Ethereum-based mobile wallet provider AlphaWallet has teamed with UEFA to tokenize 20,000 VIP tickets for the UEFA Euro 2020, reports News18.
A Blockchain-Powered Football Extravaganza
Blockchain technology is no alien to the world of sports and now it is poised to mark its most high-profile involvement in the football world to date with UEFA Euro 2020. In a recent announcement, UEFA has partnered with AlphaWallet to tokenize 20,000 VIP tickets for Euro 2020.
Notably, this partnership marks the second instance when AlphaWallet will make its presence felt on a football pitch after it partnered with China-based sports organization Shankai for the FIFA World Cup.
According to the report, the tokenization of tickets will help fans in that it will enable service providers to seamlessly verify all the required details without having to go connect to UEFA’s centralized ticketing system; in turn, will reduce the risk of fans getting defrauded or scammed.
Victor Zhang, CEO, AlphaWallet, noted that with a tokenized ticketing mechanism in place, fans will be able to enjoy match tickets at affordable prices due to increased market efficiency.
“It means no more primary or secondary market, there will be only one free, open and regulated market. Free means (fewer) fractions; (open means) open to anyone who wants to participate; Regulated means rules are defined using smart contracts.”
“A user can access the UEFA’s official partners’ services to enjoy discounts on accommodation, flights, insurance, land transport, shopping, food and whatever services without signing up for an account with each service and go through the long process to verify you really have a real ticket.“
Distributed Ledger Technology Conquering the Football Space
DLT has emerged as one of the most promising technological innovations of modern times and it’s hard to argue otherwise. The technology that undergirds Bitcoin (BTC) and thousands of other cryptocurrencies has been fairly successful in finding its footing on the football field.
Asby BTCManager on October 11, 2019, DLT-based gaming platform Stryking.io had partnered with German football champions Bayern Munich to create digital collectibles based on the club’s star players.
Sourced from crypto.news.
Written by Aisshwarya Tiwari on 2019-12-30 21:00:05.