Blockchain in sport: how technologies change the sport industry

How Cryptocurrency and Blockchain Changed Sport for the Better

The blockchain and crypto revolution keeps changing humans’ minds for the better. A decade ago, most of us could hardly imagine how the decentralized data-keeping solutions would impact all spheres of human activities. Blockchain has turned the traditional vision of a business model upside down due to its one-of-a-kind paradigm of sharing and recording existing data on the web.

 

How blockchain operates

Some people still associate blockchain purely with banking and financing. Blockchain indeed stepped on the global arena as a virtual carrier to transfer cryptos, like Bitcoin, from one node to another through a peer-to-peer network. Its operation principle focuses on the encoded data processing and recording. At that time, most of us could barely explain what Bitcoin actually was and how that magic tool would renovate the e-commerce niche.

In simple words, blockchain operates as a virtual wallet that allows customers and companies to run crypto transfers to any place on the planet at lightning speed, using only a unique key and digital signature.

Nowadays, the blockchain directions are more enhanced as it spreads far beyond the borders of fin-tech solutions. Due to the blockchain integration, people can not only make purchases online using crypto, but they can take full control of process optimization and manage any deal, operation, and transaction, preserving their anonymity and staying safe.

The unbeaten advantages of the blockchain and crypto integration for businesses are:

➢ Smart deals
➢ Lightning transactions
➢ Users’ anonymity
➢ Boundless accessibility
➢ Absolute security

 

Impact on sport industry

The Sports industry has also been ‘infected’ by the blockchain mania. The industry giants have already taken benefit of the win-to-win paradigm that this free-flowing technology grows on. When taking an inside look at how crypto and BC-tech changed sport within the last decade, it would seem bizarre how we all lived without these superb innovations before.

 

Results tracking

Blockchain is like an ocean that stores billions of data units and processes any info within milliseconds. BC-technology helps not only track money transactions, but it can keep tracking of games, players’ performances, and teams’ changes. Due to a unique decentralized algorithm, humans can say goodbye to the manual data analysis. Instead, they can apply biometric software to monitor teams’ results and analyze missteps to improve the performance and reach new heights.

 

In-game solutions

Sports fans know this awesome feeling of thrill when watching your favorite team scores a few seconds before the match is over and gets a triumphal victory heckled by a delightful crowd. Do you want to be a part of this life-changing moment? Due to blockchain and crypto solutions, gamblers can feel that one-of-a-kind thrill of shouting tribunes. In-match purchases with the BC-technology are no longer something unreachable. If you dream of buying a T-shirt or a ball signed by the eminent athletes right amid the game, you can use crypto to complete a transaction in seconds, without wasting precious minutes for bank confirmations.

 

Fans engagement

The industry gurus will never underestimate the tremendous impact of fans’ engagement on the sport development. No fans, no sport! The giant companies learned this wise lesson by hard. But how to stimulate fans using this unique digitized paradigm?! Experts give a couple of hints. Applying the record-processing BC-technology, sports companies can allow casual spectators to vote for favorite teams, clubs, MVPs, and even pick up the places for the future game runs. Real Madrid first applied this technique in 2017, when it launched the online platform, letting fans vote for the club changes using crypto in exchange for voices.

 

No tickets routine

We all have been there when a big game is just around the corner, and all tickets sold out. You want to cry a river the first minute before you rush to hunt for the distributors to sell you a desired ticket at a draconian margin. You can either double-pay to a distributor or watch the game from your couch. With blockchain, fans can say farewell to this entire ticket routine once and for all! No sky-long lines to buy a ticket anymore! You can buy a ticket at its real value with crypto in a couple of clicks without overpaying to greedy smugglers.

 

Benefits for athletes

Blockchain and crypto innovations have become a trendsetter in a modern business model between clubs and athletes. Eminent clubs moved to the peer-to-peer platform a long time ago. Crypto may appear a breath of fresh air to companies where athletes sign multi-million contracts. In the era when players’ transfers between clubs are a casual thing, crypto-based deals are no longer an illusion.

Two things will never go out of trends: watching sports events and betting on them. Modern bettors have already evaluated all bounties of sports wagering with blockchain integrations. No more boring routine with plastic cards and bank transfers! Due to the crypto innovations, punters can place in-play bets in seconds and withdraw their winnings at the mind-blowing speed. The best part is that bettors may keep their anonymity, as unlike the bank statements, blockchain doesn’t uncover the funds flow that people win or lose on wagers. Everything they earn on betting remains between punters and bookmakers with no third parties involved.

According to the industry experts from WorldBookmakers, the number of betting operators that render blockchain and Bitcoin solutions to their customers has increased twice over the last years. Pundits say it will keep expanding in 2020.

 

Summary

High-digital innovations and modern technologies run the world to a new era of global changes. But there is nothing to be afraid of the changes, as the progress does not stay still. Humanity has to adjust to new trends and witness how these novelties make revolution in modern society. The blockchain example is a vivid proof that progress is an inseparable part of human wellbeing. The way it changed the traditional vision of the sports industry makes people hold their breath, wondering what’s next for the sport prospects with blockchain

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