The sports world has been undergoing many changes in the last decade. From the integration of the Internet and other relevant technologies like VAR, there has been a steady increase in the fortunes of the industry. The blockchain technology, which is making waves all over the world today, is now looking at implementing essential features to expand the operations of the sporting community.
But, what could have prompted the integration of the Distributed Ledger Technology (DLT) to sports? The need is not unconnected to the current challenges faced by the industry. So, let’s look at these issues to have a fair comprehension of the role played by the Project WITH blockchain in changing the whole affairs in the world of sports.
Current Challenges in the World of Sports
The first point to note is that the global sports industry cuts across different spheres, of which that of football (or soccer) hold the highest share. To that end, the concentration of the Project WITH blockchain is on the football niche. It would then progress from there into other angles of the global sports industry.
That said; let’s now look at the challenges. The first problem is the fragmented communication channel that makes it hard for the core stakeholders to have seamless communication. Ideally, clubs and their managers find it challenging to decipher the market of athletes they’re interested in having on their side. Most times, such cases result in the underpricing or overpricing of the said athletes.
Second and most important, despite the discovery of the athlete’s market value, the clubs would also have to pay high fees that may amount up to 28% of the athlete’s market value.
The Project WITH Solution
Project WITH has an array of features that make it the best place to be for all the participants in the global sports industry. Worthy of mention is that the solutions forged herein are devised to be implemented and utilized via the dedicated WITH Decentralized Application (DApp).
On that premise, the first functionality is charted on the blockchain, which triggers the decentralization and peer-like communication among the participants. It might interest you to note that the model is ideal not only because of the intermediary-free communication pattern but also because of the reduction of costs that come with the approach.
What Do the Participants Stand to Gain?
Understandably, the participants or anticipated end-users of the Project WITH blockchain would be in for some good tidings. So, what do they stand to gain?
On the part of the athletes, the platform empowers them to have more funds, because their agents would only collect a minimum fee, as against the high charges accrued to them in the conventional model. The agents on their part would fulfil the requirements of soliciting the best deals for the athletes before communicating the same to them.
Clubs and their managers would also have uninterrupted communication with the agents ahead of their establishing and completing the transfers of the athletes.
The WITH Business Platform
This is the dedicated platform for all the transactions relating to the transfer of athletes. Here, fans can contribute contents, such as the market value of the listed athletes. That would help the clubs and the managers to have an insight into the amount to pay. The fans would also get tokenized rewards for doing so.
All transactions on the platform are facilitated with WIKEN, the primary and built-in token of the Project WITH blockchain.
Final Words
The blockchain technology has come to stay. The recent delegation to the sports industry is a step in the right direction. Hopefully, the adoptions would accelerate the opportunities it has to offer the participants in the global world of sports.
USEFUL LINKS
Website: https://www.projectwith.io/
Whitepaper: https://projectwith.io/whitepaper/whitepaper_EN.pdf
Telegram: https://t.me/projectwith_eng/
Facebook: https://www.facebook.com/ProjectWITH
Medium: http://hhttps//medium.com/@projectWITH_official
AUTHOR'S DETAILS
Bitcointalk Username: chuksmy
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2635666
Email: [email protected]
Eth Address: 0x6D6Cf199B1Dbf90e0685D00a91eEE8AC8D2375c4