Blockchain technology and Cryptocurrencies are changing the face of Fintech industry. The potential of blockchain technology now getting unleashed in the recent past and now it’s time for blockchain technology to reshape the future of the sports industry. The technology can be used for tracking athlete’s performance, drug presentation methods, and can also increase the engagement of fans.
Blockchain in sports
Blockchain technology to simply put is a collective bookkeeping with the help of internet. The records are not owned by any party in particular and the public can also view the records. Blockchain technology used for Cryptocurrencies is just the tip of an iceberg. All the data updated in the blockchain platform are public with a timestamp whenever data are included or altered. Trust factor with blockchain technology increases by folds and the system of operation is totally transparent.
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value
The three main area where blockchain can play a crucial role in the sports industry are
- Athlete’s performance tracking
- Banned drugs usage in sports
- Increased involvement of fans.
Athletes’ performance Tracking
Data produced by the sports industry are yet to reach its full potential; the present system involves maintaining most of the records in a manual manner. Maintaining a proper ledger to analyse the performance metric of every individual athlete can help in training the person in a better way according to their capabilities.
Blockchain can be trusted with this task; every data collected from a reliable source can be updated directly into the blockchain platform, not only that all the biometric measurements collected can also be updated in the ledger. The technology is yet to reach its full potential but the promises it gives to the field of sports cannot be compared. The data once entered in the digital ledger cannot be altered without authorities getting the wind of it.
Sports club trying to stay atop of their game should be embracing the technology now; there is no doubt that blockchain technology is going to change how the sports industry operates in the future.
Banned drug usage
So many scandals have surfaced in the recent past related to the usage of banned substance in the sports industry. From Olympic competitions to zone level tournaments, usage of banned substance is on the rise. This can lead to a huge drop in the quality maintained in the sports industry.
The technology not only offers protection of files related to anti-doping but also it will stop the involved federations from manipulating the records. A proper system with a solid structure for recording all the prescriptions and test results is the answer to all the scandals. Data once entered in the system will be checked with the current protocols making it difficult to alter the updated record.
Increased involvement of Fans
All the industries are getting the knack of using social media for staying ahead in their game, the sports industry is no exception. But social media is an infant when compared with the blockchain technology. Sports clubs introducing their own Cryptocurrencies in the future is also a possibility, Cryptocurrencies for tickets and merchandise.
A proper and safer peep-to-peer ticket transfer, this will help in the resale of tickets easier, generating more profit for the clubs and will enhance the involvement of fans. In addition to it, loyalty schemes using blockchain technology can enhance the audience experience. Tech giant IBM has partnered with Loyal, a reward platform to build a platform for it.
Smart contracts to reward fans, a completely automated process that can send tickets and rewards directly to the fans account or create a global partnership that allows fans to spend their rewards in a single network. Jetcoin, a blockchain startup that is totally focused engaging the fans and rewarding the sports community. This startup gives an opportunity for fans across the globe to direct rewards from the success of their favourite stars and athletes.
Sports community can get Jetcoins in two ways; can buy them through the platform or earn them through POS and proof of social engagement. More the number of fans promoting the talent more benefits they receive.
Blockchain technology can take sports filed to the next level making it trust worth for all the fans globally. This technology is capable of elevating the status of the sports industry. All the enforced regulations will be followed making taking the industry to a different level.