Scammers will use anything, even the Olympics Games, to make money off of unsuspecting people. Now con artists, calling themselves the World Olympic Sports Foundation, are claiming they can use blockchain technology to help investors get in on commercial developments related to the games. Even though the games have been delayed until 2021, the scams abound.

Another firm, the World Olympic Sports Activities Basis claims to use their blockchain expertise to help individuals invest in unlawful Olympic fundraising for industrial developments for the Olympics.

Chinese Olympic Committee, which has received numerous complaints from citizens who are the victims of fraud, warns third parties cannot solicit sponsors in China without the approval of the Chinese Olympic Committee.

High-profile events, like the 2020 Tokyo Games, always draw scammers. They sell fake Olympic merchandise and send emails telling recipients they have won a free trip to the Olympic Games. The individuals have to pay the tax first, and then the promised tickets never arrive. Scamming vendors often ask people to pay in cryptocurrencies, such as Bitcoin.

Blockchain technology stores records. Scammers can use it to rip people off, but it can also be used to thwart illegal activity. The decentralized system makes it more difficult for criminals to tamper with information. In France, the Minister of Economy wants to use blockchain technology to stop illegal ticket scalping for the 2024 Paris Olympics. He suggests digitizing verification and reselling of tickets.

Officials are expecting ticket scalping at the Tokyo Olympic Games to be a serious issue. The lottery method for selling tickets and high fines have proved little of a deterrent. Blockchain-based solutions may also help protect athlete's personal medical records and information about banned drugs.

As with any new technology, blockchain can be used to help people or allow scammers to take advantage of people.