NBA Basketball team Sacramento Kings has recently joined hands with blockchain software development studio ConsenSys for its new sports gear auction platform. On Tuesday, January 15, Kings announced its Ethereum-based live auction platform.
Thus, fans can bid live for different in-game sports gear using Treum, a ConsenSys-backed supply chain product. The use of Ethereum blockchain will also ensure that every auctioned item is genuine and authenticate. Furthermore, it will also allow for a transparent audit trail thereby assuring fans of buying genuine items.
The supply chain industry has emerged as one of the biggest industries for blockchain applications. Blockchain’s inherent characteristics of transparency and high-end data encryption provide tamper-proof results. This gives customers absolute certainty that the goods they are buying are original and not forfeited.
Using Treum, the sports platform records all the merchandise’s origin and authenticity. The platform will also store all other records like owner’s consent, loan, future sale, or exhibition on the Ethereum blockchain network.
Sacramento Kings Chief Technology Officer Ryan Montoya, said:
“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.”
Starting the first Live Auction
The platform is already live, up and running with the first live auction. So far at press time, 73 bids have arrived and the highest bidder receives a gear along with the Certifications of Authority. Moreover, the highest bidder also gets a digital token containing the item’s all historical and future records.
Head of ConsenSys Business Development Bradley Feinstein, said:
“The digital era has drastically increased access and optionality for many consumers, but it has also decreased verifiable provenance. How can you be sure that the physical goods delivered to your door are legitimate and as real as advertised? How can you trust the authenticity and ownership history of something you bought online? As the Ethereum blockchain continues to gain traction as a new foundation for global collaboration by providing trust and transparency, we’re unlocking more profound ways to provide visibility into complex global supply chains and empower consumer behaviors.”
Previously, the Sacramento Kings team has shown much interest in the crypto and blockchain space. The team launched NBA’s first blockchain-powered reward program for in-app gaming. Besides, it also launched the first physical crypto-collectible in professional sports.
In 2014, Kings for the first NBA team to accept Bitcoin payments. In 2018, the team also mined cryptocurrencies for a charitable program.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.