Hello, everyone. In this post we will tell you about the major technologies that have impacted sports.

What is blockchain?

Blockchain is a powerful, open source digital platform enabling “smart contracts” which automate the exchange of products, content, and money across peer to peer networks, all protected by cryptography. This underlying technology has numerous applications for sports.

More than X’s and O’s: Not Your Father’s Memorabilia

Sports Memorabilia is a multi-billion dollar industry and sorely needs technology to enhance the existing system. Authenticity is difficult to prove and highly susceptible to forgery, often resulting in fans paying for counterfeit sports memorabilia, up to 90% of the time according to one federal prosecutor.

Blockchain’s ability to change the sporting world

Tokenization has the ability to move beyond baseball cards and incorporate into the gaming world. Blockchain-based racing game, F1 Delta Time, uses tokenization to offer unique and tradeable cars, drivers, and components.

Blockchain technology provides individual pieces of memorabilia their own identities, tracking each one throughout its existence, and confirming its authenticity for all interested parties. Paper Certificates of Authenticity (CoA) for physical memorabilia are used today but can be easily lost or forged when the item is resold or passed down over time.

Ethereum enables the creation of non-fungible tokens as CoAs that are transferred with individual pieces of memorabilia, including the initial purchase. These tokens can be checked to confirm authenticity by a smart contract before a transaction is made. When an individual purchases physical memorabilia a corresponding CoA token is sent to the user’s wallet automatically.

This is the simplest application of blockchain technology to grasp because it takes a concept people are already familiar with and brings it to the blockchain age.