It seems like bitcoin is increasingly popular, especially because it is worth over $1,000 as of this writing. But social media is invading business in numerous ways, including via blockchain and eventually via cryptocurrencies.
This article will focus to some degree on sports but blockchain is penetrating every aspect of business and promises to have a far-reaching effort on a variety of ventures.
If the present or recent past is any example, the Internet will become a very popular supporting platform. IBM, for instance, supposedly has 1,000 employees on blockchain-related activities and over $200 million involved.
A blockchain at its most basic is a general ledger available across numerous computers that updates spreadsheets at regular intervals. People can generate transactions but the blockchain is regularly updated and verified. Hackers cannot corrupt such a database.
This involves trust, too. People may end up doing without certain lawyers, brokers and others. For now, blockchain’s impact is not fully quantifiable but sooner or later blockchain will likely change the way transactions take place.
Blockchain is supported by cryptocurrencies and ethereum which supports a variety of cryptocurrencies. Bitcoins continued progress may be diminished because it is not built on an ethereum platform. But blockchain related currencies will benefit.
Generally speaking, blockchain decentralizes sharing. As a result, blockchain is applicable in a wide variety of industries. Crowdfunding, for instance, can be enhanced by blockchain as can elections whether they are governmental or industrial.
Distributed ledgers increase transparency and thus if you don’t trust a company you can look up its products online and perhaps trace them back to the initial farm.
Sports in particular can benefit from blockchain. Blockchain is becoming part of a sports environment in numerous ways around the world. Parties have not yet issued cryptocurrencies for particular sports but that will happen sooner or later. In the meantime, various kinds of technology are marrying themselves rapidly to sports.
For instance, a Taiwanese insurance company is constructing blockchain protocols to diminish coverage prices. The project is just beginning but has been tested. Bravelog is its name, and it is specially built for purposes of recording data.
Chris Tsai, is quoted as saying, “Bravelog, in the future, wants to become a complete sports ecosystem with ticketing, registration and payments services.” Some 349 people participated, including developer, Alex Liu, CEO of the Amis blockchain consortium.
Liu and the others gave personal biomaetic data to a blockchain using Bravelog linked to Microsoft’s Azure Platform. The project is a large one as Fubon Life made $1.24bn in profit in 2016.
In fact, Fubon Life billed for for 64.5% of the parent company’s profits. Tsai thinks he can get even more money be incentivizing health behavior.
“We want to promote a healthy lifestyle,” Tsai said. “And with our study into blockchain we realized we can really accelerate the process – or make it possible.”
Even though it seems new, it is not. Companies like California-based Misfit are also providing such services – successfully – to companies like Oscar. Oscar customers wear devices which provides data in return for a modest stipend.
According to Coindesk, “The crucial difference between these services and Bravelog is who owns the data. As part of the event, participants had to create an identity, that if they chose, could go with them to another event with totally different hardware because they own the data.
Liu said: “What we would like to see is a common protocol that [can be accessed by] multiple Misfits, or Misfit and its competitors, multiple insurance companies, and so on and so forth. And the central owner of that data, presumably should come back to the individual.”
OTT is another group transferring content to online video. “Its current explosion is due to access since all platforms are into live streaming directly over the internet or mobile,” said Dana Golden, evp business development at Silver Chalice/120 Sports. “It’s trending because you can get great quality video on any device. Now more players like Amazon and SONY are getting into livestreaming.”
There’s also Rugbymeet, a vertical platform providing free and paid services based on the user. PRO (Club-Players-Coaches) and consumers are verified through a verification system available to the FIR (Italian Rugby Federation).
Rugby of course is not the only team sport that lends itself to such monetization. But rugby has all the elements necessary for a successful cybercurrency. Additionally it is very deep at a college level where such a cybercoin could work efficiently and quickly.