Blockchain. It’s a word we hear a lot in the digital age, particularly in the finance and gaming industries. Having said this, there appears to be no end to blockchain’s expansion, as we can now see it weaving itself into the sports industry, with the potential to change processes forever. Is this change for better or for worse though? Bitcoin and cryptocurrencies have huge potential, so there’s no denying that blockchain could benefit the sports industry greatly. To find out the final verdict, just keep reading!
We Could See A Greater Influx in Sports Stars
There are numerous advantages linked with blockchain, and one of these is crowd-funding. If you haven’t heard of this term, it involves the general public performing digital transactions in order to raise an amount of money for a cause. When it comes to starting a career within the sports industry, it isn’t uncommon for athletes to pay out an abundance of expenses without sufficient funding. Because of this, it’s become increasingly difficult for budding sportsmen and women to make something of themselves, whether that be in football, basketball or even tennis. In order to improve their skills, young athletes need access to high quality equipment, training sessions and a sports academy, but unless they’re from a highly privileged background, this is impossible for many individuals.
It seems incredibly unfair, but luckily blockchain can help. Via crowd-funding, aspiring sportsmen or sportswomen can receive enough funding to pay out for sporting expenses. Plus, since blockchain technology is completely decentralised, money can be raised in a safe environment without the risk of cyber-attacks. Therefore, blockchain proves itself as very beneficial to the sports industry, as we can now provide more opportunities for younger athletes, which wasn’t possible before this technological innovation.
More Effective Sports Management
To build further on the above point, investing in athletes after they’ve had sufficient training and practise can still be difficult for sports management agencies and corporations alike. But, with blockchain on the sporting horizon, the management of sportsmen and sportswomen could be massively improved. Thanks to its properties, blockchain can decentralise the process of funding these athletes, and fans now have the ability to create the sporting stars of the future themselves.
This concept is still in development, and the effects of it on a larger scale are still unclear to everyone. However, one particular organisation has been working hard to make this technological change permanent. This organisation is known as The Jetcoin Institute, and they pride themselves on encouraging fans to use their cryptocurrency, known as Jetcoins, in order to improve the management that athletes receive. As well as this, supporters are able to receive a small amount of the athlete’s future earning, so it’s ultimately a win-win situation for everyone involved!
There Will Be A Greater Interest In Sport
As a nation, or even the entire world, we love sports, from rugby, to swimming, to gymnastics – we’re obsessed! The 2014 FIFA world cup final alone reached 3.2 billion viewers, showing how much we love sport and supporting our favourite teams. However, there is still a large portion of people who aren’t that interested in sport, but the introduction of blockchain into the industry could change that. Experts see a lot of potential in Bitcoin and, along with other cryptocurrencies, it is now on a mainstream level. For the sports industry, this has its advantages, as those who have no interest in sports will now generate one because of their interest in blockchain and digital currency. Everyone likes earning money, and profits even more, so as soon as people understand that profits can be made by having an interest in sport, the engagement that the sports industry receives will sky rocket.
People already love to use bitcoin in their favourite online casinos, but now that bitcoin could be used to generate revenue from the sports industry, we will see more people willing to invest. Sports news will be followed and games will be watched to gain a greater insight into how the cryptocurrency valuations with fluctuate. The overall benefit? More money for the sports industry.
There Will Be A Larger Divide Between Sports
It’s already clear to see that not every sport is on par when it comes to popularity. Sports such as football, basketball and tennis have a huge following, and very rarely is there a day where one of these sports isn’t broadcast on one of our favourite TV channels. In fact, the new NBA season has recently begun, and excitement is at its peak with people checking NBA fixtures and odds daily!
Sports such as golf and gymnastics however, aren’t as popular across the globe, and the popularity gap between these sports is only set to rise with blockchain incorporated into the industry. With athletes listed on the market, all revenues that are made will be disclosed and available for all of the public to see – this includes prize money and endorsement contracts. Therefore, fans and speculators alike will have a higher demand for these sports in the industry. For popular sports within the industry, this is great news as even more revenue will be made due to blockchain technology. On the other hand, smaller sports are likely to get lost amongst all the noise.
Changes to Fantasy Sports
The sports industry doesn’t just include the actual sport itself, as in recent years we have seen the emergence of fantasy sports on the market. Whilst this particular section of the sports industry has received a lot of twists and turns recently, blockchain technology could have the answer to all of the fantasy sports problems. For the sports industry, fantasy sports are a fantastic way to generate more engagement from the general public, including those who don’t usually have an interest in particular sports. Whilst there is a lot that people don’t know about sports betting, people love generating a profit on their favourite sports and becoming an expert at betting on sports, and platforms such as fantasy sports can help individuals fulfil this goal.
Of course, the first thing that people need in fantasy sports is a fair gameplay, and with the implementation of token balance within fantasy sports, account balances will be incorruptible. Plus, blockchain allows all fantasy sports platforms to be trusted, as smart contracts can be introduced into the mix. Smart contracts are able to automate parts of the fantasy sport platform where trust is usually concentrated. In modules such as scoring rules and assigning expertise level to a certain fantasy sports player, smart contracts can really benefit the way that fantasy sports operate. As well as this, the scoring calculation, which is based off the legitimate performance of a player, will be conducted through the unchangeable smart contract, making the overall gameplay smoother and fairer. With these benefits that blockchain brings to the fantasy sports, more people than ever are expected to immerse themselves into the world of sport.
Blockchain has a bucket-load of potential within the sports industry, and it’s refreshing to see the positive impact that it could have on aspiring athletes via crowd-funding facilities. Having said that though, when it comes to less popular sports, blockchain may put their publicity at risk and put a strain on the success that these sports receive. Because of this, it would be good to see an. adaptation to this blockchain technology to ensure every sport can reap the benefits.