The friendship between the blockchain technology and the sports sector — How can they support each other?

By coinbreze on The Capital

Published in

The Capital

5 min readJan 30, 2020

The cryptocurrency industry is one of the biggest industries of decades. Within 10 years of cryptocurrency and bitcoin travel, the business worlds have gained a remarkable position. Incorporating nearly every sector, blockchain technology has become important and customer data protection has become a focal point of attraction.

Blockchain technology and the crypto industry are evolving into an unbeatable category where no single form of industry is left to fuse. There’s no doubt that cryptocurrency is the biggest success of blockchain technology. It is now noticeable that the sports industry is quite enthusiastic about working with blockchain and cryptocurrency projects.

Now a naive query may arise, what is the purpose of blockchain and cryptocurrency in the sports industry? Is there anyone who creates bitcoin soccer and plays with it? Not possible, because bitcoin is not present in real, it’s just digital codes and tamper-proof technology that make data secure and reliable. So, how’s the collaboration going to work?

From the onset of cryptocurrency, the sports industry is trying to build up a network of cryptocurrency services. Cryptocurrency or blockchain technology is not only used for banking but has a wide technological reach in every field. So, the sports industry is giving itself an excellent opportunity to explore blockchain technology.

Let’s see how sport conflicts with the cryptocurrency business for a better future?

Ticket selling with crypto:

Beginning with the first definition of a blockchain partnership would be the best way to brief the post. In 2014, the NBA (National Basketball Association) took the first initiative to set up a ticketing platform where bitcoin can be used. This smart move in the merchandise made the sports market allure to cryptocurrency collaboration. A recent report revealed that Portuguese Football Team Benfica is now collecting BTC, ETH and Utrust tokens for ticket sales. Now it’s popular to sell sports tickets using blockchain technology and include more fans in blockchain services.

Sponsorship via cryptocurrency:

Blockchain technology not only allows the sports industry to apparel and collectible but has also led to sponsorships. Some big sports teams are either sponsored by cryptocurrencies or the Cryptocurrency Company has helped sponsor clubs. This is a new way of embracing cryptocurrency.

For example, Litecoin Foundation sponsored a UFC match. Another goal is that this foundation accompanied by Miami dolphins to use BTC and Litecoin to purchase tickets online. Dogecoin, another cryptocurrency helped Jamaica’s Bobsled team to get access to Sochi Olympic in 2014. It raised a 25000 dollar fund to sponsor this team. Some crypto companies like eToro, Bitcoin BTC Turk and Stormgain, etc. sponsored much European football team in 2018.

Blockchain Technology for fitness and data handling:

Blockchain technology hasn’t ended yet. The sporting industry is now being tailored to the convergence of cryptocurrencies. Now, many sports companies are looking for a new method of data handling using blockchain technology. Because only the blockchain is a viable tool for building a decentralized database to preserve player data, sports companies are looking for it.

Using new blockchain technologies, it’s very convenient and simple to monitor athletes ‘ everyday workouts and nutrition plans. This allows a sportsman to preserve health. It can also be used to detect the level of the drug and the use of biometric makes is accurate and reliable.

Interaction with fans:

A celebrity is nothing without a fan. The dead-hard fans from all over the world for these sportsmen are crazy enough to meet. However, with the busy schedule of celebrities, it is not possible to interact with fans on a daily basis. But you’ve earned the trust and love of the fans.

Blockchain technology makes it easier for celebrities to interact with fans and make them happy. Some fan management companies accept cryptocurrencies and allow celebrities to interact with them. Many businesses have come up with some marketing ideas and began to vote on a particular subject, such as changing jersey color. Some well-known sports personalities, such as West Ham, Paris Saint Germaine, Juventus, etc., have participated in a fan-partnered initiative working with blockchain-based technology.

Crypto projects associates with sports:

Since many activities promote cryptocurrency within the sporting world, various projects are designed to benefit industries. Football clubs are highly attracted to crypto projects of this kind for a variety of purposes. Socio app, designed to engage a fan with celebrities who are now using Chiliz Token to engage a fan. Listing this token on the Binance Exchange platform is one of the main concerns of the latest partnership.

Wolverhampton Wanderers, a Premier League club, had also assigned a promotional campaign to coindeal and wore a logo on the 1018–2019 jersey. This crypto-exchange company is willing to extend the contract again. EToro flew an innovative path to the seven-league club merchandising program and paid with bitcoin. The project includes the introduction of eToro FC, which is intended to provide the group with educational information and news. The clubs that are part of the project include Newcastle Brighton and Hove Albion, Tottenham Hotspur, Cardiff Leicester City Crystal Palace, and Southampton.

Another advertising engagement was signed by Cleveland Cavaliers (Basketball Team) with the UnitedCoin Crypto Exchange Platform. Miami Dolphins has established a partnership with Litecoin to support the stadium. Fans will also be authenticated to purchase raffle tickets using LTC and BTC.

Smart contract-based crypto ventures like CryptoKitties that allow Etherreum users to get crypto collectibles. The trend persists and the Major League Baseball squad Los Angeles Dodgers is creating a forum during the blockchain era in 2018. The presence of blockchain in sport allows other facets that affect these two industries. SportyCo and bitcoin sport a shared forum for investing in the sports industry is another big partnership between sports and blockchain technologies.

Another recent update which has drawn the attention of how these two industries entangling has come from Square Inc. The Chief Innovator of the National Basketball Association (NBA), Amy Brooks, has recently brought to his board of directors Square, Inc. This recent coupling of Square network and NBA association is reaching a new milestone of industry.

Now the sports industry is the trillion-dollar industry where the blockchain industry is more than 250 billion dollars. Every sector is rising like rockets. Football, basketball is now a common sport in which the crypto industry is collaborating. Formula One, sailing, golf is one of the major sports areas where blockchain invasion will be profitable. Not only do these games, but some famous sportsmen personally use the blockchain protocol for their fans and community worldwide. Now blockchain ecosystem makes much indoor work easier to access and helps many sports programs and teams to revive.