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Bitcoin, Blockchain and Russia
By Mitchell Livingstone
A look at how Bitcoin and Blockchain will be used in the World Cup 2018
From finance to retail, blockchain integration is reaching industries worldwide. TRON has partnered with vSport Chain as the 2018 FIFA World Cup approaches and brings the first decentralized prediction market to the sports industry. Both parties have agreed to “share resources, collaborate on technical challenges, deliver premium content, build communities, and expand their reach”. Thus, bridging Sports and Blockchain.
TRON is one of the world’s largest public blockchains that aims to build a free, global digital content entertainment system with distributed storage technology, and allows easy and cost-effective sharing of digital content. It has allied with non-profit vSport Chain to develop the first World Cup Prediction Platform based on blockchain technology. Let the betting commence!
Registered in Singapore, vSport is a blockchain project, which was cofounded by Internet and Artificial Iintellegence entrepreneur Qiang Bai and football star Wesley Sneijder. It is the world’s first fully open, non-profit, blockchain-powered platform specifically designed for the sports industry. The project’s founding partners include the world’s largest sports social media powerhouse 433 and China’s largest youth sports platform Sport8. vSport is preparing to develop a full-fledged transaction platform to equalize value exchange within the global sports network.
The 2018 Russia World Cup will get underway in two weeks' time with the hosts taking on Saudi Arabia on June 14th, putting football in the global limelight once again. Together, TRON and vSport aim to expand blockchain exposure - starting by co-developing a “blockchain-based football results forecasting platform” that will be deployed on the TRON mainnet prior to the 2018 FIFA World Cup.
As the betting on the world cup increases (thanks to the prediction forecasting), the Bitcoin price could also be in for a boost as football fans descend on Russia.
Digital payments in Russia have become uptight in recent years, with payment giants Visa and MasterCard blocking credit card services to some Russian bank customers as a result of sanctions back in 2014.
While the pair have since developed a way around the sanctions, there is still plenty of friction when it comes to digital payments. Last year Visa and MasterCard were blocked from Fintech, the Russian center for new financial technology as the Kremlin works on its own domestic payment system, Mir.
Now some have turned to Bitcoin and cryptocurrencies to pay their way to the Russia World Cup. It has bee reveled that some hotels in the Russian city of Kaliningrad - which will play host to some of the tournament's games - were accepting bitcoin as payment. While some airlines, travel agents and bars will be taking the cryptocurrency.
At the end of 2017 there were roughly 400,000 Bitcoin transactions per day though this has now fallen back to around 200,000 transactions per day. However, as Bitcoin is increasingly used as a means of exchange, its utility will rise and demand along with it, pushing up the Bitcoin price!