Blockchain platform BelfricsBT today announced that it has signed an MoU with Chennai City Football Club and KPR Info Solution to develop a first-of-its-kind hybrid blockchain solution for sports persons and club management.

Belfrics is one of the leading global blockchain technology firms and cryptocurrency exchanges focussed on making the cryptocurrency technology effortless and accessible to all. BelfricsBT is the blockchain technology division of Belfrics.

Knowledge partner

According to a press release, BelfricsBT will work with CCFC, which will be the knowledge partner and first adaptor of the solution. With this business inputs, BelfricsBT will architect the blockchain solution as the technology partner. “Sports clubs have seen a tremendous rise in India over the past five years with billion-dollar leagues in football, cricket and kabaddi.

The global sports ecosystem open for blockchain adoption is valued at $22 billion as of 2021 of which India has a market share that is worth $796 million and we are looking at disrupting this sector with the help of our innovative blockchain solution,” Praveen Kumar Founder & CEO Belfrics Group, said in the release.

Rohit Ramesh – Chennai City Football Club, said, “As a club, it gives us a wider spectrum to look beyond and create better valuation for our players in various categories and for CCFC in the best way in the future with the influence of NFTs and fan tokens.”

On a single platform

KPR Info Solution, the technology development entity of KPR Group, will be a non-exclusive technology partner for the development of this innovative blockchain solution. This hybrid blockchain-based solution for sports comprising NFTs and club tokens, to bring all the stakeholders of the game on to a single decentralised platform.