We stand on the brink of a technological revolution, known as the 4th Industrial Revolution, empowered by the emerging technologies such as Artificial Intelligence (AI), Automation, Deep Learning Technologies, Internet of Things (IoT), Social Networks, Cloud Computing, Blockchain or Distributed Ledger Technologies (DLT), Tokenised Business and many others. It is the first time in history that technology has progressed so much and their impact is of exponential order. These technologies will tremendously alter the way we live, think, work, and relate to one another.
Among all these celebrated technologies, Blockchain seems to be the one with the most potential and impact on all aspects of humanity, applied at economical, technological, societal and political level. According to Harvard Business Review as stated in the article “The Impact of Blockchain Goes Beyond Financial Services”, “The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. It’s the blockchain…“.
What is Blockchain? Blockchain is a shared, append-only and distributed database shared among the participants of a network. It is the backbone of the Bitcoin protocol as firstly described by the unknown author Satoshi Nakatomo of “Bitcoin: An electronic peer-to-peer electronic cash system”. A celebration of the cryptography that will constitute the backbone of the future payment systems.
Why is it Important? Appending on the blockchain is approved by the whole network in a very democratic way (in case of a public Blockchain) and no intermediary or trusted third parties are required to oversee the transactions. The power is given to the network and encoded in a way to work fully democratically. All nodes maintain the historic transactional data and thus the whole setting is fully transparent. It is the first time in history we have a technology that can be used in order for a whole network to come into an agreement for a given scenario and all data being publicly available without the need of third parties for overseeing the system.
Have the community and society realised its potential? It seems that the technology is well embraced and the whole community is researching it with the aim to apply it across different fields and applications. According to Gartner, “$176B in added business value by 2025; that total reaches $3.1T” and “More than 2,500 patents have been field in the last three years” according to the World Bank. This proves extensive research and applications of Distributed Ledger Technologies.
Which fields do benefit from Blockchain Innovation? Blockchain is currently being investigated to be applied in many different fields. Celebrated and successful examples are supply chains, smart (incl. Legal) contracts, Land Registry & Tax Collection (see Dubai 2020 Initiative), Crowdfunding via Initial Coin Offerings, Business Tokenization (via security tokens), Digital Rights Management (DRM) industry frameworks and many others. Through Blockchain and smart contracts, we can achieve fair distribution of revenues and guarantee of data ownership and creation for the data owners.
Sports Industry, even though it is projected to reach $73.5 Billion by 2019 according to Forbes, is still based on legacy systems, has a potential to be refaced via the emerging technologies and evolve dramatically. Imaging an ecosystem in which sport-related data will be available and approved on distributed file systems (such as IPFS), anyone can contribute and ownership and reward will be granted by smart contracts that are automatically triggered under certain approved terms and conditions, predictive analytics could be applied to get better predictions regarding sports-related events, scouters can use them to do smart profiling of players, companies can use them for marketing purposes and users are always rewarded and have the opportunity to be stakeholders of this community by contributing with data regarding their favourite teams and sports.
Sports Ledger aims to combine all the recent advancements in emerging technologies and give it to its fans! Their team comprises by well-known experts across all sectors required to make this project a great success. Be part of this community by joining this constantly growing family.