Cryptocurrencies have made a massive impact in the last decade or so and have become truly mainstream. This has seen coins such as Ethereum, Litecoin and Monero hit the headlines and make their mark in many sectors globally. While you could look at online casino gaming and banking as examples of this, the influence of crypto and the blockchain technology that powers it in worldwide sports is perhaps more interesting.
It is fair to say that greater integration of blockchain tech and cryptocurrencies have transformed the modern global sports sector. This has now left blockchain tech, in particular, playing a pivotal role in how it operates.
But what are some of the best examples of this?
What you'll learn 👉
Blockchain tech in sports betting
One example of the blockchain’s increasingly pivotal role in modern sports is its presence within the global sports betting industry. This is a massive part of sports as a whole and a niche within it that generates multi-billions in revenue per year.
This now sees betting on sports popular in places such as the US, the UK and Scandinavia, to name but a few. Denmark, in particular, has a thriving sports gambling scene and plenty of top sportsbooks offering the best odds on major global leagues, events and games.
But how has blockchain made its mark in this facet of the planet’s sports sector? It mainly comes down to how this tech is being utilized by more and more sports betting platforms to facilitate safer, quicker and more secure online transactions. With crypto payment options also available at more sports betting sites worldwide, this is a part of the industry that is growing.
This is most obviously important for when customers are depositing or withdrawing money at sportsbooks online. Due to these benefits, blockchain tech has also allowed people to feel more secure when making transactions on betting sites, and they are more likely to use them as a result.
Blockchain network for storage of smart contracts
Smart contracts are a key reason why the blockchain in sports is so massive, and are an example of why this tech is so widely seen across the entire industry. This is most commonly seen in the form of smart contracts leagues or clubs may sign around TV rights, sponsorship deals or publishing deals.
Blockchain tech allows for these contracts to be created, signed and then securely stored – with no one able to tamper with them afterwards. The digital nature of these contracts means they are also easy to access online by anyone with the authority to do so.
Of course, smart contracts can also be used for the agreements that athletes or players sign when moving to a club. In addition, the top altcoins backed by blockchain are an ideal choice for fast, efficient financial payments to athletes. As this tech operates across borders, it is the perfect solution for paying monthly wages or bonuses around the world.
Blockchain for ticket and merch sales in sports
Merchandise and ticket sales are major sources of revenue for all sports clubs worldwide. These two revenue streams are also examples of how blockchain tech is having a major influence in modern day sports globally.
The adoption of the blockchain into sports ticketing has not only allowed sports organizations to reduce the risk of ticket fraud but also ensure fans have easy digital access to affordable tickets. Ticket verification is also much easier with blockchain-based tickets and takes away the guesswork from deciding whether a ticket is authentic or not.
Blockchain tech is also a great thing for merchandise sales in sports, which many top organizations are starting to use. This technology supports transparent and secure transactions when buying merch, which fans value. The smart contracts that blockchain-based sales operate on also mean that fans have peace of mind when buying it that the merchandise is 100% genuine.
Governance in global sports
It goes without saying that the global sports sector needs to be governed properly and must always act with integrity. It is also key that it is seen to do this and that sports fans worldwide have faith in the relevant authorities to govern sports ethically.
Blockchain tech helps here by creating a more democratic, transparent governance structure in the sports industry. This tech, for example, could be used to document decision-making processes in a top organization like FIFA, or to publicly record transactions like those in the IAAF.
Blockchain has had a massive impact on global sports
When you see the multiple ways in which blockchain technology is being used in global sports, it is clear what a revolutionary impact it has had on the whole industry. This will only be felt more keenly moving ahead as the presence of crypto and blockchain tech become more prevalent in the sector.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com