If you are a sports memorabilia collector, determining authenticity is one of the main challenges you face. Buyers are often eager to learn the history and stories behind an item they wish to purchase. Sadly, fraud is a prevalent issue in the sports collection industry, and these stories are often embellished or completely false. All too often, buyers end up purchasing counterfeit items.
Can buyers ever feel secure in their purchase knowing that fraud and counterfeiting is such a rampant problem? With blockchain technology, they can. Continue reading to discover how Black Ink Tech is taking on fraud in the sports collection industry.
What is Blockchain?
We’re not all blockchain nerds or crypto geeks, so it’s reasonable that many do not understand blockchain technology. Simply put, a blockchain is a distributed database that immutably records and tracks digital transactions.
A blockchain creates a digital record that very much resembles a traditional paper trail. Let’s say you go on vacation with your friends and decide to share the expenses. You could record all the expenses on a piece of paper, like in a centralized database. But instead, each person decides to carry their own copy of all transactions and receipts. In this case, any deviations can be easily identified and corrected. All those copies, distributed between different participants, represent a blockchain.
You might be curious to know how the blockchain achieves decentralization and immutability. Let’s dig in!
How Does the Blockchain Work?
As its name suggests, information on a blockchain is stored in blocks that are connected to each other, forming a chain. Cryptography is used to create hashes (or codes) related to each block of information and to then link them with the following block. As each block contains the code of the previous one, data from one block cannot be changed without altering subsequent blocks. Any data manipulation is, therefore, evident beyond doubt.
Blockchains use a Peer-to-Peer (P2P) system to ensure security. Anyone can join the network and verify new information by downloading a copy of the blockchain.
When someone creates a new block, it will be sent to everyone in the network. Each node (person with a copy of the blockchain) then independently verifies the block to ensure the information is correct. Once the majority (more than 51%) of nodes agree that the block is accurate, it will be added to the blockchain. If the block has been tampered with, it will be rejected.
All these components make a blockchain extremely resistant to fraudulent activity.
How to Connect Blockchain with Sports Memorabilia?
Now that we have established an understanding of blockchain technology, let’s look at how we apply it to the sports memorabilia industry.
Say that you went to an NFL game and bought a game-worn jersey of one of your favorite players. You also took a photo of the player wearing that jersey during the game and got it signed afterwards. You can now pair (or connect) the jersey with a digital asset, storing an immutable record on the blockchain.
If you decide to sell the jersey in the future, the buyer will be able to verify its authenticity through the information provided, enhancing its value.
What Difference Does it Make to the Sports Memorabilia Market?
As a collector preparing to buy an item, you either trust the buyer or the authentication certificate they present. Using blockchain technology, the owner has an immutable record and a unique digital asset to prove authenticity.
When you own a piece of sports history, you know its value based on the story behind it. Authenticated memorabilia will always be worth more than those that are not. Imagine now the added value that comes from truthful authentication via a blockchain.
How Does Sportafi Connect Blockchain with Sports Memorabilia?
Backed by Black Ink Tech’s patented hardware and software, Sportafi is connecting real-world memorabilia items with digital assets via blockchain and revolutionizing the sports collection market. With a mission to eliminate fraud, Sportafi is placing truth over trust in a market that is rife with counterfeit scams.
In the case of the game-worn jersey, the owner would locate a Sportafi kiosk at the stadium or an authentication office. Using biometrics, timestamps, and GPS location, the Sportafi platform ties the jersey to a digital token, creating an NFT stored in the owner’s digital wallet. A tamper-proof RFID tag provides an extra layer of security. This information becomes part of the jersey’s immutable record on the blockchain.
Sportafi’s web and mobile apps can further assist in the sale of sports memorabilia and collectibles. Buyers are able to verify an item’s authenticity and ownership can be transferred through the digital wallet. The sale is then recorded on the blockchain and payment is automatically forwarded to the seller.
Sportafi eliminates the need to conduct a background search on a seller as the item’s authenticity and origin are immutably recorded and verified by patented blockchain technology. Even if the physical item is stolen, its resale value drops as the thief won’t have access to the digital token attached to it.
Key Takeaway
Welcome to the future of sports memorabilia collecting, powered by blockchain. Buyers and sellers alike can rest easy knowing the items being bought or traded are genuine, the risk of fraud is virtually eliminated, and transactions are hassle-free through automated payments.
Sportafi is bringing truth over trust to a quickly growing market, traditionally lacking in security. Blockchain technology allows for seamless transactions between buyers and sellers, with the added benefit of authenticity and immutable records. To learn more about Sportafi and how we can help you build your collection, please visit our website or contact us here.