinvent the wheel here. Instead, here are just a few keywords. The blockchain is an open ledger that records transactions between two parties efficiently and in a verifiable and permanent manner. It is managed by every user on the blockchain. Every user has a complete copy, the network is decentralized. Intermediaries are no longer needed, they are peer-to-peer. If you want to delve deeper into the matter, please contact the BTC-ACADEMY at this point. Blockchain Applications in the World of Sports Of course, there are still many barriers to blockchain adaptation, be it technology, governance, organization or society. However, the potential is groundbreaking and will result in major changes in our lives. The sports world will also be affected by the blockchain revolution. Below we’ve listed some of the opportunities in the world of sports where blockchain technology can bring about big changes. 1. Ticket sales Counterfeiting and fraud are major problems in the ticket industry. Since ownership of assets (and a ticket is an asset) is ideally suited to blockchain technology, ticketing should particularly benefit from blockchain. With this technology, tickets can now be securely stored on the blockchain and show who the rightful owner of the ticket is. It was only at the end of November that the Dutch first division club Ajax Amsterdam announced the use of blockchain technology for ticket sales. 2. Rights Sports broadcast rights for major events, image rights, content rights: Nowadays, enormous sums of money are associated with the acquisition and exploitation of rights. However, at the same time there is a huge number of violations against those who do not own these rights. What do you think of all the violations of images on the Internet? At the same time, the media landscape is changing. Our viewing habits and sales platforms are not only changing, people like you and me can also increasingly produce and distribute content. The blockchain is ideal for rights holders to pursue rights licensed by them. In addition, they can also use the blockchain to facilitate the payment of rights. Authenticating online users becomes much easier and eliminates the need for intermediaries. A win for everyone who has certain (sports) rights. 3. Doping Doping is still a hot topic in many sports. Scandals constantly plague several sports. Remember, for example, a number of Russian hackers who broke into the database of the World Anti-Doping Agency (WADA) in 2016 and deleted or possibly manipulated some data from several athletes. The blockchain can be an ideal solution for protecting this data while providing transparency. From an administrative point of view, it is no longer possible to cover up or manipulate data. The blockchain is suitable for structured tests and recordings. Once the results have been verified, they are forever documented and protected from tampering. 4. Analytics Increasingly, athletes and clubs are using sensors to collect their own data. This data can be used to analyze and improve performance or to map performance for scouting purposes. This can be a competitive advantage and for this reason more and more athletes and clubs are using this data exclusively for their own purposes. Data can be valuable and therefore needs to be protected. Since athletes and clubs own and analytics are valuable assets, the blockchain is ideal for this data. In addition, it offers the athlete the opportunity to monetize this data at will by selling it to other parties 5. Player and club holdings Blockchain technology offers unique solutions for investments in clubs, stadiums or athletes. Very often they do not have the financial means to boost their sporting career, their club or their stadium. Small investors can now participate in their favorite athletes or clubs as a kind of crowdfunding platform. The return could be a percentage of the future income of the athlete or club. By investing, you have now become the owner of a valuable asset. Trading in the shares in this asset is also conceivable, as a blockchain tracks the rightful owner. 6. Fan engagement The blockchain is also ideally suited for better fan engagement. Clubs can now create unique tokens (these can be viewed as assets) that can be used for all kinds of fan-related purposes, such as access to exclusive content. Votes for internal issues can also be held with the participation of fans. Club tokens can also be used to purchase club-specific goods or for a loyalty program. The possibilities are endless. Every vote or transaction is managed by the blockchain and thus digitally set in stone. Juventus and PSG are just a few names of clubs that got started with the help of Socios.com. 7. The Sports Betting Industry If there is one industry where the middleman plays an important role, it is the betting industry. Your “bookmaker” is the man who makes betting easier and sets the odds. Sports betting is not exactly a stronghold of transparency. The blockchain has the potential to completely transform this industry. It could wipe out the bookmaker’s role entirely and create a new peer-to-peer betting system with much more transparency and significantly lower costs. 8. Fantasy Sports Fantasy sports have grown rapidly in recent years. Sales are already in the billions. However, the industry is plagued by fraud, which has resulted in some players quitting the game. You no longer trust the platform. This lack of transparency can also be remedied with the introduction of the blockchain. Blockchain transactions are safe this way, transparency is improved, assets are safe, and money transfers are also smooth. 9. Sports Collectibles Sports memorabilia and collectibles are a huge market. Who doesn’t want a signed jersey from their favorite athlete? The problem is that this industry suffers greatly from counterfeiting. The blockchain can solve this again. Officially licensed collectibles can now be transferred via blockchain with a token certificate of authenticity. Source: BTC-ECHO The post How will the blockchain revolution affect sport? first appeared on BTC-ECHO.