Why blockchain in sports?
The blockchain is a decentralised transactional ledger that is spread among the nodes that exist in the network. Little complicated? Imagine you have a database with records and these records are not stored on the central server but spread across all the users that participate in the ecosystem. These users need to agree on what is stored on the database to confirm that the record (or transaction) is accepted.
It’s a great concept as it guarantees that whatever comes to the database cannot be manipulated.
It opens an array of possibilities that are still yet to be discovered and explored. So far blockchain is best used in financial transactions and banking system, supply chain and decentralized marketplaces.
It starts also paving inroads into other areas and one of them is sports.
Blockchain in sports can be used in a few ways that Bitcademy is trying to explore:
- increase transparency of stored data
- digitalize services (contracts)
- improve and simplify transactions
- store sensitive information
- create decentralized marketplaces (transfers, sponsorship)
In Bitcademy we are creating the array of possibilities for other sports organizations. As one example might be a digital player passport that will store the player’s history and sensitive data. A passport that can prove the player’s authenticity and help to build trust between clubs and sports organizations especially in underdeveloped countries where data reliability is questionable.
This and much more you will find on