Though Summer is coming to a close in the Northern hemisphere, the days are starting to get longer and warmer in the South. The hotter days are conducive to far more festivals and music tours. Though concert time is great from an entertainment point of view, it comes with other challenges, that most people on the street are not aware of.
Fraud and ticket scalping are a big problem. There is always someone out to earn a buck, even if it’s illegal to do so. Computer Bots are designed to buy masses of tickets online for resale, at a later date. Once the concert has officially sold out, the criminals take out their ‘bot buys’ and sell them to desperate fans for a massive profit. This is both highly unethical and illegal.
Some ticket vendors have invested in new platforms for ticket sales which seem to curb the criminality and reduce the overall costs incurred on the buying transactions. Yes, you guessed it, the industry is slowly turning to blockchain and cryptocurrency for resolve.
BLOCKCHAIN ALREADY LIVE AND WELL, BUT YOUNG
A recent New York start-up company called Blockparty, is a registered ticketing business in the concert industry. They utilize the blockchain to record and register payments. Every ticket sold by the company for a conference or concert has a digitally coded identity which is tied to facial recognition software. Your face is your password and ties your ticket directly to you.
Other notable ticketing companies using blockchain technology are Guts (Netherlands based), Stub Hub, Ticketmaster and more. In fact, Guts is such a fan of the new technology that they are rallying ticketing companies in over 40 countries to join in on the successes incurred by them and others who have opened themselves up to the crypto-sphere.
Though it’s a new fledging idea in the industry, Blockparty are already boasting that cryptocurrency accounts for 10% of ticket sales.
HOW BLOCKCHAIN HELPS
Each ticket sold is linked to the digital hash ID (blockchain address) of the ticket seller. On the other end, each crypto wallet in the hands of a buyer carries a hash ID address of its own. Once the transaction is carried out, the transaction on the blockchain produces a transactional hash ID, which is directly linked to both buyer and seller’s codes. This new Blockchain transaction number will be allocated to the ticket. So, a ticket transaction cannot be tampered with and will always be linked to that ID and the two prior ID’s.
A newer innovation introduced on top of this by Blockparty, is the inclusion of facial recognition software, which operates as your password on the site. When registering on the site, an up to date photo must be provided along with your Blockchain credentials (public key for your crypto-wallet). This image will be linked to your crypto-wallet address so that when you sanction a transaction with your face, your hash ID will be linked to the blockchain transaction and therefore recall your ticket purchase.
This sort of failsafe will prevent any chance of robots buying tickets. It will also make the scalping of tickets nigh to impossible with the protocols in place. Should you need to sell your ticket for any reason at all, this will still be possible, but you will need to do this through the company platform. This way the ticket company can oversight the resale price to avoid profits from being made. The new transaction will carry a history of the older one, thanks to the nature of the blockchain registry, so that the merchant has a clear picture of the movement of that allocated seat, from beginning till end.
Another serious advantage of using blockchain, is that promotional incentives in cryptocurrency are far more easily managed in this manner. Should a ticketer want to move the last few seats at a show, they can incentivise cash backs in crypto without delay.
It’s not only ticketers that benefit from the blockchain though, but buyers will also feel the effects on the pocket too. Paying via your credit or debit card incurs banking fees. When purchasing on the blockchain with cryptocurrencies, such as Bitcoin, the fees are a fraction of the cost. The payment method is also far safer to use on public portals.
GREAT KNOCK–ON EFFECT FOR BITCOIN AND ALT COINS
Cryptocurrency is a top tech, but as the internet in the early 90s, is an unfamiliar and new entity for the general public to grasp. Many millions of people have never used cryptocurrency, a vast majority of them not even clear on the technical concepts involved in the subject.
When cryptocurrency makes its way into a new industry, it means that it is slowly breaking out. More people will be exposed to the technology as a result and soon it will be the only way to transact in the ticket industry.
Having seen success in the concert and conventions side of the industry, ticketers hope to see it roll out to sporting events in the near future as well; a move that will blow the concept of cryptocurrency wide open for the public.
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