Blockchain and cryptocurrency are revolutionizing; the way technology interacts with the real world. One such sector is the world of sports. Blockchains and cryptocurrencies have improved as the technology is used in sports, especially in the tracking of performance metrics, implementing anti-doping measures, or even engaging fans.
What is Blockchain & how it works?
It is a general perception that cryptos are merely a digital asset. However, there is a lot in it that we don’t realize. In reality, blockchain is a decentralized digital record of financial transactions. The records are stored in the form of blocks, which are linked together using cryptocurrencies. Additionally, the digital record or ledgers are shared with a network of computers to keep track of transactions. Any shared computer or network node can access the transaction and serves as a notary and that’s what makes blockchains so unique and reliable.
Football is the Pioneer in Using Cryptocurrency:
English club Arsenal has signed an MoU with CashBet for using the club’s platform for advertising. Although the exact amount was not disclosed, it is speculated that the signing amount exceeds $1 million. As per the contract, CashBet Coin’s ads will be placed on Emirates Stadium and Arsenal’s official website. Further, the crypto can use the club’s emblem and its athlete’s pictures for promotion.
Lionel Messi, one of the greatest footballers of all-time, has been scored by Sirin Labs. It is the company developing the world’s first cryptocurrency-based smartphone Finney. Barcelona’s formidable striker Luis Suarez has also supported the Stox blockchain platform. It is a sports forecasts website backed by Invest.com. Not only that, popular Spanish club, Real Madrid, became the first team to support payment in Bitcoin.
Hockey can’t be underrated as well:
In 2017, the Danish hockey club, Rungsted, named its arena as Bitcoin Arena after its sponsor’s firm, Bitcoin Suisse, it is a crypto payment provider. Many hockey players have also agreed on taking salaries in cryptocurrency. The first one to do that was forward Mykola Rosenthal. However, the contract insured him for any loss of money due to sharp price fluctuations of digital currency. The trend has soon followed by many big players, including Nikita Kucherov, Olympic bronze medalist Pavel Datsyuk and others.
Tennis and NBA are Also Catching Up Fast:
Interestingly, NBA uses cryptocurrencies since 2014. The pioneer club was the Sacramento Kings, which started it as an experiment. It allowed fans to pay in BTC for purchasing e-tickets and merchandise in an online store. This year, Dallas Mavericks club owner Mark Kuban has agreed to follow the same path. He assured to accept payments in cryptocurrency from the next season in the NBA.
Nick Kirgios, a well-known tennis player, has also decided to invest in digital assets. The tennis sensation has put his money in the Auscoin project, which is a network of cryptocurrency machines in Australia.
Besides these athletes accepting cryptos, there is much more than the blockchain can offer to the sports world. Consider a situation where peer-to-peer ticket exchange can happen between fans and clubs. It will make the re-selling of tickets fairer and safer. Clubs will be able to engage fans at multiple levels and viewers will also get rewarded. Although there is a lot be to explored and tested in the blockchain technology, its future seems to be bright and promising.