It has been said of blockchain that banking is only a beginning; the technology carries the potential to transform more than one industry and consequently play an important part in our everyday lives. However, in most of these cases, the practical application of blockchain is still at a nascent stage. Keeping this in mind, would it be too bold or early to say that blockchain can bestow several benefits to an industry like sports? Let us see.
Is Blockchain Already Knocking on the Sport Industry’s Door?
It is not that the idea of blockchain transforming the sports industry is mere speculation. The proof of the role the technology is capable of playing in this field is marked by the fact that many related startups have emerged and are continuing to surface.
London Football Exchange, the first tokenized market for professional football clubs, was launched as early as 2017. The idea it was based on was both unique and innovative and presents a perfect use case example. Tokens paired with various clubs were issued through which fans could invest in their favorite teams and players. The investment could be made for match tickets, tours, and meet-and-greet experiences. Many other platforms have also been developed along similar lines including Fan-Controlled Football League (FCFL) and chiliZ.
Other than investment-based models, platforms that focus on betting and prediction are also being built. A good example to cite would be that of BlitzPredict. Based on blockchain, it explores sports betting analysis. Customers who put money on an outcome, get the assurance that the experts are actually betting on what they claim they are.
There are some platforms that blend these two and other ideas to utilize blockchain in the sports industry. These include names like SportsCastr, Unikrn, and SportCo.
In What Ways Can Blockchain-Based Startups Further Penetrate the Sports Industry?
When blockchain gained popularity initially, not many people thought that it would go further than finance. However, the situation today is a clear indication of the growing importance of blockchain as a technology. And yes, it is not too bold or early to say that it can transform the sports industry as well.
Doping scandals have shaken the sports industry from time to time and they continue to do so. While many may think of it as a small problem, a lot of sportsmen who already have made it to the top use doping as an unfair means. This not only is a threat to the careers of other players but also kills the very spirit and hence the meaning of sports.
Blockchain could be used to create a structured system that can record the physical test results and prescriptions of the sportsmen. Furthermore, being based on blockchain, such a system cannot be tampered with and hence not even the highest of the authorities would be able to have their way with it.
Improving Training and Coaching
The data related to sports is enormous and if a way is found to compile this data and use it for advantageous causes, not only the sports industry would thrive but also individual players.
Blockchain fits into this role perfectly. The data generated from matches and the performances of individual players can be recorded on it and this information can be utilized for improving the training and coaching of sportsmen.
An example of a platform based on this idea is that of BraveLog which uses blockchain to record sports events and sportsmen profiles.
If more and more customers begin monetizing, the sports industry would get a big boost. This is where blockchain technology can come very handy. Sports clubs can introduce their tokens which the fans can use to buy merchandise and support the teams and players they are interested in.
Expanse: Get, Set, Go
Even though a number of startups have been exploring the potentials of blockchain technology, a lot still needs to be achieved. And Expanse provides you with the right medium to blend technology with an industry like sports. Based on Ethereum, it allows the creation of blockchain solutions to real-life problems and sports is not just a part of our real lives but is also deeply rooted in culture and history.