Even though blockchain and crypto are technologies that have only just begun to be explored, they both have been implemented in a wide range of industries.
One of the industries where blockchain and crypto have perhaps had one of the biggest impacts is within the sports industry, and even though this may be a surprise at first, you will more than understand why this is the case at the end of this article.
Blockchain has a wide array of different uses, and there are few technologies out there that have the potential to make a massive difference in almost every sector imaginable.
In this article, we will be taking a look at how the sports industry manages to continue implementing blockchain and crypto to a further and further extent, as well as also discussing why blockchain is such a perfect technology for use within any high-traffic industry.
What is Blockchain?
If you are unaware as to exactly what blockchain is, you are certainly not in the minority.
In fact, even when taking a look at the people who do know what blockchain is, only a select few happen to have a full understanding of how it works.
The definition of blockchain states that blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers that are linked in a peer-to-peer network.
To put this in more practical terms, this means that blockchain can be seen as somewhat of an online ledger that keeps a record of all crypto transactions. Moreover, this online ledger is linked to a network of different computers, and this is something that has a plethora of benefits.
However, even though blockchain is primarily used as an online ledger for crypto transactions, there is also a wide range of other uses that make blockchain incredibly useful.
For example, areas that require a lot of data to be stored without compromising security is where blockchain shines, and there are few other technologies out there that are able to perform as efficiently as blockchain.
Of course, just from the previously given example, you will already more than likely have come to the conclusion that blockchain would be useful in almost every industry.
Moreover, if this was the case, then you were right.
Blockchain has the potential to be used to boost the efficiency of almost every industry imaginable, and if used correctly, this technology could revolutionise the world.
There are already a myriad of industries that have opted to implement blockchain in certain sectors of business, and more and more companies are looking to join the aforementioned group every single day.
Blockchain is truly an amazing piece of technology, and the number of different functions it is able to perform is almost unbelievable.
A Massive Everchanging Network Of Transactions
Now that we know what blockchain is and what functions it can perform, you may have already noticed why this technology would be of extraordinary help when it comes to the sports industry.
With the number of transactions and transfers that take place across the sports industry every day, blockchain is one of the few technologies out there that is capable of securely tracking everything that goes on.
Just take a second and think about the logistics behind running a hyper-competitive market like the sports industry. Every single day there are millions of transactions, and it would be almost impossible to keep track of without the use of blockchain.
Of course, before blockchain was invented and showcased to the wider public, the sports industry was still alive and kicking. However, the way that transactions used to be reported was much less precise, and the number of errors that slipped through the cracks was unimaginable.
With blockchain, the sports industry is able to keep a much more precise eye on everything that goes on, and no extra time or resources have to be delegated to fixing human errors that would otherwise not have occurred.
Moreover, now that the sports industry has also begun to start getting involved with crypto and NFT’s, blockchain is now essential for the smooth functioning of the entire industry.
Once upon a time, people would have been looked at somewhat funnily if they asked where to buy ethereum. However, with the introduction of crypto and blockchain to the sports industry, crypto is no longer seen as the new kid on the block, and more and more people are beginning to see the potential that they both bring.
Efficiency At Its Finest
Apart from being able to keep track of any of all transactions within the sports industry, blockchain is also able to optimise almost every aspect of business drastically.
As we mentioned previously, before blockchain was implemented, human error was a massive problem.
There is just too much happening at any one time for any single organisation to try and keep track, and because of this, there were a ton of errors and discrepancies.
In turn, this would mean that much more time would go into fixing and correcting any and all errors made, and this is something that costs upwards of billions of dollars.
However, with blockchain, the aforementioned issue is outright solved.
Blockchain allows resources to be put into other areas that would be able to benefit the whole industry more, and the whole system is able to run a lot smoother.
Even though this sounds like a minor benefit, this is just not the case.
An industry that is able to become more efficient is able to make improvements to a vast number of other areas with the extra resources and time saved, and there is perhaps no other factor that is able to contribute more to the rate of an industry’s growth.
The Best Form Of Security Out There
Because of the fact that data from blockchain is stored across a network of computers, this makes it one of the safest forms of security out there.
Moreover, with the amount of sensitive information that passes through the sports industry every single day, blockchain is even more integral to the operation, and if it were not for blockchain, it is highly likely that there would be important data leaks on a frequent basis.
Not only is blockchain able to protect data from leaks, but it is also a technology that is practically impossible to hack/alter.
If someone were to try and hack into blockchain in order to change a value or tamper with some information, the only location in which this alteration would be shown would be on the hacker’s computer.
Furthermore, because of the fact that blockchain info is stored across a network of computers, it would be extremely easy to see if someone was trying to tamper or hack into a system, as every other computer would show the actual value instead of the modified value.
This makes it incredibly easy to identify if anyone has attempted to comprise a system, and it would also take out any guesswork as to whether or not the modified value was indeed the actual value or altered.
In turn, this means that blockchain is essentially impossible to hack, and this will also have the added effect of acting as a deterrent to potential hackers, further reducing the chances of any attempts being made.
All of the points mentioned above turn blockchain into an amazingly effective piece of tech when it comes to data security/protection, and this just makes blockchain even more of a powerhouse within the logistics hemisphere.
That’s not to say that blockchain is without its faults, and if someone were to find a way to alter data across multiple PC networks at once, then all of the aforementioned positives would be void.
However, even in this case, there is a pretty simple solution.
The more networks that share the data from blockchain, the safer it is. So, if there is any doubt as to whether or not a certain data set is secure, the simple fix would just be to increase the number of networks that said data is shared with, and this would be incredibly effective.
The number of practical uses that blockchain has is truly mind boggling.
From allowing the logistics of sports to run much more smoothly to helping scientists work out genetic code, blockchain truly is looking to be a revolutionary technology.
Even though blockchain is still in its infancy and we have yet to explore its possibilities fully, there is already an extensive list of functions that rely exclusively on blockchain, and this is only going to increase.
Who knows what other uses we will find for blockchain and crypto in the future.
We hope you have been able to get a better idea of the definition of blockchain and why blockchain is such a perfect fit for the sports industry, and there is perhaps no other industry out there that is able to push blockchain to its absolute limit than the sports sector.
Source: Plato Data Intelligence: PlatoData.io