Blockchain technology in sport, the Chiliz case

Blockchain spending will reach $67 billion by 2026

While the private banking and finance sectors started leveraging the technology early, there is room for growth in the public finance sector as well. This is not a trend that is happening in any specific country, but all regions of the world are tinkering with the use of blockchain in their public financial systems. Innovations such as blockchain allow public finance managers to have greater visibility and control over the use of public funds in real time. Effective use of public money will lead to improved services for the public, economic recovery and improvement of the community as a whole.

Sport

Blockchain technology can affect sports as well. With the sports industry increasingly driven by data-driven analytics, blockchain could be useful. From baseball to soccer, more and more professional and non-professional sports teams are incorporating data that will hopefully result in more wins. The data, however, are not relegated to sports practice. The sports industry also uses data to make operations more efficient, which opens up possibilities for the use of the blockchain.

Teams can use blockchain technology to collect and store data. Individual and team performance can then be improved, as can overall team tactics and strategy, as well as player health. The blockchain network can now be used to store decentralized applications for all aspects of the sports business, including publishing and television rights, subscriptions, merchandising, sponsorships and more,” the article adds. . “This includes contracts for athletes so such as contracts for all other parties involved.

The Chiliz Blockchain

Cryptocurrency has enabled customers to purchase tickets over the internet, which is considered to be the fastest and most convenient method. Digital currency transactions have now become a common concept for several sports clubs. By integrating blockchain technology into their systems, several well-known clubs and organizations have achieved significant benefits as the transfer of tickets has become more secure and transparent.

For example, Socios is the leading provider of fan tokens in sports. These are digital assets that represent your ownership of voting rights and give you access to earn unique rewards and experiences specific to an organization. Socios.com facilitates a two-way connection with fans, who are no longer limited to watching or consuming the content produced by their team, but can truly participate in decisions and take an active role in the daily life of the team.

Blockchain startup Socios.com has integrated Chiliz Chain 2.0 (CC2), the first sports and entertainment-only blockchain owned by Socios. Chiliz’s $CHZ currency is among the top 35 cryptocurrencies in the world, reaching a market capitalization of $2.6 billion in May 2021 ($1.2 billion in November 2022) Chiliz has paved the way for direct participation by enthusiasts of medium sports to the decision making of clubs and organizations . CHZ is available on several blockchains, such as Ethereum, Binance Smart Chain and Tron. Fan tokens are created on the sidechain Socios with an owner control mechanism, so fans are in a secure environment and only vote in publicly controlled polls.

The company is constantly creating new ways to engage with fans, with the creation of the Chiliz Blockchain Campus, a private cryptocurrency incubator focused on accelerating the adoption of blockchain technology in Asia and Europe.

300 employees in nine offices worldwide working closely with more than 170 partners.

The Malta-based company has partnerships with football clubs such as FC Barcelona, ​​PSG, Juventus, Manchester City and recently announced a partnership with the UFC for the summer of 2021. In June 2020, the FC Barcelona Generated $1.3 Million From Its First $BAR Token Sales After 600,000 Tokens Were Sold In Less Than Two Hours. On the Web Summit, its founder Alexandre Dreyfus recalled “that we founded Socios.com four years ago because we identified a simple need: 99% of sports fans are not at the stadium, are not in the city or even in the country of the team they support”. “We asked ourselves: what can we create that is valuable to fans and scalable for teams? We came up with this Fan Token concept and four years later we are working with 170 clubs around the world and created a new bond between fans and teams.

Leave a Comment