Blockchain Technology – Will it Affect Rowing?

Rowing is a sport which, as any other sport, is affected by the changes in technology. Primarily speaking, as technology advances, so do the possibilities of using it. Whether profit or marketing or brand building, establishing a fan base and communicating with them, it definitely becomes easier with technology.

Blockchain technology and its latest boom involves a lot of sports, but more specifically bookmakers. Various online bookmakers brag with layer of added security and the safety of your data and card. With the use of cryptocurrencies, however, you would get a decentralized and safe environment, both for your money and your data. Nothing could be accessed without a lot of computing power.

A good example of an online bookmaker who benefited from the blockchain rise is FansUnite social sportsbook.

Will this change in technology affect rowing? Absolutely, but that effect will not be limited to rowing, only. Here is how sports will be affected by the rise of cryptocurrencies.

The Safety of Data

The essentials of a blockchain mean that any data stored in a ledger would have to be approved first. Seeing how it is stored in a network, a decentralized one, at that, and not on just one or two servers, it means that it would be much safer. Servers are more likely to lose data than an entire network, but that is not the only reason for the existence of better security features.

Given how everything is in a network, a decentralized system, hacking a ledger and changing data in a blockchain is next to impossible. On a theoretical level, it is possible but would require tremendous amounts of computing power. In practice, that is highly unlikely to happen.

This benefits any sport as sensitive data can easily be stored and accessed when necessary and if approved by those authorized to access the data.

This also means that records related to health and doping tests of athletes would also be included, yet the sender would never be compromised. This is both good for protecting the clean athletes and exposing those who cross the line.

Data Crunching and Statistics

Statistics are an essential part of sports, especially sports betting. Any and all data gathered on a player or team is beneficial to the bettor. Likewise, the upcoming athletes could use the data behind a professional’s training schedule or eating and sleeping habits. All of those things could easily be organized with using blockchain technology.

Additionally, sensitive data like results and race statistics could directly be uploaded to a ledger if they pass certain checks like whether the data was taken by a verified device. This also means less opportunities to alter the data.

Betting – A Bookmaker’s Dream

Many online bookmakers accept Bitcoin today. That is not the same as having your entire site and deposit/withdrawal system handled by a blockchain. The blockchain would make transactions much safer and your data as a punter, much safer. Your money would also be quite safe, no doubt about that.

There are a couple of startups and projects aiming to implement blockchain technology and use it to its fullest potential, adding more security and knowing that your transactions would be safe, as well as all of your data.

All of these are things that are yet to be implemented fully and injected into the world of sports. Sports are probably the slowest to adapt the blockchain technology and use it as one of the standards or have it primarily take over as the main method of storing data.

Sports in general, will likely be changed a bit in the years to come.