The term blockchain gets thrown around a lot. It has been the case for about a decade. So many interesting ideas have been the subject of discussion but most have fizzled out just as fast as they were proposed. However, over the years we have seen some ideas stick around much longer. Disruptive ideas like smart contracts, DeFi (decentralized finance) and NFTs.
The innovations in the blockchain space over the last decade have made it such an important technology that can transform the entire entertainment industry. The transformation has actually started and is slowly gaining traction. We already have seen how NFTs and Metaverse sports scenes are slowly springing up, courtesy of innovative sporting organizations, the first movers.
Generally, blockchain technology provides new opportunities for the development of different sectors of the economy. From the health industry to security, food and down to the financial industry. Its application goes beyond cryptocurrencies. Thanks to its capacity to provide more openness while saving time and money for businesses and industries, the sports industry is not left out.
We explore below some of the ways that a marriage between blockchain technology and sporting organizations can yield juicy fruits.
Application of Blockchain technology in Sports
1. Issuance of tickets
Using a non-fungible token (NFT), a digital card is another blockchain application for sports. This is the easiest and safest way to purchase, store or even transfer tickets between owners or events. NFT tickets can have special features or carry special privileges like VIP cards. These cards cannot be counterfeited.
2. Fan Tokens
They help to increase community participation and engagement and can engender fan loyalty and support. Fans can be rewarded for their loyalty and community driven activities. For example, a fan can be rewarded for creating, propagating or even liking organization events online.
These rewards can come in form of fungible tokens or digital collectibles.
Players can be paid in Digital Currency .
Cash is king, but the eventuality of many sporting stars preferring digital currency payments is not totally inconceivable, especially in a world of political and economic uncertainties.
According to Kadvacorp ,The NFL great Russell Okung became the first American soccer player to earn a portion of his pay in Bitcoin in late 2020. After a legal struggle of two years, Okung was eventually allowed to earn half his $13 million in Bitcoin compensation. This was done with the help of the payment company Strike.
4. Drug management and regulation
The use of blockchain technology in the sports sector increases transparency and accountability.
All medical information provided in the blockchain is kept unchanged so as not to be edited or deleted. Between public and private blockchains, medical data of various types can be stored. It will preserve an athlete’s personal information, but will also make all test findings available to the public.
This will improve the honesty and responsibility of the participants, as it is almost difficult to falsify or lie about the test results. This system can only offer incorrect information if a participant sabotages the results before adding them to the blockchain.
As Metaverse concepts and Game Finance continue to gain more traction, we will see so many more ways in which Blockchain can positively disrupt the sporting industry.
The Bantu Blockchain Foundation is in preliminary talks with the team at Sporting Lagos to identify quick wins and also build a road map to integrate blockchain into the club’s community management and governance. More details of this partnership will be revealed as discussions get deeper.
What other use cases of blockchain for the sporting industry do you know? Let’s see them in your comments.