Thursday, January 16, 2020

The NBA’s Sacramento Kings Collaborates With Consensys to Launch an Ethereum-Based Spots Gear Auction Platform

Sacramento Kings, an American professional basketball team playing under National Basketball Association (NBA), has launched an Ethereum-based live in-game sports gear auction platform that uses a Consensys-backed supply chain product called Treum.

In a press release published on January 15, the Sacramento Kings said that by using this new auction platform, every auctioned item will be authenticated, and a transparent audit trail of product history will be established, so that fans are bidding on a genuine piece of a players’ sports gear.

According to the press release, The system’s first live auction has taken place yesterday just before the start of Sacramento’s home game against Dallas Mavericks that featured Kings guard Buddy Hield’s game-worn jersey with number 24. The earning will go to Hurricane Dorian relief efforts and proceeds from future auctions will go toward the Sacramento Kings Foundation unless specified.

Anyone, who is watching the either at home or in arena, can could participate in live auction by visiting team’s website. The auctions will take on every game day starting just before tip-off through 11:59 p.m. PT.

This platform uses a Consensys developed supply chain product built on Ethereum blockchain, Treum, that enables businesses to build trust with their consumers through transparency, traceability and tradability.

Bradley Feinstein, the head of Consensys business development said:

The digital era has drastically increased access and optionality for many consumers, but it has also decreased verifiable provenance. How can you be sure that the physical goods delivered to your door are legitimate and as real as advertised? How can you trust the authenticity and ownership history of something you bought online? As the Ethereum blockchain continues to gain traction as a new foundation for global collaboration by providing trust and transparency, we’re unlocking more profound ways to provide visibility into complex global supply chains and empower consumer behaviours.”

Sacramento Kings said that “initial transaction history will also be recorded, and with the owner’s consent, any future sale, loan, or exhibition of the gear in physical or virtual showrooms will become part of the transparent historical record documented on the Ethereum blockchain.” Fans can pay via credit card and item will be shipped to their chosen address.

Ryan Montoya, chief technology officer of Sacramento Kings, commented:

We are excited to announce another blockchain first as we strive to continue to enhance the fan experience. We have integrated blockchain technology into our business across multiple platforms, including our reward program, and now our fans will have the opportunity to securely purchase authentic game-worn merchandise in real-time using an innovative blockchain-based solution.”

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