How will the Blockchain revolution affect sport?
How will block chain technology affect sport? The short answer is that there are many different applications and they will have a huge impact.
Many people still find it difficult to understand Bitcoin Union what blockchain really is, let alone explain it to others. I will not reinvent the wheel here. Instead, here are just a few keywords.
The block chain is an open ledger that records transactions between two parties efficiently and in a verifiable and permanent way.
- It is managed by each user in the block chain.
- Each user has a complete copy, the network is decentralised
- intermediaries are no longer needed, it is peer-to-peer
If you want to delve deeper into the subject matter, we refer you to the BTC- ACADEMY.
Blockchain applications in the world of sports
Of course, there are still many obstacles to block-chain adaptation, whether in terms of technology, governance, organisation or society. But the potential is groundbreaking and will lead to major changes in our lives. The world of sport will also be affected by the block chain revolution. Below we have listed some of the opportunities in the world of sport where block chain technology can bring about major changes.
1. ticket sales
Counterfeiting and fraud are major problems in the ticketing industry. As asset ownership (and a ticket is an asset) is ideal for block chain technology, ticketing should benefit from block chain. With this technology, tickets can now be securely stored in the block chain 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 block chain technology for ticket sales.
Sports broadcasting rights for major events, image rights, content rights: nowadays, enormous sums of money are involved in the acquisition and exploitation of rights. At the same time, however, there is a large number of infringements against persons who do not own these rights. What do you think about all these infringements of images on the Internet? At the same time, the media landscape is changing. Not only are our viewing habits and distribution platforms changing, increasingly people like you and me can also produce and distribute content.
Blockchain is ideal for rights holders to track rights licensed by them. They can also use the Blockchain to facilitate the payment of rights. Authenticating online users will be much easier and intermediaries will no longer be needed. This is a win-win situation for all those who own certain (sports) rights.
Doping is still a hot topic in many sports. Scandals constantly plague several sports. One recalls, 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 of several athletes. Block chaining can be an ideal solution to protect these data while providing transparency. It is no longer possible to cover up or manipulate data from an administrative point of view. The block chain is suitable for structured tests and recordings. As soon as the results have been checked, they are documented forever and protected against manipulation.
Increasingly, athletes and clubs are using sensors to collect their own data. These data can be used to analyse 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 must therefore be protected. Since athletes and clubs are owners and analysis is a valuable asset, block chain 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