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CAN BLOCKCHAIN TECHNOLOGY IMPROVE THE SPORTS INDUSTRY?

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  • Mar 11 2019
  • Posted by Webvillee
  • 0

Yes, Blockchain technology can improve the sports industry. Here are some of the ideas of Blockchain which can help to improve the sports industry.

Hey you! Thanks a ton for stopping by. If you are a loyal follower of sports and love going into details, we have something that is the perfect fodder for your brain. Read on-

You are not living on the planet if you are yet to hear about Blockchain. However, if you still do know what it is, let us help you out.

The blockchain is a technology where all kinds of transactions made in bitcoin or other cryptocurrency are recorded and maintained across many computer systems that are linked by a peer-to-peer network.

Now that you have an idea about this mind-blowing brainchild of well, person or group of people called Satoshi Nakamoto we directly flip over to sports. After all, we flipped, didn't we?

The global sports industry is changing. With the attendance of people heading over to watch their favorite games is on a decline, there is also a simultaneous increase in the viewership of these games through digital platforms.

It is essential that people keep visiting the venues to watch their favorite matches because ultimately, it is the tickets which drive the revenue for stadiums and related facilities. The fact that mobile viewing has increased in comparison to physical viewership underlines a significant difference in the decision making of generations.

There is a need to find out ways which can help sports lovers more involved with their favorite clubs, leagues, athletes and even outcomes of the games — all this with keeping in mind the costs for a tremendous in-venue experience.

When the point comes for the application of Blockchain technologies for sorting out such challenges, things can be made more interesting through direct investment in clubs from fans or even online betting platforms based on the Blockchain technology.

If you want answers to all possible queries for Blockchain, get in touch with Webvillee where we will not only answer them but will also recommend the best use of this fantastic technology.

Here are some of the ideas of Blockchain which can help to improve the sports industry-

       1. CRYPTO SPONSORSHIP

Sports sponsorships have a lot of forms and are undoubtedly pretty active to publicize the name of a brand. It is also the reason why sports sponsorships are very expensive too.

Famous football clubs like Manchester United and Chelsea sign agreements to display brand names on their game uniforms in exchange for revenue.

Although sponsorships are not a direct application of Blockchain technology, when it comes to heavyweight sporting associations, aids have a fair share of relevance. Many leagues, clubs, and athletes are willing to accept Blockchain technology in the form of cryptocurrencies in no small extent.

What is also interesting that these athletes are also receptive to join in some startups with a vision for the new technology which is not just limited to sports, and this is a positive move forward for the technology.

       2. TOKENIZING OF NEW ATHLETES

Once a few chinks get sorted out, tokenization of new, amateur and low-level professional athletes who are hunting for funds to boost their careers will be a great help for them. Tokenizing them is an epic proposition for those who are looking to pursue an athletic career professionally.

There are platforms which allow the investors to watch and analyze the tape of an athlete and help with the immediate handover of funds in return for an individual share in future earnings of the athlete under consideration.

While there are specific questions on ethics and logistics that should be looked to, the idea is essential for people who have an understanding of the chaos in competition for amateur sports and the number of funds it requires to move ahead in this field.

     3. SMART TICKETS FOR ENDING SCALP SALE

Suppose you are standing outside the stadium to watch a game, but you couldn't find the tickets. If you see a vendor, who is "selling" tickets for the game, a majority of times you will be buying the tickets on an impulse. And then you get denied at the entrance as the tickets you just bought are fake.

This is how lame things can get with tickets.

With smart ticket platforms backed by Blockchain technology, it is easy to trace the whole path of a ticket to the final vendor. Fans have a guarantee that the ticket they have is authentic and not a phony one.

Every exchange of tickets is documented, making it easy for the users to trace their ticket back to its first seller before they shell out their money.

    4.SECURE RECORDING AND SHARING OF PERFORMANCE DATA

Analytics have virtually taken over every professional sports league, rightly credited to new technology like sensors. These sensors have made it amazingly easy to trace the performance of individual athletes like never before.

To help its cause, this data is pretty valuable too. Most of the data derived from performance in sports are entirely fit for public consumption. There are still many clubs though, who prefer to keep this data under their roof and not display it to the outside world.

Using a platform which makes it easy to share data between coaches, general managers, trainers, and players without the fear of getting hacked is much needed and will add to the overall cohesiveness of entire staff.

Such a platform of Blockchain technology will provide easy insights and not allow the players to get essential algorithms and data for their use once they switch over to new teams or clubs.

    5.DATA AND INFORMATION SHARING WITH FANS

It is the fans who make a particular team famous. Providing these die-hard fans with a chance to have a look at the in-house updates, interesting performance metrics, media and other kinds of content around their team on a subscription platform is not a bad idea at all. Blockchain enabled platforms that contain unique and non-repetitive content can surely separate true fans from mere followers.

With fantasy sports apps available in broad daylight, people will always look out for more content to get an edge and pretty minute details that can help them stay at the top in comparison to their friends.

Speaking of which, did any Blockchain app idea crossed your mind while reading this piece? Don’t hold back! Drop your details here and we will get back to you.

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