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On the Crest of Blockchain: Advancing Sports Industry
Real-time assessment and increased popularity has led to blockchain lately being leveraged in the sports landscape. “All sports public blockchain,” commonly known as a sun-rising industry, employs blockchain technology to fill the technological gaps existing without a globalized and decentralized sports supply chain.
Numerous smart investment contracts provide aid to sports organizations through their sponsorship and donations. Athletes are signing up deals with corporate firms for a certain period to get a stream of income or future exchange. This deal paved the way for the requirement of new techniques to overcome the issues in day to day’s sports industry.
Mostly, smart investments are captured through a distributed ledger of digitized transactions, blockchain process, which will frequently monitor the data transfer in an efficient, flexible, and permanent manner. The data will be stored in the form of boxes which are similar structures throughout the blockchain network. Blockchain enables high data transparency as all transactions are made publicly visible.
Furthermore, the blockchain process requires a huge amount of computational power to alter the storage database, which makes data transfer highly secure and authentic. In the sports sector, apart from the financial transaction, blockchain can be utilized in numerous applications such as anti-doping detection, storage, and access to big data.
In the year 2016, the Russian hackers successfully decrypted a part of blockchain in which several U.S. athlete names were shown as evidence of doping. The data stored through blockchain will be provided with a source key and is shared with the administrative people of sports authority so that these cases will not be hidden and hacking will be avoided.
Introduction of virtual token or currencies such as bitcoin for fans can help business sectors to gain more money. Furthermore, in handling huge amount of data that is being collected blockchain technologies are found to be effective and efficient. With its high significance and potential opportunities in the sports industry, the blockchain technology continues to evolve into providing a better future. There are continuous advancements, and the question of “what's next?” prevails.