Top 5 Blockchain utility cases in sports and esports
Imagine a world where you can own and exchange the rights to your favorite football player’s shirt, or a basketball star’s worn shoes. Where you can transform yourself into an NBA superstar in a next generation video game and get paid to play. Or maybe you prefer to bet on the outcome of a sporting event without worrying about whether your winnings will be confiscated by an offshore gaming syndicate.
Now imagine that all this is possible while maintaining full control over your digital assets and being rewarded in a transparent way for them. This is not fantasy, it is blockchain technology in action.
Blockchain became publicly known as Bitcoin (BTC) in 2009, but has since seen usage cases expand rapidly across almost every conceivable industry. Banking, supply chain management, cyber security and transportation are just some of the sectors that are already putting blockchain through their paces. Today we therefore thought it would be interesting to highlight five of our favorite sports and esport use cases for blockchain that have emerged over time.
Blockchain is transforming the sports industry
Blockchain is a decentralized database, or ledger, that records transactions between two parties efficiently and in a controllable way. The technology is best known for being the backbone of the cryptocurrency markets, a security network for buying cryptocurrencies, 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 to fight doping. Blockchain makes it possible to record all information about an athlete’s body and movements in a public ledger so that 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 such as the Olympics by ensuring that they are caught before they get 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 a form of tracking system will allow organizers to keep a better track of how players perform so they know who deserves a prize based on performance versus popularity.
Store data in Blockchain
The first use case is storage of data in the blockchain. A blockchain is a distributed database, which means that it is distributed between several parties and is not owned by a single party. It is decentralized, which means that there is no central authority to control it.
The second use case is anchoring sports data on a blockchain. Anchoring involves the secure storage of 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.
Playability
A blockchain can be used to improve playability by increasing the speed at which data is processed and verified. This can allow things like a real-time gaming system, where users can bet on the outcome of a match before it has even begun. This will make e-sports tournaments more interesting and exciting because viewers will have access to more information about what happens during live matches.
In addition, blockchain can make games fairer by keeping track of players’ scores or achievements in tournaments through smart contracts. These contracts ensure that all players play by the same rules and that there are no cheaters in their ranks, making e-sports tournaments more competitive overall.
Smart contracts
Smart contracts are computer programs that facilitate, authenticate or enforce the negotiation or fulfillment of a contract. They can automatically make an appointment when certain conditions are met. Smart contracts have been used to create unchanging and reliable transactions without relying on a third party.
For example, if you bought tickets to your favorite sports team through blockchain tickets, it would be impossible for anyone else to steal your seat because it would be registered 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 of purchase (and then only at specified times).
Fan engagement
Blockchain technology can give fans a unique experience. For example, blockchain-based apps can allow fans to get involved in the game by letting them vote on important decisions or even participate in live games. This will enable a new form of interaction between players and personalities, which can increase engagement from both sides.
Furthermore, it may be possible for fans to collect and trade digital memories such as player photos or signed jerseys on a blockchain platform. In this way, fans can build 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 can receive exclusive content if they notice advertisements while watching live broadcasts of matches (without ads).
The bottom line
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, ticket sales and fan engagement, sponsorship and fundraising to improve the quality of life of athletes. Blockchain has many benefits, including a transparent and unchanging ledger that makes it an attractive option for people who do not want their information to be revealed to anyone else or tampered with by anyone.
