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Despite the rise in popularity of blockchain and cryptocurrency, there are still a lot of people out there who remain ignorant of this innovation. And even if they have an idea about the technology, they don’t understand it enough to be interested.
Of course, the promise of value always gets people’s attention, but with the crypto market struggling and its flagship virtual currency, Bitcoin, seeing red in the past months, traditional investors are shying away from the industry. As such, the market is trying to get more people into its fold to accelerate worldwide adoption.
Crypto experts have said that mainstream usage of cryptocurrency can significantly increase its value. So how would crypto companies extend its reach?
One area that’s yet to be invaded by cryptocurrency is Formula One. It’s estimated that this series of sporting events has a following of 1 billion people, so it makes sense for crypto businesses to use it as a means to get the word out, according to Crypto Briefin's Paddy Baker.
A multibillion-dollar crypto company like Ripple can potentially increase its user base by slapping its logo on the rear wing of a Formula One car, Baker wrote. And since the company has said it’s trying to get more people to use its native coins (XRP), exposing its brand to a high-profile event can reel in potential users and investors.
Moreover, tapping the audience’s fan base is but one aspect that the crypto market can leverage. There’s also the fact that blockchain can be of use to this industry by providing data storage and tracking motor parts in transit, the observer said. For instance, IOTA’s Tangle could improve the storage and data processing collected during a race, and VeChain can monitor the shipping of an auto part or track the car itself.
Event organizers can also take advantage of blockchain to decrease the chance of ticket price manipulation. The organizers of an upcoming music festival is already planning to do this as the industry itself is trying to get rid of scalpers.
Both the crypto market and Formula One stand to gain from this partnership, with other possibilities unfolding as the crypto industry matures.
