The growth of the internet has led to a robust sports industry
The majority of the industry has already shifted from traditional channels to the mobile internet, a vector which helps it to grow larger. In their 2016 Sports Industry Survey Report, Pricewaterhouse Coopers pointed out that 40.9% of those surveyed in reply to the question about the lack of trust and integrity in sports managing organizations answered that they were either worried or extremely worried.
Sports leadership believe that the greatest danger to the sports industry is the continued erosion of trust between sports managing organizations, athletes, and sporting enthusiast.
The sports industry is internationally recognized as being an industry of the 21 st century which is most lively, as well as being highly fluid, intersecting, driving and possessing deep potential. During the past decade, the global sports industry grew at an average of 5 % per annum, higher than global GDP growth, which measured 2.5 % per annum and is predicted to become one of the world’s four main industries. Faxport’s goal is to develop into the most mainstream and professional sports commerce service platform in the world. The project is based on Ethereum’s smart contract development. Ethereum is a commonly recognized, extensible, standardized, fully realized, and easy to develop and coordinate basis of the blockchain.
Using Ethereum’s “Turing complete” virtual machine technology, Faxport has redefined transaction methods, and rules for state transition functions to construct every kind of smart contract within sports commerce services.