Blockchain is a basis for modern cryptocurrencies, but it is far from the only achievement on the list. Just take into account its influence on sports entertainment.
The cryptocurrency and blockchain topics are regular latest news — they can’t help but captivate customers’ interest. Apart from a huge influence on the global banking system and establishments like live casinos, the spread of its technologies in other sectors is mesmerizing. It is a worthy instrument in the sports entertainment industry. They were leveraged for financial operations originally, but that isn’t the case anymore. Keep on reading this article to find out how divergent the spheres of blockchain appliances have already become. Onwards!
So far, the real money gaming market is the most brilliant sample of how such crypto coins as Bitcoin can be applied. The decision to join the club of crypto-friendly solutions like the Drake online casino will only serve for the better:
The transactions aren’t subjected to cover lots of extra fees. The tax regulation of Bitcoin and other digital assets largely depends on what country you play in, the casino registration license, and some other parameters.
Thanks to blockchain technologies, cryptocurrencies don’t depend on inflation. For instance, the maximum amount of Bitcoin to achieve is twenty-one million units. The mining process has its own peculiarities and average speed. Although the exchange range is a fluctuating phenomenon, its development is predictable.
Blockchain-involved transactions are near-instant. It is a great solution for cross-border transfers, especially when large sums of money are to be delivered from one account to another.
The close-to-instantaneous speed isn’t the only advantage. It is a highly transparent yet private entity. There is a public ledger where interested parties can find the details about the transactions — all of them are recorded. On the contrary, no personal information will be provided additionally. There are no links between a transfer and a person who stands behind the account.
For gambling enthusiasts, the fact that Bitcoin can’t be charged back makes the market services more appropriate and trustworthy. There are fewer risks for participants with enhanced control over personal transactions. Apart from immutable transactions, the blockchain's decentralized nature improves data reconciliation and recourse distribution, as well as copes with performance deficiencies (for instance, the system’s security).
Given how transparent and immutable data on the blockchain is, the ever-increasing interest in its capacities is understandable. Its implementation results in the preparation of new business approaches and formats to construct a general e-commerce model. With no ambiguous details in its framework, the sports entertainment industry has achieved powerful tools to not only back up regular users. Meeting the consumers’ needs through blockchain-based operations is an innovative way to prepare a friendly payment approach for interested parties and to entice new fans. As the following table indicates, the variety of blockchain use varietals lets enthusiasts reduce their weak points.
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Increasing user safety |
The blockchain security enables experts to maintain vulnerable personal data, which is usually actively shared in the sports entertainment industry. Instead of placing a bet on live casinos and entering your credit card details, it is possible to attach your crypto wallet address and simply transfer the funds. |
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Protecting IP |
There are many messages on the internet, representing how challenging the problem of intellectual property violations is. Interested parties can embed this system and protect the products that require maintaining the particular ownership. Such smart contracts would be automatically triggered, which is especially valid for streamlining platforms. |
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Immutable metrics |
Hidden or invalid traffic, as well as bots, resulted in astounding twenty-three million US dollars in 2019 — the advertising fraud is more impressive than it may seem, taking into account how many advertisements are present. The decentralized blockchain system with its transparent digital records generates necessary data flawlessly and lets users monitor precisely their own progress, budget, and ROI overall. |
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Combating misinformation |
The current globalization process comes hand in hand with a constant increase in the number of information sources. If you want to let your users what data is valid about your sports entertainment services, blockchain technology is the right option. Given its decentralized nature, the verification can’t be interfered with or manipulated by ill-mined visitors. |
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Anti-fraud mechanisms |
Introducing the suggested technologies is a huge step forward in facilitating intellectual property and general content surveillance. It is also proven its efficiency as a tool to fight back against piracy issues. |
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Unparalleled monetization |
Aside from well-known cryptocurrencies, NFTs are the next-generation means to open new monetization avenues. Such tokens enable users to monitor their content and raise capital in fresh ways. |
In practice, the impact of blockchain is sufficient in multiple aspects:
It is a wonderful solution to eliminate the problem of fraudulent tickets. Blockchain technologies on-site don’t let users sell fake tickets, protecting providers’ privacy, revenue, and so on. Moreover, it is possible to adjust the network in order to track price-hiking — it is capable of tracking the cases when secondary transactions are applied to the same product/service (as tickets, in this case).
Blockchain technologies increase the value of collectibles and memorabilia for sports entertainment fans. Apart from NFTs, fans can be more engaged in the process through special tokens. Possessing such tokens provides certain VIP opportunities for fans — from purchasing tickets in the conditions of a limited supply to participating in extra sports activities. For instance, the NBA prepared a so-called Top Shot marketplace in 2019, where interested parties could buy digital sports cards. They can store, exchange, or trade them. The organization killed two birds with one stone — it is an awareness increase and the opportunity to share the highlights of their games. The other case illustrated how in-demand such services are: the fan tokens of FC Barcelona, with a total worth of over one million US dollars, were out of stock in less than two hours.
Considering how protected and accessible vulnerable data is via blockchain, its appliance as an anti-doping measure is a fresh and worthy idea to implement. Its decentralized ledger will enable enthusiasts to track athletes’ performances and reduce the chance of hacking and changing the organization’s data, as in the case of a four-year doping ban for Russia.
All in all, blockchain technologies and cryptocurrencies, in particular, are gaining momentum. Their influence on network privacy, security, and reliability is second to none, which complements accelerating development. The analyzed tools are multifunctional assistants that help the global sports industry to reshape itself and transform in accordance with the latest requirements and standards. With less reliance on third parties, the operation becomes smoother, while the revenue keeps on increasing. The implementation of new technologies in your e-commerce venture can be pretty demanding, but it enables such brands as the Drake online casino to maintain a highly competitive edge.
