Technology has long since established itself in all competitive sports. When even the smallest of details and fragments of seconds can determine the winner, technological advances become the intermediate. Blockchain tech is not bringing anything new outside of the field, but it drastically improves existing options. What many need to understand about blockchain tech is that it does not complicate what we currently have but only offers an upgrade in various fields, which we will cover below.
1. Sports Betting
Sports betting is part of any competition where great efforts exist to make the betting scene clear, fair, and safe. First, blockchain tech’s safety prevents any data manipulation and ensures an unbiased approach, as there isn’t a singular monetary institution behind it. The anonymity of the blockchain protects players because each piece of data is encrypted.
Transactions flow faster (the profits of the betting industry are estimated at $7.62 billion in 2023 so far), ensuring near-instant actions due to the unregulated transaction flow. Betting sites and apps that embrace blockchain tech, which you can find on a list on SportsLens, allow players to use popular crypto for placing sports bets. With unrestricted access, fast transactions, and low fees, it’s easy to see how the implementation of crypto benefits players.
2. Ticket sales
Counterfeit tickets, illegal selling, and manipulation are the unfortunate truth in sporting events. Such actions harm both fans and clubs, tarnishing an otherwise glorious match. The problem is even bigger with online sales, where bots and mass resellers can cause damage to those who are eager to watch their favorite team. Blockchain can stop all of that, as its encryption allows for the authentication of buyers. Whenever any user uses a cryptocurrency to buy a ticket, that action is recorded in the blockchain and it can be verified.
Even if the ticket owner wishes to resell the ticket later, they can do so quickly and transparently through the blockchain, in a similar fashion. Because there isn’t a central unit behind a blockchain but a network of connected computers, there is no room for data manipulation and malicious attacks from hackers, making ticket sales safe and reliable. If we look at the revenue on a global scale from the sales of sporting tickets, valued at more than $15 billion in 2022 with a projection to rise near $20 billion in 2023, the importance and benefits of implementing blockchain tech becomes obvious.
3. Collectibles, tokens and memorabilia
Another part of the sports industry is the collector’s aspect. Passionate players and dedicated fans love to collect items that remind them about their favorite team, event, or part of history. Depending on the condition of the item, its rarity, and its age, it can rise to significant value. Implementing blockchain can add to the authenticity and validation of any such sales. Because each transaction is recorded, encrypted, and stored inside a blockchain, its owner can prove the validity of his item.
Trust was built over time by now, but with faster access to info, both buyers and sellers can be confident in their trades. While digital items like NFTs, digital players, cards, and tickets can benefit from such implementations, blockchain can extend to the material world with certifications. Once the authenticity has been verified, any additional benefit can be attached to the trade and item, like VIP access or exclusive rewards, further enhancing the use of blockchains.
4. Blockchain opens up new markets
Famous or popular clubs have fans all over the world. It’s not uncommon for dedicated fans to travel long distances or to support their team from another country. However, due to regional restrictions or monetary factors, where some currencies can be hugely discrepant compared to others, fans’ options can be limited.
But cryptocurrencies remove such obstacles, as their value is universal, and transactions can be made from anywhere. Blockchain thus opens up new markets and can give fans more options to support their teams, because there are no traditional limitations associated with standard financial routes.
5. The tech accommodates growth
Taking all we’ve mentioned so far into accommodation shows that blockchain is the way of the future for sporting events. Faster and safer transactions, lower fees, and enhanced user protection bring with them an opportunity for the industry to grow. Esports alone are an aspect of the industry which is valued at more than one billion and rising. As it is with any new tech, blockchain implementation only enhances and opens up sporting software to support the entire industry, bringing more fans to the games and giving them more ways to follow their teams!
Conclusion
The more options exist, the better for the end consumer. Blockchain is the latest push for a better and fairer sporting event, upgrading the software needed to boost and drive such a large industry!
Also Read: Blockchain Technology and Its Potential in Enhancing Cybersecurity for Online Lottery Platforms
