Blockchain blossomed as Bitcoin boomed in 2017, and now is no different. Essentially, blockchain tech is a shared ledger among a network of computers that underlies Bitcoin and makes it all possible.
A quick review of what blockchain is
- “It is an open, decentralized ledger that records transactions and entries that are confirmed by peer-to-peer networks and encrypted. The data is stored into a “block,” or a fixed event that has been approved and locked into place. Each block is then added to the “chain” of events, leading to the methodology’s moniker.”
- “Each record is easily verifiable and incorruptible. The network cannot be influenced by a single party nor taken down because it exists in multiple distributed places.” Some good bullet points to review, courtesyof a Moor Insights analyst.
Blockchain has use cases beyond payments
This is well trodden ground but an interesting insight came up from CEO-elect of MasterCard at the CES last week who named blockchain as one of the up and coming technologies to watch in 2021:
- “…there will always be sellers, and there will always be buyers, and some of them don’t know each other. Who is at either end of the transaction, and what is being exchanged? Proof of providence, identity—those are all things Blockchain will help us do. You throw that on top of the other three (Accenture CEO Julie Sweet had already named Cloud, AI, 5G), and you complete the package.”
Cool new trending use case for blockchain by European football giants (soccer, folks)
AC Milan is the latest major European sports institution to use blockchain-based fan tokens to engage with its fans. In the case of AC Milan, those fans number around 450 million. The AC Milan token is launching on the Chiliz blockchain – fans will be able to use their tokens to redeem various exclusive rewards and take part in interactive activities with the club and players.
20 major sports teams now on the Chiliz blockchain including:
- European football heavyweights FC Barcelona, Paris Saint-Germain, AS Roma, and Atletico Madrid;
- the UFC, the leading MMA org; and
- various e-sports teams.
According to Alexander Dreyfus, founder and CEO of Chiliz and Socios.com, fans “will be able to enjoy unprecedented engagement with their favorite team, influencing the club in polls, accessing VIP rewards, exclusive promotions, chat forums and much more.”
Dreyfus claims that Socios has generated $30 million in revenue for clubs and partners in the 12-months since it launched.
As Bitcoin continues to dominate headlines, the associated growth of blockchain companies and trends will be something we keep an eye out for.