Cycling in the digital age: the role of blockchain technology

mccoy02 (69)in Project HOPE • last year

Everyone one is of the believe that cycling are gradually becoming obsolete as technology thrives in our world today, we are gradually forgoing our old means of mobility and now embracing what technology has in store for all my last week article touchline on the path to wellness on two wheels cycling and health where I discuss the health benefits of two wheel ride, despite all it benefit people still prefer to go for their daily exercise in the gym overall the place of cycling and health can not be overlooked.

Technology and innovations knows no bounds blockchain technology which was once confined to the realms of finance and cryptocurrencies, has extended its reach to revolutionize more sectors like the healthcare, transportation industries, education and also the cycling sector is not left out of this new technological innovation where blockchain's transformative power is propelling cycling sport to new heights. The technology which have been around for decade is creating opportunities for athletes, including cyclists blockchain developers and experts are finding more ways to generate revenue for cyclists, providing them with new income streams. like the betting space, NFTS and ride to earn blockchain based platforms are being introduced where fans can bet on cycling events, races, and other revenue means.

cyclists-1851269_1280 (1).jpg

Image from pixabay

This infusion of blockchain into cycling has triggered a surge in fan engagement. Enthusiasts are not just spectators they become active participants, fueling their passion for the sport. Blockchain technology's transparent and tamper proof nature ensures fair play and genuine outcomes, further intensifying the excitement.

As blockchain technology expands its reach into the cycling industry, it draws the attention of crypto users looking for new avenues to allocate their assets into the cycling space the technology doesn't stop at fan engagement or revenue generation it integrate the use Web3 and decentralized blockchain technology which has opened a new horizons, not just for cyclists but also for artists.

Artists within the cycling community are now exploring the world of Non-Fungible Tokens (NFTs), creating digital collectibles and tokens unique to the cycling space. These NFTs represent moments of victory, legendary cycling figures, and iconic events. Through blockchain technology, artists can showcase their creations to a global audience, transcending geographical boundaries.

How blockchain is influencing cycling growth

A. Cycling and NFTS: Non Fungible tokens (NFTS)are piece of collectible digital tokens that represent ownership they are assigned a tracking code which are unique these codes can not be duplicated making them a piece of digital identity owned only it collector.

The cycling industry or some cycling manufacturers have leverage into this technology to create unique 3D version of bicycles which are in form of NFTS, owner who buys a physical bicycle can be given an NFT version of his purchase bicycle which they can choose to sell anytime on blockchain marketplace.

A good example of manufacturer leveraging this technology is the Italian bicycle manufacturing giant Colnago, their NFT which are in 3D called the C64 road bicycle was once sold for 3.2 WETH. They are one of the first bicycle manufacturer to tap into blockchain technology.

B. Crypto for sweat: it ride to earn using bicycle we have seen the likes of walk to earn the cycling industry are also leveraging the use of blockchain technology to incentivise means for bikes to spin the wheel and earn token for their daily cycling activities.

A good example where this technology is been put to use is the Toba e-bike, launched in 2018 by Scott Snaith, users who purchase these bicycles can be able to earn LoyalCoin by spinning the wheel a user can earn up to $26 for covering 1000 miles and these tokens are tradable on decentralized exchange.

C. More profitable means of earning: with blockchain technology opening up means for cyclist to earning from different revenue streams like the NFTs which can be traded on different open market places, earn to ride which are tradable on decentralized exchange and more betting streams that are based on cycling events blockchain technology have help improve various incentive means of earning more rewards.

In summary we can see that the cycling space isn't left out as it has tap into the digital space of blockchain technology to offer users more channel of generating revenue and connecting to the new innovative technology but the cycling space is still at it early stage into the blockchain technology but its impact is undeniable as it is a source for revenue and entertainment for cyclist and artist digitizing their art work.