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Blockchain applied to sports, here's what will change

There’s no doubt that blockchain has gained increasing popularity. However, we mostly associate this term with crypto currencies, new forms of finance and opportunities for managing contracts, trade agreements, notarial deeds and little else. Despite this bias towards finance, there are so many more opportunities for blockchain, some of which can have an impact on sports.

What is the blockchain?

Blockchain is a new and controversial paradigm that could completely redefine the Internet starting from four fundamental pillars: decentralisation, transparency, security, immutability.

During its first twenty-five years of history, the Internet has shown its many opportunities, but it has also highlighted risks, criticalities and limits that must be resolved and overcome.

Blockchain is therefore a candidate to be a "New Internet", based on values such as sharing, trust, community, participation.

In short, Blockchain can be defined as a process in which several entities pool computer resources (memory, CPU, bandwidth) together, to make them available to users as a virtual database which is generally public. These resources create a large distributed database, which allows you to manage transactions that can be shared between multiple nodes in a network. The network can be seen as a series of blocks that store validated transactions, each associated with a Time Marker (Timestamp).
Representation showing why blockchain is hack-proof
The blocks are linked together, so that the network itself, through the analysis of each individual block, validates each transaction that is started on the network.

To guarantee the transactions and decentralization of the system, there are some participants in the Blockchain, called Nodes, who control and approve all transactions giving rise to a network that shares on each node the entire archive of the blockchain (with all blocks and all transactions).

Like many interconnected nodes
Each block is therefore also an archive of all transactions and the entire history of each transaction. These can be modified only with the authorisation of the Nodes of the network. That's why the transactions are virtually unchangeable.

The scenario Blockchain is breaking into

Although it is not intuitive to understand how much Blockchain could change both the Internet and our lives, records show us that the younger generations are moving rapidly towards new ways and experiences, increasingly based on the Net and the ability to buy or use online what interests them.

The times when Jane Fonda's videotapes revolutionised the world of fitness for the first time are long gone: between 1982 and 1985, basically 3 centuries ago since the new digital era, well before the Internet and social media, in a period still dominated by TV, her tapes sold more than more than 17 million copies worldwide.

In many countries of the world, gyms are starting to lose members and more personal trainers are offering services that can be purchased online and used anywhere and at any time.

Jane Fonda in one of her historical videos
The era of the monthly gym subscription, with the use of stringent time slots (eg. from 19:00 to 20:00 on Tuesday and Friday), seems to be fading. People now travel, work without defined hours, or have created a space in the house to keep fit. They prefer to avoid travelling time.

But what changes between the opportunity to sell your services online, as is already happening, and do it instead through platforms based on Blockchain?

Keep Fit with Blockchain

As we have seen, Blockchain represents a real paradigm shift. This affects many aspects of the relationship between those who sell something online and the platform that allows them to do so. The same goes for those who buy.

The Internet has only been the initial spark of a change that must come to fruition, and this could happen precisely through Blockchain.

This will offer more freedom, more flexibility, more transparency and security, but above all will give service providers free rein in the management of their activities and the ability to manage their fees without intermediaries and without constraints.

In a nutshell, if today's coaches are bound to a physical gym or a virtual space (the platform for the provision of their online services) to pay a fee or pay back part of the revenue, the public Blockchain could offer each of them a free space, almost free of charge and independently manageable.

Some of the most famous bitcoins
But there's more. The new era we are entering will also be based on crypto currencies and "tokens", created specifically to be exchanged within a given circuit or sector, while ensuring the remuneration of those who work in its field and the livelihood of the sector itself, while conveying its values and its philosophy.

Furthermore, a crypto currency linked to the world of fitness could also represent a valid incentive to well-being and physical fitness, by redistributing its value within the circuit in function, not only of the mere volume of purchases or services provided, but also on the basis of the social value within each service.

The power of data sharing
This will be possible precisely because of the characteristics of the Blockchain, based on sharing, collaboration and trust, rather than only on the volume of business generated.

Blockchain applied to sport, here's what will change

Like many dynamics triggered by the Internet and perfected over time through new technologies and paradigms, Blockchain, cryptocurrency and tokens could soon represent win-win contexts in which everything can really change for the better for everyone.
Turning workout into a digital experience
These processes, also favoured by the increasingly widespread trend towards dematerialisation and the ever-growing impact of the sharing economy, will generate new opportunities in the sports industry. Furthermore, it will make the business model less standard and more flexible, basing its revenues from multiple sources, areas and modes of payment.

The great strength of competition, which feeds sport and keeps it alive, will find a new and powerful push in the new paradigm of coopetion, sharing and trust, a currency of exchange, which is increasingly appreciated.

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