London-based SportyCo created a platform that allows direct investment in up-and-coming athletes

SportyCo, a London-based company, is working to create a blockchain that assists up-and-coming athletes so they can reach their full potential. The firm has created an investment-based approach to sponsoring young athletes that allows regular people to take part in the lucrative world of professional sports.

Blockchain has numerous uses in the sports areas and could help in areas like record keeping, fan engagement, ticket sales and supporting athletes that would otherwise be underfunded.

From an investor’s standpoint, being able to back an athlete is an interesting option. Instead of being limited to betting on events, SportyCo’s platform is designed to give investors a share of an athlete’s future earnings, both for competition and endorsements.

There are very few ways to participate financially in the world of professional sports unless a person is very wealthy. SportyCo changes this, which could be a great development for both fans and athletes.

It takes a lot of work to become a top-tier athlete — and a lot of money as well. They likely have few sources of income, and unless they have financial backing, they won’t be able to compete with other athletes that have secured support.

Investors in promising young athletes must be prepared to take on a substantial risk with the hope of sharing in the winnings if the athlete they support becomes a top contender in their sport.

SportyCo uses contracts to ensure that an athlete will divert a large percentage of their income to the people who supported their training, so that everyone can share in the earnings.

During the 2016 Olympics, a cyberattack leaked the confidential personal medical data of US athletes.

Not only was this leak a gross violation of privacy, but it also showed how vulnerable medical data is to outside influences. If the data had been modified to make the US athletes appear unfit for competition, years of work could have been lost in a matter of seconds.

Blockchain could make medical data near-impossible to tamper with, but it can also help sports organisations sell tickets directly to fans and allow club supporters to interact directly with the teams they love.

The use of blockchain for athletic applications hasn’t been as fast as in other industries —such as logistics. Now, that appears to be changing as realistic blockchain platforms are being created for many areas in sport, including supporting the next generation of top-tier athletes.

The post SportyCo says blockchain will be key to supporting the next generation of sports stars appeared first on Coin Journal.

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