Digitalization of data such as personal data and sports data could prevent possible identity or passport frauds. An example is the just recent incident of the Spanish Rugby team where Spain has been banned from the Rugby World Cup 2023 due to an alleged passport fraud of one of the team members [1, 2]. It seems that an alleged manipulated passport copy was the root of the issue, which later led to the team getting banned from the world cup. This issue underlines the importance of data being unforgeable. A passport in digital form, such as a digital passport credential, could have prevented this situation.
Validated ID is currently working on a project called SportChain, an EU-funded project part of the TruBlo program. SportChain utilizes the Self-Sovereign Identity (SSI) concept, a web 3.0 technology that puts the users in the center of their own data control.
SportChain applies SSI and related technologies like an identity wallet, data notarization, and data analysis in the sports industry using sports data.
SportChain aims to digitalize not only data but also processes with the objectives of making these data more secure and verifiable. Additionally, SportChain elevates the trust in the sports data due to a notarization mechanism. This mechanism ensures that data consumers can verify if a notary has notarized these data. Finally, SportChain also offers data reputation and analysis based on the notarized sports data. All these features create several business opportunities.
Sports League’s Business Opportunities
The sports league management must deal with many bureaucratic and administrational tasks, which leads to additional costs. SportChain could support the sports leagues by digitalizing and automating processes. This way, processes will become more efficient, and costs will decrease. Additionally, SportChain will increase data security by providing unforgeable credentials that are also verifiable. Thus, the risk of identity or document fraud will drastically decrease, and the trust in the league will be reinforced.
Team Management’s Business Opportunities
The management of a sports team is a complex task as well, including bureaucratic and administrational tasks. SportChain could support the team management the same way it does for the league management. Additionally, SportChain provides a reputation service that the team management can use, for example, in the hiring process of new players. The team management could request sports data statistics about a certain player and analyze it when making a hiring decision.
Insurance Companies’ Business Opportunities
Insurances that cover accidents are essential for sports teams. The insurance companies calculate their fees based on different parameters and likelihoods. SportChain could support insurance companies in calculating the insurance fees by using SportChain’s reputation and data analytics service. This service provides analysis results based on notarized input data to the insurance company, which uses them in their calculation.
Software Companies’ Business Opportunities
The sports industry plays a vital role for software companies since several have recognized the business opportunities in this field. SportChain could provide services to these software vendors but also data or analytics results. Additionally, SportChain could be integrated with other software to enhance the functionality on both sides.
Betting houses, Broadcasting and Mass-media Companies’ Business Opportunities
The world of sports is sustained by consumers, and for them, it is especially important to access trustworthy sources of sports information. SportChain provides this reputation service, which as a secure notarized source can also be verified by anyone interested in the blockchain.
VIDwallet users’ Business Opportunities
As said before, SportChain implements the SSI- Self-Sovereings paradigm, that puts the users in the center of their own data control. That means that the athletes and players and other participants can request their own results, participation, and honors diplomas as a Verifiable Credential, to self-manage and share that trusted information when requested. This is a B2B2C scenario for Trusted Credentials Issuers that will create and sign those credentials.
The business opportunities mentioned beforehand reflect just an excerpt of all the possible business opportunities but should highlight the vast potential we see in SportChain.
If you have any further questions, don’t hesitate to contact us for further information.
This project has received funding from the NGI TruBlo Project grant agreement No. 957228.