The transfer market of football player still exists inadequate, where the overnight, owned by third parties still take place, corrupting the market. These obstacles will be solved thanks to the introduction of a very promising technology behind Bitcoin.
At the end of the 2006 transfer season, two South American football talents moved to West Ham under the most controversial deal in the English Premier League. Carlos Tevez and Javier Mascherano transferred from Corinthians but the Brazilian club did not really have ownership. A new mysterious conglomerate has the power to buy players, leaving behind contract problems and leading West Ham to a £ 5.5m. [https://www.planetfootball.com/in-depth/carlos-tevez-javier-mascherano-celebrate-shady-transfers/]
This story left the British Premiership to abolish the third player who owns the player in 2008. Also this year, the world emerged a revolutionary technology that has the potential to transform ownership and sell property. It's blockchain - the platform technology of bitcoin. A decade after Satoshi Nakamoto announced the birth of his "Blockchain" child, thousands of applications have been built using this technology, such as encryption and financial and medical services.
The key to this technology is that everything is decentralized, transactions that log on these blocks and blocks are tightly coupled, through a transparent contracting system, verified by many of members and can not edit - important stuff against fraud, fake record books. Blockchain is like a ledger that records every transaction, in a transparent and trusting way.
Many famous players like Owen or Messi are using many blockchain-related gadgets. But what if all player transactions are written to a block in the blockchain. According to many experts on financial payments, the inspiration for blockchain will completely change the market of football transfer. [https://www.bbc.co.uk/news/business-43113955]
"The value of a player can be divided into multiple shares, each of which can be sold individually to form a dispersed ownership chain. Trading stocks is dependent on the technology used accounting books, "said banker ACI Worldwide.
So, the clubs still have the right to the players playing for them, but creating a virtual "activity log" that is easy to monitor such as Blockchain will create conditions for investors or fans. own shares of players or simply track transactions. For example, the transfer of Player A to Club B for X $ is subject to acceptance by all owners of player A or all system members who have the ability to verify the eligibility. The details of the transaction such as transfer price, salary, personal terms ... And then no one can change the details of this transaction anymore. Public and transparent.
"The system like this in football is a way to clean up tax evasion, money laundering and even new slavery," adds ACI Worldwide, adding that federations need more time to be consulted. [https://www.independent.co.uk/life-style/gadgets-and-tech/news/transfer-news-players-football-blockchain-bitcoin-tokenisation-a8465326.html]
FIFA prohibits third parties from trading players. Coach Sam Allardyce is sacked by the Football Association for being spotted at night, seeking to circumvent the rules of third-party possession. So co-ownership of such players is illegal in FIFA and FIFA will need to change. Possesses a third party but everything is transparent, can not modify and trust the party with blockchain technology, turning the players into parts. (Tokenisation).
Last month, Andy Warhol's multi-million dollar auction was auctioned as a digital certificate, which allowed investors to own a small portion of the work and anyone owning it. Also have the right to manage the picture, every change must be approved by all co-owners dispersed.
Another type of asset that can be used for blockchain technology is real estate. This is a good investment channel but it has too much input cost and most can not afford it. But with the tokenization, real estate ownership can be divided into small and profitable parts based on the amount of capital, with the advantage that the transaction is invariably recorded, each stakeholder can monitor all transactions. Generally, avoid the risk of financial risk or fraud. Ultimately, this eliminates brokers, intermediaries - making transactions faster, cheaper and more transparent.
Thanks to the blockchain, transactions will not entangle miscellaneous papers and high-risk money laundering or fraud. In the future, any digital asset can be traded through a reliable system.
Hope a bright future.
Thanks for reading!