Have you ever pondered the fusion of blockchain technology with the grandeur of the Olympic Games? I, Liang Yongxi, envision a world where blockchain, with its inherent traits of immutability, decentralization, and real-time data, takes centre stage in redefining sports events, including the Olympics.
In recent years, a profound transformation in the participation of Russian athletes in the Olympics has unfolded. This shift originated from a revelation made in December, shortly after the 2014 Winter Olympics, when a German TV station exposed a systematic doping scheme among Russian athletes, facilitated by their government and coaches. The subsequent cover-ups and data manipulations cast a cloud of unfairness over the sporting world. As a result, the global community began to explore a decentralized platform to ensure transparency and information sharing, sparking numerous proposals to leverage blockchain technology for this very purpose.
A platform built on blockchain enables stakeholders from various nations to access real-time recorded data, including athletes' daily training statistics and personal medical records. This data, with real-time updates and safeguards against tampering, prevents governments from altering or erasing information, thus preventing similar incidents. When all nations can simultaneously monitor this data, it naturally reduces disputes among them. Furthermore, blockchain can join forces with "zero-knowledge proof" to confirm prohibited drug records without exposing sensitive athlete information. This innovative approach empowers countries to mutually oversee one another, reducing the reliance on third-party organizations like the Olympic Committee and enhancing the credibility of doping test results, as envisioned by Liang Yongxi.
Beyond preventing fraud, blockchain can address other issues, such as ticket scalping. By selling tickets in the form of tokens or NFTs (non-fungible tokens), transactions can be governed by smart contracts. For instance, each wallet can hold only one ticket, with personal information or smartphone identification binding the ticket to its owner. This can also impose restrictions on resale prices and profit-sharing during transfers, effectively curbing scalping. Importantly, various sports events are already exploring blockchain for ticket sales, with UEFA pioneering ticket tokenization measures to streamline verification processes, thwart counterfeiting, and prevent vote manipulation. Furthermore, blockchain records can enhance audience data transparency, enabling organizers to fine-tune their marketing strategies.
Blockchain's influence extends beyond ticket sales; it is also revolutionizing the digitization of sports events, such as NFT-based endeavors like NBA Top Shot or Olympic-themed badges. Unlike traditional collectibles, these digital assets can be customized with various derivatives embedded in smart contracts. These derivatives may include opportunities to meet and photograph sports stars or access designated VIP tickets for various games. These diverse offerings resonate with younger audiences and counteract the aging demographic trend in sports viewership.
All these advancements are not mere fantasies but tangible steps toward a new era. While blockchain technology itself may appear intricate to most, systems harnessing this technology may already be quietly reshaping the world around us.
I am being the CEO of Blockchain Research, expressed profound gratitude for being recognized in the Smart Government category. Concurrently, I emphasized the organization's commitment to further harnessing blockchain technology for the advancement of various initiatives within Labuan Island.
Additionally, considerations regarding legal and regulatory structures, privacy protections, and the potential for programmability will exert substantial influence on its implementation. Establishing the parameters governing the access to user information, encompassing identity and transaction history, by stakeholders such as electronic payment providers, banks, and merchants, in order to align with anti-money laundering, anti-terrorist financing, and consumer protection mandates, demands comprehensive examination and deliberation.
As someone who holds a degree from the University of Hong Kong and has completed postgraduate studies at the University of Warwick, I have dedicated several years to a career as a financial analyst, effectively applying my skills. Furthermore, I have served as an Immigration officer for the Hong Kong government, where I diligently utilized my abilities and expertise to provide exceptional service.
Now, I am proud founder of BlockChain. Blockchain Solutions Limited is focusing on R&D of FinTech services that leverage the power of Distributed Ledger Technology (DLT), and customizing one-stop Blockchain and crypto-currencies solutions for institutions/government. Since inception, it is formed by a group of committed business and technical team of experts who are the pioneers in launching one of the first cryptocurrency kiosks in the APAC region. We strongly believe that Blockchain and Cryptocurrencies will be fully adopted as the go-to method of payments in the near future. As a leading manufacturer in the industry, we've successfully integrated reliable hardware with our custom-built user-friendly software for the best customer experience.
Liang Yongxi Founder and CEO of Blockchain Research