The use of Blockchain technology in the sporting world may sound needless, but what many fail to realize is the opportunities the blockchain technology has presented to aim in the soft running of the sporting industry.
Blockchain is a buzz word in the financial sector now, but the sporting world should also be alive to its potential.
Why use Blockchain Technology in the Sports Industry?
The blockchain technology presents many opportunities to the field of sport, so far so good we have witnessed the creation of fans token which has aided in the creation of a unique interaction with the fans across the globe. The blockchain doesn’t change the sporting industry but it makes the sporting world better.
How blockchain technology can make the Sport world better
Anti-Doping
Over the years, the sporting world has experienced many scandals regarding this topic, during the 2016 Olympics in Rio, where it was announced about the Russian hacker who leaked several medicals files of top US athletes, The blockchain technology has present the sporting with an opportunity not only to protect these files from being leaked to the public but also for the create transparency in the world of sports making sure the federations do not have the power to manipulate any medical records. This is because once the data is present in the system, it will be checked for its accuracy in accordance with the preset protocols before being definitely logged into the blockchain and making it impossible to change.
Fan Engagement
The sports world is nothing without the fans. Blockchain technology has presented an opportunity for the sport entities to engage the fans even better by creating their fans token which the fans can use to purchase tickets, club merchandise, food and beverage during a game and many more.
Players Performance data and metrics
The sports world provides numerous data of a player but the blockchain can improve on that. The athletes ability and performance data provided by the blockchain technology can aid the team to set up training sessions and fitness training to develop the players ability and improvement.
Blockchain serves as a reliable bank of race data gathered from trusted sources and biometric measurements and logged directly into ledgers.
The sports betting industry
One major issue being faced in the sporting world today is basically match fixing and where the middle man plays an important role is sport betting, not transparent?The blockchain technology has the capability to remodel the whole system by completely clearing the need of bookmakers and creating a peer-peer system betting platform which could be developed into a more transparent and reliable betting platform.
