Tokenizing the World of Wrestling - VeChain partners UFC
Introduction
Tokenization of Real-World Assets (RWAs) has taken a huge leap forward with this partnership between popular blockchain Vechain and Ultimate Fighting Championship (UFC). This amazing collaboration aims to bring the benefits of blockchain technology such as data immutability and identity authentication to wrestling.
The project is focused mainly on creating a verifiable data storage for Wrestler gloves worn by fighters. Usually at the end of historic tournaments, these gloves are sold to the wrestling community at auction. The use of blockchain technology will help preserve authentic data regarding Wrestler fights, the glove itself and everything about each wrestling match. This will return the confidence of any buyer or fan. Its the most effective way to fight fraud related to selling of fake gloves after wrestling tournaments.
Deliverables in the Vechian-UFC partnership
Vechain announced this partnership with UFC 2 days ago on their official X account. It represent a major milestone in the application of blockchain technology to solving real problems. Wrestling is popular spot with millions of fans around the world. With this sporting partnership, Vechain is attempting to bring blockchain technology to the masses, beyond the benefits it will bring to the Wrestling community. Lets explore some of them:
- Wrestler glove fraud: The major issue facing fans that want to buy wrestler gloves after a major match is that there is no way to verify if they are getting the real product. There are many fakes in the black markets and there is a high probability of being defrauded. Hence this partnership will ensure that verified original gloves which are auctioned off in the market are delivered to the fans that purchased them.
Vechain plans to install chips into the gloves for the purpose of data collection. The electronic chips would be connected to a smart contract on the Vechain blockchain. The chip will collect data in real-time about the fight, the fighter and the event. This data would be stored on the blockchain. The immutable nature of blockchain data will ensure that nobody will be able to edit or modify the original one saved on the blockchain. During the time to auction off the glove, this data can then be validated on Vechain to ensure that the buyer is getting the original glove worn by the fighter for that match.
- Enhanced Supply chain management in sports: Vechain will not only collect and store original data about each glove on the blockchain. The service will include tracking the movement of the gloves from the dealer to the buyer. This involves using a blockchain-powered supply chain management platform also provided by Vechain. A lot could and does happen on the way while moving goods from the warehouse to the end-user.
Vechain using the blockchain to track movement of the auctioned glove will involve repeated validation of data stored on the blockchain about each glove. This will make it difficult for bad actors to replace the original glove with a fake one. At the end, both the glove and data it houses inside the chip would have been completely secured by blockchain data verification techniques.
- Mass adoption of blockchain: Another huge deliverable of this project is that it will expose the fans - the masses - to blockchain technology. Vechain and UFC would provide information regarding how gloves remain intact and original in auction markets. It would be a huge chances to educate the millions of UFC fans about blockchain, thus opening up the opportunity for mass adoption.
Partnerships like this will also build trust in the Wrestling community. They will not only learn about blockchains, but they will have confidence in it once they learn about its security and authentication features. Some of the fans will definitely want to learn more and get involved in blockchain projects. Thus, this partnership between Vechain and UFC is a huge opportunity to facilitate mass adoption of blockchain technology.
Talking about mass adoption of blockchains, no other sector has the large numbers than sports. The UFC brand has a huge global followership of more than 900 million fans around the world. This is a significant number that will definitely gain from learning about blockchains and getting involved.
- Partnering a champion: Vechain is no new-comer in the field of blockchain technology. When it comes to strategic partnerships with global brands, few blockchains come close to Vechain. The blockchain has worked and continues to work with big names especially in the automotive industry such as Volkswagen and BMW. They have also partnered other big brands across all sectors.
This partnership with UFC represents another addition to the ever-growing list of brands that have benefited from unique blockchain solutions offered by Vechain. The VET token continues to gain more popularity and acceptance in the crypto market as a result.
Conclusion
We are witnessing another big big win in the tokenization of RWAs. The future is bright. We will continue to watch this and other projects that are delivering blockchain benefits to solve real problems.
Want to learn more about this project, check out the links below:
Note: Thumbnail is mine.
Posted Using InLeo Alpha