Technology / 12.12.19

The Rise of Blockchain Within the Sports Industry

Access Staff

Altcoin Magazine (11/22/19) Wessim, Allegue

Blockchain technology holds the promise of solving major issues in the professional sports industry, including a decline in attendance and corresponding erosion of ticket, advertising and merchandise sales revenue. Blockchain can add transparency through a decentralized database where various data is tracked, and the benefits for sports teams include a defense against ticket scalping. Businesses like Eventchain are helping in this regard by including smart contracts to guarantee both transparency and security of transactions. Meanwhile, other stakeholders can gain advantages from blockchain through platforms like SportyCo, a decentralized sports investment and funding platform, where athletes, clubs and sports organizations can raise capital to achieve athletic success. Moreover, some of the biggest sports clubs worldwide are promising future revenue sharing to fans, letting them have a return on investment and opportunities to monetize their passion. Most likely to go viral are blockchain-based applications to reward fan loyalty and content creation via social media channels.

Read the full story from Altcoin Magazine. 

Tags: Sports , News , Blockchain