Although we all love cycling, it is important to address the elephant in the room: the current state of the economy just isn’t cutting it anymore. Team budgets, parts manufacturers, and even fan engagement are not where they’re supposed to be, and a change is in order. Blockchain might just be the exact oomph the economy is missing, as it has the capacity to bring an unmatched robustness and credibility to the sector. Let’s explore:
You may be wondering how technology even fits into cycling, but you would be surprised at how much it impacts the current landscape. For one, cycling-focused digital assets would be a great way to maintain limited edition gear, iconic race moments, and even team shares. As such, developers, component makers, and even team bookkeepers could greatly benefit from using a low-cost Solana platform. The best solana launchpad uses two-factor authentication, biometric logins, and backs up and stores your secret passphrase. Users are the only people who can access their private keys (protecting them from third-party risks) and support over 60 network standards.
Through the use of such a platform in conjunction with tokenized assets, it could help grant cyclists and fans real-world value and rewards. Fans could purchase these assets (whether digital or physical) and have a true stake in them, which could work in favor of team leaders. A VIP program could be created wherein only members can opt to purchase these tokenized assets, and in turn, gain a stake in other team-related decisions. This is not to be done on a large scale, focusing on smaller initiatives such as allowing fans to vote on jersey designs or get unique prizes.
Beyond fan engagement, there is a rather large concern surrounding counterfeit items when it comes to team merchandise and equipment. If you have ever tried to purchase a team kit, you should be very familiar with those sketchy websites claiming to sell a genuine Italian wool jersey for a measly $20. For cyclists specifically, their safety is dependent on their equipment, which is why having the best quality cycling clothing, protective gear, and bikes is vital. Cycling with counterfeit or low-quality goods could cost a cyclist their career if it results in an injury, which places further emphasis on authenticity.
This is where using a digital ledger could potentially save the day. To understand how this translates here, let’s break down how a digital ledger could stop counterfeit goods from being sold. Each item of value, whether it be a fan collectible, team equipment, or even a high-performance bike, can be given a unique identifier on a blockchain known as an NFT (Non-Fungible Token). Think of it as a digital “bike NFT,” a special marker that cannot be copied or faked, proving that the item is the original. This level of traceability makes it possible to track every product on the blockchain, from the moment it was manufactured to the moment it changes hands.
Perhaps you have purchased an “authentic” kit that you now suspect may be counterfeit; you can access the public blockchain and find out exactly where it came from. There is no need to worry about a wait time when it comes to ownership transfers, as these are immediate. As such, if you were to purchase a specific item at a set price under the belief that it is second-hand, verifying this would be as quick as scanning a QR code. Fans and teams alike will then have unalterable transparency on exactly where their merchandise, equipment, and collectibles came from. In turn, not only does the second-hand (or collector) market become far more trustworthy, but the correct party can also be held accountable should anything go wrong with cycling equipment.
The post How Blockchain Could Power a Stronger Cycling Economy appeared first on PezCycling News.
