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Socios, a blockchain-based digital asset for “sports entertainment platforms,” has launched the first ever blockchain identification verification for that same industry.
This technology is in place so people can utilize the network’s debit card, which will convert the cryptocurrency, $CHZ, to local fiat. By doing so, they’re increasing accessibility though they’re also enabling know-your-customer policies, which some blockchain and cryptocurrency enthusiasts are not a fan of.
The debit card exists as a sort of rewards card, according to an official blog post:
“Socios ID aims to allow our users and fans to have a global ID number (XXXX-1234), that can also be customized based on the amount of $CHZ owned to give advantages, reward loyalty, amongst a host of other benefits.”
Anyone utilizing the Socios.com mobile application will be able to take advantage of this debit or a pre-paid card as well. It will link to their mobile wallet for use.
Overall, an ID card will be released first and then the debit card afterward this Summer. Speaking on the matter is CEO of Socios, Alexandre Dreyfus:
“Using blockchain to create one unique ID for fans is an amazing use case especially in the sports and ticketing industries. Our focus is to launch a product that will be used by fans but more importantly will be connected to some of our partners’ ecosystems.”
He continues, noting that fans will be “empowered” by these additions, alongside Fan Tokens that should help the company lead the way in the entertainment and sports industry.
More details will come this Summer.
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