In the 92 years of the history of the world cup, 17 countries have hosted this tournament, but this 2022 tournament will be one a kind. It will be held in a small, middle eastern country like Qatar. This is a country with no football history and this tournament presents an opportunity for the fourth richest country in the world to grow even more prominent once the tournament reaches its conclusion.
Now, what has the most prestigious competition across the globe offered the humanity since its inception? A whole lot. For instance, it has been announced by the FIFA Qatar World Cup committee that it would be adopting the blockchain technology to ensure an easy and fast ticketing processing. This will be notable since it represents the first time ever that such resource will be adopted in a global sporting event.
In the next 10 months, the FIFA world cup will begin and this will definitely affect the widespread adoption of Bitcoin in multiple ways, as the whole world is getting ready to descend on Qatar. Even though this FIFA’s top international competition is due to take place during the winter, it has lost none of its usual pre-tournament hype. In the 2018 world cup in Russia, there was a significant loss in flow, experienced by several payment systems, including Visa and MasterCard. These payment systems have had to cut down their card services to Russian customers. On the other hand, this upcoming world cup has seen customers already figuring out several ways round these transaction challenges: Cryptocurrencies.
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Football fans across the globe are widely adopting the use of cryptocurrencies to carry out transactions. With high level of security and privacy, as well as fast transaction processes, users can easily book tickets and carry out several other transactions. During the 2014 world cup in Brazil, at least 5 million people visited the FIFA Fan Fest while 3.4 million people attended games. This 2022 World cup in Qatar will involve many hotels within the country revealing their affinity to cryptocurrency while opening announcing their acceptance of Bitcoin, Ethereum, and Litecoin as a means of payment.
Blockchain Used for the Construction of Infrastructure
Blockchain represents a decentralized public ledger that records all transactions in a secure, private fashion. This is akin to a database, in which users can access the ledger. This makes it impossible to hack into the system. It was introduced as a technology to support the use of cryptocurrency. However, since then, it has experienced a major boom in its application across several industries. Now, it is being adopted in this Qatar FIFA world cup.
It is always a serious challenge for a small country of three million residents to welcome millions of football fans across the globe, especially after a global pandemic struck. It is only natural for existing infrastructure to be insufficient. For this reason, Qatar has invested so much in buildings, stadium, and other notable constructions. To achieve this construction goal, the country’s building sector so hiring Bimtrazer – which is a multi-national company that adopts the use of cutting-edge technologies to ensure the optimization of construction processes. The company does this by combining Building Information Modelling with Artificial Intelligence and Blockchain Technology. By utilising a peer-to-peer network ensure that the parties that are involved in the building project can be exposed to constant feedback, as well as transparency via secure channels that can elevate the work standard.
Conclusion
The blockchain technology was initially launched to support cryptocurrencies, but as the crypto market becomes popular, there has been an increased level of interest in the platform that supports these digital currencies. Yet, there is a promise for more recognition as the 2022 FIFA world cup in Qatar begins.
