The Next Big Thing in Sports-Tech is Coming
Technology keeps the world going around or so it seems nowadays. With the kind of investment available and the kind of manpower put into innovating and creating efficient systems, the industry is growing rapidly. Innovative systems are now being installed into the framework of other industries like the food and water as well as energy generation to make them more efficient and cost-friendly. This cost friendliness helps investors grow in profits and therefore being able to invest further in other mediums.
All of this is true for the sports industry, as well. Sports is the only medium that transcends arguments and helps bridge the gap between two opposing factions. With the current technology in place, and through the use of the internet, the world is seeing massive changes in the field of sports. They are in the form of online streaming, blockchain, state-of-the-art venues as well as an inconvenience in merchandising options.
This industry that has unified nations has now been equipped with the tools to gain favor from investors and therefore be able to grow further. The best example of this would be how Tech supporters predict that the sports-tech industry will reach a total of $30 billion by the year 2024. The 2020 Tokyo Olympics have already shown signs of the marvelous infrastructure and big screens being used, followed by HD cameras that live-stream the event all around the world.
The question now is, which technologies will have the edge in the sports market? Which technology will investors bet on in the long-run, and which technologies will give the largest return?
What Kind of Technologies will make the Biggest Impact in Sports?
Its an easy answer once you get to thinking about it. The thing about sports is that they are physically bound to one place, and only a handful of people can watch them when compared to the population of the world. Fans would want to be able to see their favorite athletes from anywhere and would also wish to immerse them in the experience through better video quality. The anticipation of the next big technology can only come when you take into account the most basic problem and demand.
Hence the need for live streaming. Millions of viewers even now stream live matches on YouTube to witness their favorite fighters or swimmers or long-jump champions, carry out their magic. This type of fan-engagement technology, followed by gambling through blockchain and media distribution, is going to grow like wildfires around the world. The decentralized distribution of sports in social media is what makes sports a very healthy option for every investor to take a look at before others take a piece of the pie.
Investors, therefore, can also look into the option of Virtual Reality since this will allow fans to be able to spectate the match and have a more "real-life" experience. VR is a viable option in sports-tech, provided the internet connection speeds improve. One kind of technology, however, is gaining lots of support by tech-investors, and that is Blockchain.
Why Invest in Blockchain?
Blockchain is a complex topic, but one that is quickly growing in the background. People are failing to take notice of the immense advantage they have using blockchain. The whole system is extremely easy to use, has a decentralized mechanism where no one entity is in control (such as the banking sector is) and is completely secure for transactions of assets.
Blockchain can help companies create secure dumps for data, and this is particularly helpful in the issue of doping. Athletes have a huge problem of taking drugs and tampering with medical examinations to get out of situations that can get them out of teams. Blockchain can, therefore, create tamper-free data sources that can hold these athletes accountable.
Another huge advantage that blockchain has in the form of smart contracts through which giant sports companies can pay athletes. Using Bitcoin or other blockchain methods, the payments will be secure and almost in an instant with no taxable amount (since ordinary laws cannot apply to the technology as of yet due to a decentralized system). What's more, is that blockchain can also be used to give giant media companies the right to media contracts by source pay per view streaming the matches around the world. It all seems interesting, and you can get to know more about this here.
Our future is bound to possess greater technologies that can provide convenience at homes or anywhere in the world. The ability to travel around the world for a match using only a pair of glasses is not a dream but is being turned to reality as we speak, and blockchain is going to have a huge impact in every industry. Digital currency is bound to take over one day.