Why the Sports Industry is Perfect for Revolutionary Concepts like Blockchain and Cryptocurrency

If any business is to succeed it needs to make money. Therefore, as the world of sports works to keep up with modern technology it needs to expand its various revenue steams. Sports franchises may create their own virtual currency that fans could use to purchase tickets, merchandise, or food, and beverages at a sporting event. Harnessing these operational efficiencies has the potential to improve both the team’s profits and the — more importantly- fan experiences. For example this peer-2-peer blockchain technology can be utilized to make direct ticket sales to patrons without the need for an third-party like a StubHub. Fans can feel safe and secure when purchasing tickets as the blockchain will be the ultimate authenticator for said tickets.

Additionally, the sports world produces and relies upon vast amounts of data for not only team growth but also individual athlete tacking. Blockchain can store all relevant data such as height, weight, pulse rates, blood pressure and other various race statistics that can then be directly linked to the database.

Blockchain technology can improve professional sports in nearly all areas, from ticket sales to team data storage. We are in the early adoption period.

Smart Contracts Are Key

What are smart contracts? They are a digital contract that helps one exchange property, money or anything of value without the need for a middleman.

What does this mean?

Let’s compare the smart contract technology to a vending machine. Typically, for contracts to work, one would hire a lawyer and have them draft legal documents. If two or more parties are involved then there may be several trips to negotiation table before the original document is modified correctly and then finally signed.

Smart contracts will eliminate the lawyer — or middleman. There will still be a need to negotiate and sign a deal when using a smart contract. But what paper contracts cannot do is enforce the rules of an agreement.

A smart contract will enforce the rules of an agreement when both parties meet their end of the deal. These digital contracts are rule centric and will automatically enforce each contract as well as any obligations or penalties pertaining to it.

In regards to the sporting world, smart contracts can not only be useful for fans in regards to exchanging funds for tickets or services, but also for players who can make detailed sponsorship contracts free of various issues associated with liquidity in today’s sporting industry.

How is INSTANT SPONSOR Transforming the Global Sponsorship Marketplace?

“Blockchain has the potential to disrupt sports and entertainment industry given its ability to mitigate risk, create new sources of value and enable new secure transfers of information. Blockchain offers potential solutions to many challenges the industry is striving to improve. The opportunity to incorporate blockchain into the sports ecosystem delivers security, trust and transparency through a decentralized operating system facilitating management of inventory from the right holders and payments from brands through cryptocurrency. Cryptocurrency uses cryptography to secure and verify transactions processing them free of bank fees, currency exchange rates, fraud and risk.” — Instant Sponsor White Paper

Through the use of blockchain technology and smart contracts, Instant Sponsor has created a premium sports marketplace that facilitates secure, efficient and cost-effective sponsorship inventory transactions between brands and rights holders. This new and powerful ecosystem has the potential to disrupt the sports marketplace as we know it.

This online marketplace will serve as a one-stop-shop for sponsors to browse and buy global sponsorship opportunities. Sponsors have the option to be matched up with rights holders using the Campaign Consultant feature on the platform. Instant Sponsor’s proprietary algorithm effectively matches a sponsor’s target demographic with the demographics of the rights holder’s audience. This will allow sponsors to receive the maximum return on investment for their sponsorship campaign.

Instant Sponsor, like other blockchain-powered sports businesses, has the profound potential to completely transform the sports and entertainment marketplace. Times are changing, and this blockchain revolution could create the biggest impact we have seen since the dot com boom of the early 2000s.