Blockchain and Football
Technology in the Football Industry
Just like almost all other big industries of the business world, blockchain technology has found its way into the world of Football (soccer). You might ask yourself, what could be the connection between physical-playing sport and the concept of decentralization that Blockchain brings to the table? Turns out there are many applications of the technology into the most popular sport in the world. Crypto can be used by not only clubs and their players, but also the fanbase and other supporting entities.
How can Blockchain be used?
According to the professor of the Football Business Academy; Olivier Jarosz, there are at least 6 visible benefits to employing blockchain. First is the ability to enable faster and safer financial transactions between the clubs and supporters, all under the GDPR Regulations.
As all are aware, Blockchain emphasizes Smart Contracts, which are ideal for the players. Through this technology players can secure their contracts and be paid instantly according to their monthly salaries or bonus systems.
Fans could benefit from the technology as well by having an easier ticket exchange system. Members could rent out the seats that are being unused to their compatriots. Exchanges will become safer, and completely eliminate black market and illegal dealings.
Prominent clubs of the world could create a centralized medical record database, which will document all the injuries and illnesses of players. This would make player transfers more safe and informative. At the same time, clubs will enable faster and cheaper treatments to their injured players.
Governing bodies like FIFA could use Blockchain technology for the simplified tracking of the players. This will be especially beneficial for the players in the youth academies. It would be almost impossible to perform shady operations and take advantage of the youth talent.
Last but not the least, is the advantage of direct payments between clubs and players. By eliminating the middlemen organizations, transactions will become more transparent and easier to tax and audit. There’ll be no more extra charges and run ins with the law.
Juventus FC and Paris St-Germain were the first and most prominent supporters of blockchain in the world of international football. In 2018 both of those clubs announced their partnership with Socios.com, a company which designs customized tokens for the fans of football. Today supporters of both PSG and Juventus have the ability to obtain their club’s branded tokens, enabling them to monetize and exchange within the fanbase.
Through the socios.com mobile app, fans will be able to purchase tokens and participate in the decision-making of their favorite club. These coins will entitle fans to take part in the voting polls – linked to team’s jerseys, stadium anthems and logos. Fans would also be able to decide the Man of the Match, summer tours, friendly matches and charity line-ups.
Football might be another “way in” for Blockchain
Couple of weeks ago, during the fierce English Premier League match between Liverpool and Tottenham, attending fans saw unfamiliar advertisements. Commercials for companies like eToro were on display for the full-packed stadium with the attendance of 62 thousand people and millions more watching from their homes. The fact that such a prominent club as Liverpool is partnering up with the Blockchain products only spells a massive success for the coin technology.
We could say that this is a significant milestone in the history of cryptocurrencies