Blockchain and the Sports Tech Dilemma

Abstract

Technology has begun to fundamentally change the sport industry. With the upsurge in the use of artificial intelligence, machine learning, virtual reality, and augmented reality, the sport industry has begun to use more technology to enhance the consumer experience. Along with the rise in these other technologies, is the use of blockchain technology. Blockchain technology is driven by three key pillars: (1) distributed computation, (2) public key cryptography, and (3) decentralized consensus. Blockchain is changing the sport landscape by supporting the use of non-fungible tokens for creative sport content, cryptocurrencies for purchases, and platforms that better protect consumer information and enhance their engagement opportunities with athletes, teams, and leagues. In this chapter, we discuss how blockchain technologies can provide opportunities and risks to the sport industry.