Blockchain and sports – a relationship with interesting prospects

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Blockchain and sports – a relationship with interesting prospects

No one needs to be convinced of the widespread use of blockchain in the world of finance or business. Would the technology also have a chance to prove itself in sports? Everything points to the fact that as much as possible, and what’s more, there is tangible evidence to support this thesis.

Blockchain – what is it?

Blockchain, which is simply translated as blockchain, is a technology for transferring and storing information on online transactions. These are then arranged in the form of blocks of data, creating a kind of digital ledger – an electronic version of a paper ledger. It is through blockchain that more cryptocurrencies, including the popular bitcoin, can be created. Predictions made by experts assume that solutions with blockchain in the lead role may affect not only the world of technology, but also the functioning of various financial institutions. This certainly sounds extremely interesting, but how does the technology relate to sports?

SportyCo – the startup that brought blockchain and sports together

One of the first companies that decided to integrate blockchain into its network was a British startup called SpotyCo. All thanks to the online platform SportyCo Professional Fund and the Smart Manager. This platform creates a crowdfunding system that any willing person can join – all you have to do is create a profile by entering your achievements and goals for the future. In this way, a safe way to support young athletes has been created through technology. Other options offered by SportyCo include a developed network for investing in sports clubs, companies, individuals, as well as creating smart contracts. Such a wide range of possibilities gives SportyCo a great reputation, and legendary soccer player Ronaldinho has spoken warmly about the initiative.

Other methods of using blockchain in sports

2016. information about the use of doping by popular American athletes leaks into the network due to a hacker attack. The situation gives rise to a new idea – the creation of an independent database of doping tests, which could not be manipulated. This is something that blockchain would help with. This would solve the issue of hiding information on doping use by national federations.

Various kinds of statistics and data, in short, numbers, are beginning to play an increasingly important role in the sports industry. Their analysis not only helps athletes to perform even better, but also provides a great source of information for fans. Blockchain could help create much more precise databases that would be accessible to everyone – from athletes to their coaches to fans.

Blockchain could also get passionate fans more involved in the lives of their favorite clubs. With accurate data, sports clubs would, for example, have the ability to create their own systems to reward their most loyal fans with cryptocurrencies or tokens, which they could use to make purchases at the club’s online stores. Such an initiative would certainly allow fans to get even closer to their teams.

main photo: Choudhary

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