How Blockchain Applications Transform the Sports Industry
In a typical nutshell blockchain is a collection of decentralized databases which are synced and spread across several devices. Every action taken over the network gets updated digitally and all the users are updated with high levels of transparency. While there is no sole owner of the database, which implies that everything is transparent and no changes can be done without the consent of the other people in the network.
A blockchain is a digital diary which cannot be faked or forged. With the onset of blockchain Technology based on cryptocurrencies by Bitcoin, it generates a revenue of $100 billion on an average. In this article let's get to know the true potential of how blockchain impacts across several industries. Check out this list of leading Blockchain development companies in India and you will get an idea on how many IT companies are now focusing on Blockchain application development as a service.
In a typical nutshell blockchain is a collection of decentralized databases which are synced and spread across several devices. Every action taken over the network gets updated digitally and all the users are updated with high levels of transparency. While there is no sole owner of the database, which implies that everything is transparent and no changes can be done without the consent of the other people in the network.
Unlike a legacy database, this decentralized database has a wide network which has a copy or backup of database records which are integrated via the Internet and all the users within the network can have access to view it. Blockchain networks can also be privately limiting access only to the users within the network or could be public such as the Internet and anyone can have access to it. While the users in one network are not granted the privilege to make any amends on the blockchain without consent from other network users. Blockchains can empower groups of parties to agree on events without needing a third party, such as the promise of this new technology.What is Blockchain technology
In simple words, a blockchain is a decentralized database which is shared across several users while restricting the privilege to do any changes within the network.
- The database can hold any kind of data across several systems within a network.
- It uses cryptography and digital signatures to verify the identity and authenticity of the user.
- The entire system is utmost transparent and any attempt to make changes can be easily tracked.
- Instead of using a legacy client-server network it uses peer to peer network.Why has blockchain technology gained immense popularity?
It's interesting to know that cryptocurrency is not saved in a physical location or a file, while transactions are present in a digitized way that is securely placed in a blockchain. Which we can assume a blockchain to be a kind of a ledger. It has a pool of resources which uses peer to peer network and verifies the authenticity to approve transactions.
The blockchain is always distributed making it secure. It uses cryptography which uses cutting-edge encryption standards thus allowing secure and digitized blockchain transactions.
The blockchain is a public network that makes the transaction secure without the need of any third middleman. In instances of trust, where the cross-border transactions are huge with multiple users in the network, using Blockchain ensures transparency. Logiticks, one of the leading Blockchain development company has already started offering Blockchain application development services.
Blockchain and CryptoCurrencies have to transform several industries and let's see what's in store for the sports industry. Sports industry might undergo a radical evolution with the Blockchain applications. Using Blockchain Technology one can easily the sportsmen performance, use metrics to determine if the sportsmen have taken any doping to improve their performance and also helps in the better engagement of fans.
While many industries have implemented blockchain and achieved a radical transformation. Let's get to know its usage in the sports industry in this article. To track the athletes' performance
The world of sports produces an unimaginable amount of data which has yet to be used to its full potential. Many athletes are evaluated on the basis of their performance. Hence setting up an ideal training plan will be helpful the sports individuals to achieve better results. Blockchain stands as an ideal network for biometric measurements which can be collected across multiple trusted devices and that can be securely put into the decentralized database where they cannot be hacked or altered. Transforming for better sporting
While sports athletes face several hardships in the industry, by implementing blockchain technology it makes it get to associate with their fans thus making it easier for them to achieve their goals. In the near future, its expected to implement the decentralized economy across the sports industry.Anti-doping measures
While every sports individual has the enthusiasm to stand above the rest. Yet there have been several instances where scandals have occurred in the sports industry especially during the Olympics where several athletes were accused of doping. Blockchain not only refrains from unauthorized access but also Ensures transparency in the doping cases.
Thus implementing blockchain, we can assure a more secure, digitized and structured system for collecting the individual data and verifying the credibility and later placing it in the blockchain which makes it hard to tamper. Conclusion:
Although blockchain is yet a relatively new concept, down the lane it will be recognized for its unique implementation across several industries. However, blockchain technology stands to be quite a promising platform. One must be aware that in the sports industry, it helps to regulate and streamline several aspects.
Prasanthi Korada loves pursuing excellence through writing and has a passion for technology. She has successfully managed several websites. She currently writes for mindmajix.com, a global training company that provides e-learning and professional certification training. She is based out of Kakinada and has an experience of 4 years in the field of content writing and blogging. She can be contacted at deviprasanthi7@gmail.com.
