Blockchain can be used for the buying and selling of players and eliminate forged tickets, said Cryptech director Omar Jackson
Discussions between Premier League and Serie A football clubs with blockchain specialists Cryptech World to use blockchain for football business transactions “are at an early stage”, the company said on Monday.
According to a company statement, one day blockchain may be able to bring “revolutionary changes to the way top football clubs do business, particularly in the buying and selling of players, as well as engaging with fans.”
According to Cryptech world director Omar Jackson, a total of 10 football clubs, mostly from the Premier League, Italy’s Serie A and Spain’s La Lia, have approached the company in recent weeks.
“Football is a business, profit is vitally important to the clubs, and blockchain can help them cut costs massively, making many processes more efficient, saving time and money,” he said.
“We are welcoming these conversations and the clubs we’re talking to are all interested in learning more about how blockchain can benefit their business; there are many ways for this to happen.”
Jackson added that “there are major gains to be made with regard to sponsorships and the way clubs interact with all their business partners”.
"The buying and selling of players becomes faster, more efficient and more cost-effective if all the information needed to complete transfers is kept on a blockchain,” he said.
“It also brings more transparency by recording payment of player and agent fees to show what percentages of transfer fees goes where.”
Additionally, Cryptech believes that blockchain can help football clubs eliminate forged match day tickets and the sale of tickets at inflated prices by touts.
PSG are launching a Fan Token Offering (FTO) giving supporters access to branded club tokens. These make it easier to buy club merchandise and tickets, and also give fans voting rights on matters such as player-of-the-month awards and stadium music.
“The recent move by France’s Paris Saint-Germain to partner with blockchain platform Socios.com highlights how clubs can use their own cryptocurrencies to build a stronger bond with fans,” Jackson said.
“From the 2020-2021 season we could start seeing a lot more blockchain involvement in football, leading to players being bought and sold through cryptocurrencies and even being paid in cryptocurrency.”