Football and Bitcoin Become Best Friends, At Least Partly
Football is gradually allowing digital currencies into its world and backing the blockchain technology. Earlier in 2018, the popular English Premier League club, Arsenal became the maiden football club to promote virtual currencies. It joined hands with the gaming company CashBet to promote its new coin named CashBet Coin. The coins are now used for gambling in the home leagues of Arsenal.
One of the most famous footballers in the world, Lionel Messi, has also shown interest in the new world by releasing a promotional post for one company. Messi said that he had been, “digging deeper into blockchain and decentralized systems.”
Even though the bigger names of football have outrageously supported the new technology yet the majority of the industry is still waiting for the new science to fully mature.
Blockchain technology has a great advantage over traditional ledgers as the events are not recorded in a single place but shared throughout the network. The idea of distributed information makes its technically impossible for hackers to intrude into the system.
Football business expert Michael Broughton of advisors Sports Investment Partners, said, “Sport, including football, has a great opportunity to utilize this new technology and be at the forefront of its future adoption.” He added, “It can help provide a better service and generate greater revenues. But blockchain technology needs to be presented to people in sport in a way that emphasizes their user experience will be the same, but that personal and financial details will be much more secure.”
Broughton further claimed that blockchain technology could be used in many spares of sports-related activities like ticketing and gambling. Gambling would become more transparent as no one will be able to fake bets, records would not be tampered, and the conclusion of the bet would not be challenged.
He also explained the application of blockchain technology in the marketing of the sport. Broughton stressed, “If you put your ticketing system onto the blockchain, you can verify if people attended, or who they gave their tickets to. If people want to transfer these tickets to friends or others, then it has to be recorded on the blockchain.”
Stadium security is another portion of improvement according to Broughton. He said that use of blockchain technology would help to tackle touting. In his opinion, a ticketing system based on blockchain technology will provide more security in comparison to the current system.
He also informed that future of blockchain technology in sports as a whole is much dependent on the launch of European Union’s General Data Protection Regulation (GDPR) this month. As per Broughton a major component of GDPR would be on consumers and their control over their data as he believes that, “GDPR will hasten some uses of the blockchain.”
Use of digital currencies and blockchain technology is inevitable in sports especially in football due to its gigantic following around the world. It is time that world’s most popular sport joins hand with the trendiest technology available. If football officially employs digital currencies in its regime then its value will probably skyrocket like never before.