The future of money is incorporated in cryptocurrency. In humble terms, cryptocurrency is an internet-based transfer of funds. This process uses a cryptographic program to transfer funds. The major advantage is that this process does not have any central authority. In short, it is an apt example for a democratized system. All transactions made in bitcoins are recorded in blocks known as Blockchain.
Blockchain is a process that allows the distribution of cryptic information without it being copied. This technology was created to be the new backbone of online transactions. Blockchain has established itself in the sports industry as well. Sports have been a paramount form of entertainment for a very long time now. There have been a significant amount of changes in the sports sector, but the most viable one sure has been Distributing Ledger Technology (DLT) or more commonly known as a Blockchain.
Blockchain in Sports Merchandising
People love to show their support to the sports of their choice. This is generally done by wearing t-shirts or jerseys or caps or any other merchandise sponsored by that sports association. Unfortunately, the plague that has affected the sports merchandise market is that of counterfeit products. It is not a difficult task to find counterfeit jerseys in today’s markets and the plus point being there are no legal consequences for the consumers for purchasing counterfeit products.
Factors Contributing to Counterfeit
The supply chains completely lack transparency, which is the major contributing cause. This is followed by a gap in accounting and international trade logistics. Also, the increase in the online market has paved the way for numerous counterfeit markets.
Implications of introducing Blockchain
Attachment of fast-moving supply chains onto the blockchain will improvise problems such as real-time updates and transparency. Having transparency right from the initial stages of the process, that is from manufacturing to consumers will negate the chances of counterfeit. This move makes sure that the consumers are not being conned by giving duplicated products and also allows the consumers to decide as to how much they are willing to spend on a particular product.
Auctioning Sports Mementos
The most pricey memoir was that of Babe Ruth’s 1920 baseball jersey. Priced at a whopping four and half million USD, this was one of the costliest sports memorabilia ever sold.
When this type of merchandising is involved, authenticity is of utmost importance. Scammers have upped their game and now make it a task to distinguish the original from the copy.
This process has become less taxing since the introduction of Non Fungible Tokens. NFT (non-fungible tokens) are a type of crypto tokens, which help in proving the originality of online marketed products.
NFT(Non- Fungible Tokens) Protocol in Sports.
Blockchain provides a platform to track every chronological event that occurs within an article’s lifetime. There is a “Codex” protocol that is followed which tracks all events occurring from the very initial stages. NFT’s have a specific code for each of their items which contribute is keeping the item unique and bypass any fraudulent activity. With the help of QR codes the transferability of memoirs becomes really easy and efficient. This process of blockchain transactions helps keep authenticity in check and also makes the process of trading of digital items convenient.
Unique Cars with Formula One
Based in Hong Kong, Animoca Brands have launched an NFT based game. They have partnered with Formula 1 and have vouched to co-create unique cars for racers. This way all the participating players will have their own unique cars. This move also embodies the memoir formation which again adds value to their brand.
Another pressing issue that has been inflicted upon the sports industry is that of unequal pay.
The introduction of blockchain has enhanced the possibility of the quotient of equal pay actually happening. The induction of smart contracts between numerous parties has had an immense effect. The process of smart contract allows, transactions to take place in real-time and are effective immediately. This method is efficient, reliable and allows micropayments. With the help of such immutable contracts, lesser know athletes could also be eligible for a deserving pay as compared to the more published athletes.
The finest aspect of cryptocurrency is that it eliminates the interference of any third party. This helps keep associated trades clean and allow for veracity. The concept of non-fungible tokens has the capacity to reinforce the refurbishing of merchandise and minimize the intensity of forged goods. Cryptocurrency has proven itself as a global economic currency and substantiated its position.
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