Imagine a world where you could own and trade the rights to your favorite football player’s jersey, or a basketball star’s game-worn shoes. Where you could re-cast yourself as an NBA superstar in a next-generation video game and get paid for playing. Or maybe you would prefer to bet on the outcome of a sporting event without worrying about whether your winnings will be confiscated by an offshore betting syndicate.
Now imagine that all of this is possible while maintaining complete control over your digital assets and being rewarded transparently for them. This is not fantasy, it’s blockchain technology in action.
Blockchain came into the public knowledge with Bitcoin (BTC) in 2009 but has since seen use cases expand rapidly across almost every industry imaginable. Banking, supply chain management, cybersecurity, and transportation are just some of the sectors already putting blockchain through its paces. Today we, therefore, thought it would be interesting to highlight five of our favorite sports and esports use cases for blockchain that have emerged over time.
Blockchain is a decentralized database, or ledger, that records transactions between two parties efficiently and in a verifiable manner. The technology is best known for being the backbone of cryptocurrency markets, a safety net to buy cryptocurrency, etc. But it has many other applications as well. One of these applications includes the use of blockchains to track sports bets.
Another way blockchain can be used in sports is in combating doping. Blockchain makes it possible to record any information about an athlete’s body and movements on a public ledger so others can see if there have been any abnormalities in their performance or health over time. This can help prevent doped athletes from competing at events like the Olympics by ensuring they will be caught before getting there.
Finally, blockchain can also be used in eSports competitions such as eSports tournaments where participants compete against each other online using various video games such as Fortnite or League Of Legends (LoL). With this type of competition happening digitally, having some form of tracking system would allow organizers to keep better tabs on how players are performing so they know who deserves an award based on results versus popularity only.
The first use case is storing data in the blockchain. A blockchain is a distributed database, meaning that it’s distributed among multiple parties and is not owned by a single party. It’s decentralized, which means that there’s no central authority to control it.
The second use case is anchoring sports data onto a blockchain. Anchoring involves securely storing the original data on the blockchain so that any changes made will be visible to everyone on the network. The value of this technology lies in its ability to prevent tampering with sports-related data.
A blockchain can be used to improve game playability by increasing the speed at which data is processed and verified. This can allow for things like a real-time betting system, where users can bet on the outcome of a match before it has even begun. This would make esports tournaments more interesting and exciting because viewers will have access to more information about what’s happening during live matches.
Additionally, blockchain could make games fairer by keeping track of player scores or achievements in tournaments through smart contracts. These contracts ensure that all players are playing by the same rules and that there are no cheaters in their ranks, making esports tournaments more competitive overall.
Smart contracts are computer programs that facilitate, authenticate, or enforce the negotiation or performance of a contract. They can automatically execute an agreement when certain conditions are met. Smart contracts have been used to create immutable and trustworthy transactions without relying on a third party.
For example, if you bought tickets for your favorite sports team’s game through blockchain ticketing, it would be impossible for anyone else to steal your seat because it would be recorded on the blockchain as yours. Smart contracts ensure that only one person can use the ticket at a time and that no one else has access to it until after the date on which it was purchased (and then only at specified times).
Blockchain technology can provide fans with a unique experience. For example, blockchain-based apps can allow fans to get involved in the game by enabling them to vote on key decisions or even participate in live games. This will enable a new form of interaction between players and personalities, which could increase engagement from both sides.
Furthermore, it may be possible for fans to collect and trade digital memorabilia such as player photos or signed jerseys on a blockchain platform. In this way, fans could build up their collections that they can share with other users on the platform and even use as currency within certain games or communities.
Another use case is that viewers may receive exclusive content if they pay attention to advertisements while watching live streams of matches (without ads).
Blockchain is a new technology that is revolutionizing the sports industry. It can be used in many different areas, such as player contracts and payments, ticketing and fan engagement, sponsorships, and fundraising to improve the quality of life of athletes. Blockchain has many benefits including a transparent and immutable ledger which makes it an attractive option for people who don’t want their information revealed to anyone else or tampered with by anyone.