Blockchain and football
In today’s world, one could say that football has a huge global fan base as such, the potential applications of blockchain technology into the most popular sport on the planet are numerous to mention, this can range from using blockchain and cryptocurrency for faster and safer financial transaction and even ensuring compliance with GDPR Regulation.
Smart Contracts
They are computing code that runs on blockchain and enables secure value exchange. Using smart contracts is ideal when it comes to self-executed transactions which would normally require a middle man. Implementation of this removes the need for a mediator when two parties are to exchange physical or valuable digital assets.
It is an application of blockchain relying on a decentralized public ledger. Smart contracts can be built on platforms such as Ethereum. Smart contracts record contracts as computer code that contains the condition of the contract. Once all the conditions are met, the contract is activated.
Example: Smart Contracts between club and players for bonus payment when players reach a set amount of goals scored in a game or a season.
Performance & Transfer record
Coding a player’s transfer record on the blockchain can enable clubs to check a player’s past transfer records, going back to when the football player started his or her career.
What benefit does blockchain bring to a football club?
Blockchain is now seen as a driver used to transform a business model regardless of sector. And is now becoming implemented across many supply chains across the world in the health sector, retail, and government.
Implementation of blockchain technology into your business model would; enhance traceability, increase speed, reduce cost and bring about more transparency. Because the blockchain is a distributed ledger, all networks there share the same ledger, validated by consensus in the network.
Implementation of blockchain technology into your business model would; enhance traceability, increase speed, reduce cost and bring about more transparency. Because the blockchain is a distributed ledger, all networks there share the same ledger, validated by consensus in the network.
- The data saved on the blockchain is a) more secure, b) accurate c) transparent d) availability to member my permission
- With the advent of blockchain, it can assist with club implementation on the signing of players, a tracking system for players for reliable monitoring, storing data on payment, injuries and performance.
Blockchain is a buzzword in the financial sector now, but the sporting world should also be alive to its potential according to Christina Henry in her article from 2017, ‘ The potential of blockchain technology in the sports industry’.
Since the prophetic assertions from Christina, we now see Barcelona in 2022 owning their own cryptocurrency to challenge the football elites, according to the club president Joan Laporta. Web3 is the future.
