Will Blockchain Use At the 2020 Summer Olympics be a Bitcoin Bull Market Catalyst?

  • The International Testing Agency may use blockchain technology to fight against doping.
  • The director general, Benjamin Cohen, said that having the technology ready by the Olympics is “ambitious.”

An Increasing Number of Organization Want to Experiment with Blockchain Tech

Blockchain technology is admired for its organized and honest way to track information for any digital network.

It has been adapted for various companies in different industries, and it looks like the International Testing Agency wants to use it as well. According to reports from CNNMoney Switzerland on June 6th, the agency expressed that they would be interested in using blockchain in the 2020 Summer Olympics, which are due to be hosted in Tokyo.

Right now, it has been confirmed that a prototype is being worked on by BlockFactory and an independent Lausanne-based organization, which will be used to combat doping. The ITA has expressed that the goal is to zone in on Therapeutic Use Exemption, also known as TUE. TUE states that athletes are permitted to consume these prohibited substances in the event of a medical purpose.

Blockchain Tech to Preserve Data Integrity

In using blockchain technology, the agency is working to make this entire log into a digitized database, and the use of blockchain technology would provide better validity to this ledger. As long as authentic documents are updated, there’s no way for the documents to be falsified after being uploaded. Benjamin Cohen, the director general of the ITA, commented:

“I think it’s ambitious to have it ready by Tokyo, but we are there to be ambitious.”

Cohen also commented that “one of the answers” to the digitization of these documents is with blockchain technology. He added:

“Today, I am pretty sure that we can reach a satisfactory solution where we can have some of the processes secured at a reasonable cost.”

The full segment on this issue can be seen on CNNMoney’s official website: https://www.cnnmoney.ch/shows/blockchain/videos/international-testing-agency-blockchain-2020-summer-olympics..

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