It is surprising to see the multiple applications of blockchain technology in different sectors of our society. Indeed blockchain is a buzz word in the financial industry but is slowly making its way in other sectors too. We have already seen the possible implementations of blockchain in the music industry, telecom, aerospace, and gaming. But can the use of blockchain in sports benefit it? Blockchain and cryptocurrencies have ways to save the sports industry from crisis. Generally, the problem behind is not new. One of the reasons is the huge gap between the celebrity professionals and the mass sportsmen and amateurs — it concerns wages, investments, promo contracts, etc. How will the sporting arena take advantage of blockchain technology? Let us see how.
Use of Blockchain in Sports
The introduction of blockchain in the sports industry will introduce innovative applications that can transform the entire industry. Let us discuss some of them.
Since 1970, doping incidents in sports have been making the news. Athletes use performance-boosting drugs such as human growth hormones, anabolic steroids, stimulants, and diuretics. So, sports organizations conduct regular drug testing. The process can be complex more than we can think of. This is where blockchain comes into play.
Private blockchain networks record data from all stages of drug testing. Blockchain-based record management systems can track prescriptions and test results of all athletes along with data encryption. The data in a blockchain cannot be altered. Therefore, blockchain-based record management systems can offer precise evidence in doping cases simplifying drug testing procedures.
Sports clubs and brands keep launching campaigns so as to improve the fan experience. Generally, fans post pictures of games on social media in their favorite team’s support. Sports clubs can reward fans by offering blockchain-based tokens to fans for sharing and liking content on social media and attending a certain number of games in a row. Fans can exchange these tokens for exclusive club merchandise and free tickets. By doing this sports clubs can create loyalty programs for their fans. Also, sports clubs can offer player interviews, behind-the-scenes footage from games, exclusive news, and team analytics to their loyal fans.
The performance data and metrics of the athletes are collected in vast volumes for their analysis. The data includes training information and on and off-field information too. Blockchain can simplify athlete data collection and sharing. With its decentralized network, sports managers can store each athlete’s data securely. By leveraging blockchain technology, athlete data can be protected from potential data breaches and duplication.
A major issue sports organization suffer are ticket scalping or illegal resale of tickets. With blockchain, the sports industry can give rise to smart ticket platforms. Smart ticket platforms will track and display the chain of custody of every ticket to the buyer which cannot be externally altered. Any change will be documented accurately to ensure the integrity of the data. So, the fans can verify that their tickets are genuine. Also, smart ticket platforms can ensure restrictions on purchase a certain number of tickets at a time. This technique can effectively reduce the impact of bots and scammers that buy large volumes of tickets for resale.
Using blockchain in the sports industry will help in discovering new possibilities in sports management. Sports fans can invest in upcoming athletes and underfunded sports organizations. Also, these fans can gain high returns after the athletes or sports organizations generate high revenue.