This Is Why Blockchain Will Have A Massive Impact On The Sports Industry
The rise of sports betting via mobile, websites, and digital devices is apparent. Its emergence encourages more people to use it, knowing that it is more comfortable and more convenient than traditional sports betting. If this makes you think that this is already advanced, you are wrong. This can still improve further by using cryptocurrency and blockchain technology.
Yes, you can integrate this into sports betting. There are already websites and mobile apps that use Bitcoin instead of credit cards or real cash. This gives many advantages to the users, not to mention the safety and security they can get as well as the ease of transaction.
Blockchain Has Several Uses For The Sports Industry
There are different ways to apply blockchain in the sports industry. However, some challenges can be encountered. The most exciting use is to include direct investment in athletes and clubs by fans, who receive a certain amount from an athlete or a team’s future earnings. We know that many of you aren’t aware of this, but yes, this happens.
Blockchain-based live sports betting in bitcoin sportsbooks and fantasy sports platforms also use this technology as well. Other potential uses for blockchain technology include sports management, which may help decrease illegal or counterfeit ticket sales. This can also make sports betting more accessible and more transparent for individuals, teams, and leagues. Of course, this can also reduce the use of intermediaries through automation, making game attendance more affordable.
Aside from those mentioned, how can blockchain influence the sports industry? Let’s take a look below:
- Improved and more profitable fan engagement
Fans are needed to generate profits since they watch games on television, buy tickets, and purchase merchandise. With the help of fans, it can boost advertising revenues and TV rights. These days, social media is also used to increase fan engagement. But if blockchain technology is used, this can still be improved.
Sports clubs can create their virtual tokens, which the fans could use to buy merchandise, tickets, and even food and beverages during matches. Using this will lead to operational efficiencies creating more profit for the clubs. Peer-To-Peer ticket exchange is possible to allow ticket re-sale and avoid the fake-ticket market.
- Store data and statistics
There’s a massive amount of data available for sports. These statistics, which include athlete’s performance metrics, can be beneficial for setting up training plans. This way, coaches can identify which areas need improvement. This can also help athletes understand their abilities and take action on their weaknesses.
The blockchain serves as a credible way to store data, which may include pulse rates, biometric measurements, race metrics, and others. All these will be added to the database, which can be utilized for research and other purposes.
- Avoid leaking of files and doping
There had been reports of hackers leaking medical records of athletes, which claims that they are doping. This can be prevented by using blockchain technology not just to secure their files but to avoid federations in manipulating data to hide doping cases.
A more structured system for recording test results can be created. Once the data is on the system, it can be checked for accuracy using preset protocols before logging into the blockchain. With this, it is impossible to change the data.
- Effective management of sports broadcasting rights
When it comes to sports, broadcasting is a huge business since fans would watch games and matches. From that, a significant amount of income can be generated. These days, the rights market is divided since people also view via live streams and watch clips on social media using their smartphones. More people are using it compared to those who watch games on traditional television sets.
By using blockchain networks, right holders can identify unexploited rights and enable automatic rights payments. This way, the transaction is much easier and faster, which is more convenient for users.
The Future Of Sports Will Be intimately Tied With Blockchain
Indeed, blockchain technology can influence the sports industry in so many ways. The advantages it can bring to the industry can help it improve once its full potential is utilized. Innovations of blockchain can benefit both the company and many other sectors, including investors, athletes, and even fans.
These days, some online betting sites are already using bitcoin. But it appears that there will still be more developments on its usage shortly. Do you think the sports industry will change in the next years due to bitcoin technology?
Featured Image Source: Jerry Yu (Unsplash)
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com