Don’t ‘Miss the Boat’ when it comes to Blockchain Technology
Do you remember your teachers in grade school, and how they would always preach:
“You must learn history as it is bound to repeat itself”
Well, they were certainly right about that.
History is repeating itself once again as we approach the year 2019. Blockchain technology’s emergence has sparked a new revolution in the tech space. This phenomenon is eerily similar to the web dot-com boom from the late 1990s and into the early 2000s.
There were many people and organizations that scoffed at the idea of the ‘internet’ when it was first introduced. Many of the naysayers didn’t believe that the world as we know it would change overnight.
Paul Krugman — a Nobel Prize-winning economist said the following about the internet:
“By 2005 or so, it will become clear that the internet’s impact on the economy has been no greater than the fax machine’s.”
As we all know, that statement has not aged well as companies now need the internet to survive. In fact, some companies are operated solely through the internet without the need for a physical store or shop.
Those who didn’t see the potential for the internet at its early stages are surely kicking themselves today. But history has a funny way of repeating itself…and the revelation of blockchain technology is providing those former naysayers a chance at redemption.
On a global scale, we are more connected than ever before. Social platforms like Facebook, Instagram, Twitter, WhatsApp, and LinkedIn allow for people all around the world to be connected instantaneously.
Blockchain technology will soon enhance the ability to trade information, currency, important documents, and so on.
A distributed ledger allows for parties to transfer anything of value in a secure and instantaneous fashion without the corruption of an outside source. Once a transaction of information or currency is made, that information is stored on a block and added to the chain of blocks which hold the previous transactions.
There are thousands of examples to simplify blockchain and how the distributed ledger system works. But Samson Williams, while at Coinvention in Philadelphia, summed it up perfectly (and simply) by comparing blockchain to a group text message:
Blockchain is only going to enhance the internet and all of the functions that make our lives what they are today.
When the smoke from the blockchain revolution has cleared, you will want to find yourself on the right side of history. The side that was willing to adopt these new technological advances because you learned from the mistakes of those in the dot com boom.
Do not allow yourself to ‘miss the boat’ when it comes to blockchain technology.
Smart Contracts
One massive game-changer blockchain brings to the table is the ability to utilize digital smart contracts.
Smart contracts have the capability to transfer money, property, information, or any other assets of value with complete transparency and without the interference of third-party intervention.
Trust will no longer be placed in a middleman to hold and distribute the asset being traded. Instead, the smart contract’s agreement will only be formed between the two parties.
The code of the smart contract will properly distribute the assets when both parties have met their expectations for the agreement. And the contract will only work if these terms are met.
Think of smart contracts as a vending machine. When you would like to order a candy bar from a vending machine you must put in a form of currency (the asset) punch in the numbers for the desired outcome — a candy bar (the other asset being exchanged).
If you do not put in the right amount of currency, or put in the correct numbers, then you will not receive the candy bar of your choice — if at all.
Additionally, the vending machine (smart contract) will always give you the candy bar you selected. There is never a time where a fully-functioning vending machine decided on its own that it would not give you the candy bar after you put the correct currency and code into the machine.
The same will apply to smart contracts.
How Instant Sponsor Will Use Smart Contracts
Instant Sponsor — a blockchain-powered sports sponsorship platform — will harness the power of smart contracts to create a seamless sponsorship acquisition process for rights holders (teams/athletes/agencies) and sponsors.
Digital smart contracts will mitigate payment default risk and enable secure transactions under one payment system free of currency exchange rate volatility and bank transaction fees. Effectively opening sponsorship trade globally.
Instant Sponsor will further expedite the sponsorship acquisition process by matching potential sponsors with sponsorship opportunities through the platform’s Campaign Consultant feature.
The Campaign Consultant feature is based on a patented algorithm which calculates the sponsor’s target demographics and budget, before matching it with sponsorship campaigns that present the greatest return on investment (ROI).
If you are interested in Instant Sponsor’s platform then you should check out the Instant Sponsor website and join the Official Telegram Community to receive news and updates about the company and sports sponsorship industry.
