The Sacramento Kings, an NBA basketball team, has partnered with ConsenSys, the leading Ethereum development studio, to introduce a new auction platform that handles live bidding on in-game sports gear using a supply chain product called Treum.
All auctioned items will be authenticated using an Ethereum blockchain-powered platform, in order to create a transparent audit trail of product history and associated transactions.
Basketball fans may take part in live auctions of game-worn gear during the Kings' home games.
Kings shooting guard Buddy Hield's game-worn jersey had been auctioned off during the game with the proceeds being donated to the ongoing Hurricane Dorian relief program.
Ethereum blockchain is increasingly being used to ensure transparency by verifying important information.
"We are excited to announce another blockchain first as we strive to continue to enhance the fan experience. We have integrated blockchain technology into our business across multiple platforms, including our reward program, and now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution."
Auction winners will receive a digital token that will serve as proof of ownership.
The market capitalization of the US sports memorabilia industry stands at $5.4 billion annually there are no established standards for authenticating products and protecting fans from buying fake merchandise.
The platform will maintain records of the merchandise's origin and authenticity by using Treum, a ConsenSys-backed product that allows users to develop trust with their customers via "Transparency, traceability and tradability."
"We chose to design this specific implementation with a Kings fan in mind. The Ethereum blockchain technology provides transparency, authenticity, and fraud protection to the fan, but the technical details are hidden to offer a familiar user experience."
NBA team introduces Ethereum-based auction platform for $5.4 billion sports memorabilia industry
pubblicato su Jan 16, 2020
by Cryptoslate | pubblicato su Coinage
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