Blockchain spending will hit $67 billion by 2026
While the private banking and finance sectors started leveraging technology early on, 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 own 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 betterment of the community as a whole.
Blockchain technology can also affect sports. With the sports industry increasingly driven by data-driven analytics, blockchain could be helpful. From baseball to football, more and more professional and non-professional sports teams are incorporating data that will hopefully translate into more wins. Data, however, is not relegated to playing sports. The sports industry also uses data in order to make operations more efficient, which opens up possibilities for the use of blockchain.
Teams can use blockchain technology to collect and store data. The performance of individuals and teams can thus be improved, as can the overall tactics and strategy of the team, as well as the health of the players. The blockchain network can now be used to store decentralized applications for all facets of sports business, including publishing and television rights, memberships, merchandising, endorsements, and more,” the article adds. . “This includes contracts for athletes as well as contracts for all other parties involved.
The Chiliz Blockchain
Cryptocurrency has made it possible for customers to buy tickets over the Internet, which is considered the fastest and most convenient method. Digital currency transactions have now become a common concept for several sports companies. By integrating blockchain technology into their systems, several well-known clubs and organizations have reaped 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 specific unique rewards and experiences related to an organization. Socios.com facilitates a two-way connection with fans, who no longer just watch or consume content produced by their team, but can truly participate in decisions and take an active role in the day-to-day life of the team.
Blockchain startup Socios.com has onboarded 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 Nov 2022) Chiliz pioneered the direct participation of average sports fans in the decision-making process of clubs and organisations. 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 protected environment and only vote in publicly audited polls.
The company is constantly creating new ways for fans to engage, with the creation of the Chiliz Blockchain Campus, a private crypto incubator focused on accelerating the adoption of blockchain technology in Asia and Europe.
300 employees in nine offices around the world who work closely with more than 170 partners.
The Malta-based company has partnerships with football teams such as FC Barcelona, PSG, Juventus, Manchester City and recently announced a partnership with the UFC for the summer of 2021. In June 2020, 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 four years ago we started Socios.com because we identified a simple need: 99% of sports fans are not in the stadium, not in the city and not even in the country of the team they support.” “We asked ourselves: what can we create that is valuable for fans and scalable for teams? We invented this concept of Fan Tokens and four years later we are working with 170 clubs around the world and we have created a new bond between fans and teams.