“I feel that once we speak about blockchain, we instantly totally gravitate our ideas to Bitcoin, however Bitcoin is just one software of blockchain,” Itamar Melamed, Head of Innovation Growth at Infront Lab, advised CTech. “Blockchain is the backend of the whole ecosystem of cryptocurrencies, however blockchain has a number of distinctive capabilities that the sports activities market might harness and make the most of. Before everything it may possibly virtually utterly eradicate what’s known as double-spending. This can be a very huge drawback in sports activities in terms of forgeries.”
Sports as an industry has realised the potential that cryptocurrencies and blockchain technologies can bring to further monetise fan engagement, attract sponsors and engage a global market in ways that were unimaginable decades ago. Passionate fans, each a citizen of digital technology, consume sports and related content beyond the actual duration of a match. Teams, clubs and sporting bodies are innovating to survive in the new digital age and meet fan expectations.