Automating Sponsorship Agreements with Smart Contracts
Automating sponsorship agreements with smart contracts
Sponsoo GmbH wanted to leverage blockchain technology to automate sponsorship agreements between athletes and brands on their platform. easy.bi partnered with Sponsoo to develop smart contracts written in Solidity, which are immutable, transparent, and distributed - making them an ideal solution for storing contracts between athletes and brands. By using blockchain technology, we aimed to set up automatic deliverable validators in the form of an Oracle, which could automate the entire process from signing the contract to paying the athlete.
Our contribution
easy.bi worked closely with Sponsoo to develop a blockchain-based solution that utilizes smart contracts to facilitate sponsorship agreements. By leveraging Solidity, we created smart contracts that are immutable and transparent, providing a secure way to store agreements between athletes and brands. These smart contracts ensure that all parties have a clear understanding of the terms and conditions, and that these terms are enforced automatically.
To further automate the sponsorship process, we developed an Oracle that acts as an automatic deliverable validator. This Oracle monitors the deliverables specified in the contract and validates them once they are fulfilled, triggering payment to the athlete. This approach reduces manual intervention, speeds up the process, and ensures that both brands and athletes receive fair treatment.
The technology stack included Solidity for writing smart contracts, Hardhat for development and testing, and Ethers.js for interacting with the blockchain. We used Metamask for wallet integration, Figma for design collaboration, and ebiPlatform for integration. GitLab was used for version control, with project management facilitated through Jira and Confluence.
The journey to success
The success of the smart contract project for Sponsoo was built on a foundation of collaboration, innovation, and a shared vision for automating sponsorship agreements. From the outset, we worked closely with Sponsoo's stakeholders, including legal experts and product owners, to understand their needs and the challenges faced in automating sponsorships.
Through discovery sessions and workshops, we identified key areas where blockchain technology could enhance the sponsorship process, such as ensuring transparency, automating deliverable validation, and reducing administrative overhead. Our focus was on delivering a solution that not only met Sponsoo's current needs but also provided a foundation for future growth.
By leveraging modern blockchain technologies like Solidity, Hardhat, and Ethers.js, we were able to create a solution that is secure, efficient, and user-friendly. Continuous feedback and iteration allowed us to refine the smart contracts, ensuring that they met Sponsoo's high standards of quality and performance.
The impact
The development of blockchain-based smart contracts for Sponsoo has had a significant impact on their platform, providing a secure and automated way to facilitate sponsorship agreements. The use of smart contracts ensures that all terms are enforced automatically, reducing the need for manual intervention and ensuring transparency for both brands and athletes.
The Oracle-based deliverable validator further enhances the automation process, ensuring that payments are made only when deliverables are fulfilled. This has improved the efficiency of the sponsorship process, reduced administrative overhead, and provided a better experience for users.
Overall, our partnership with Sponsoo GmbH has helped them achieve their goal of automating sponsorship agreements and providing a transparent and secure platform for sports sponsorship. This project highlights the value of blockchain technology in enhancing business processes and creating new opportunities for growth.
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