Blockchain Benefits Looks Promising for the Sports Industry
There is a new breach of personal information every second in the World. Breaches are frustrating and scary. Confidential pieces of information are stolen and leaked across industries and sports industry is the worst hit. Can you recollect what happened during Rio 2016 Olympic Games where Fancy Bear obtained access to the Olympic Games accounts to leak information? Confidential medical data of athletes were hacked and leaked. It is one of the craziest rampant act affecting thousands of sports person and their future.
Malicious invasion, illegal breaching of content, leaking communication, leaking information and leaking data of sportsperson etc., smears the reputation of the organizing committees, authorities, sports person and the sports council as such.
Hackers have enough scenes when it comes to data leaking, breaching or cybercrime.
Top companies like Microsoft (News - Alert) are investing hugely in threat research, in pinning the phishing sites and in sinkholing – a process of diverting network traffic from its original destination to a different server. Neutering malicious sites and hackers is no more an easy job.
It is getting tougher as hackers find a way out every time.
Blockchain can be the best rescue to such situations.
Advantages of embedding Blockchain
The global blockchain technology market size is likely to cross $7.59 Billion by 2024. The technology seems to have had its firm foothold in several industries right from finance, banking, healthcare, transportation, media, telecom, retail, supply chain, till the education industry. Top blockchain technology companies are exploring further possibilities of this technology in other areas too. Blockchain technology is predicted to create a revolution in the sports industry as it can tackle some of the issues that it is currently going through. Here are the lists of benefits that the sports industry can see with Blockchain;
- Secured interface for payment and settlement
- Tokenisation of assets
- Distributed system
- Decentralized mechanism
- Smart contract transaction
- Automating content distribution
- Automating reporting
- Securing information
- Safe engagement
- Immutable record
Content distribution and budget allotment are the prime functions of the sports industry. “Aligning distribution channels and budget allotment with content strategy is essential for producing the best ROI,” says a content marketing survey. By moving the content distribution, budget allotment, ad spends to Blockchain, both organisers and sports team can grow revenue and publicity in the most efficient way.
In short, Blockchain's potential can help the industry improve its operations and functions.
Professional sports demand a high level of accuracy, coordination, privacy and investment. It demands a good teamwork, a drive to achieve, discipline, high level of motivation and the right communication. Although hugely popular, the sports industry has been facing challenges and adversity. For a sports person, even training and participation becomes a challenge due to the intervention of decision-makers at all levels. Many-a-time, the roads are blocked for the right talent. The same goes for the club, organizers and authorities. Issues are piling up pertaining to loyalty and revenues.
With blockchain, there can be a safe and secure transaction between sports person, sports club and the conducting organization. Also, it can allow wider participation and investment without any middlemen interference. Many of the liquidity issues can easily get sorted out with this technology. The Blockchain technology can be leveraged to streamline different functions right from participation, event ticketing till media rights distribution.
In the sports industry, Winners are created when they are allowed to express their talent. Blockchain can be vital to creating winners.