11 June 2020

Since its appearance in 2009, bitcoin has been a hot topic. Many say it is ‘internet money’; others say it is the future of money. The same thing happened with blockchain. Yet, blockchain adoption has come at a faster pace than the bitcoin one. People find the idea of a blockchain, an unmodifiable ledger, interesting. Once you analyze it, it makes perfect sense.

A decentralized and interconnected network could be what many industries need. The security provided by the blockchain is the most important element it provides. Once somebody adds the information in a block, nobody can change it. And If you try to change an item or add something unknown, the network compares it to previous records. If the item does not meet the criteria, the network itself invalidates it.

This model has worked wonders in other industries. The gaming industry, the music industry, and several others have proposed to use it. One could ask: what new industry can blockchain change from its root? Like the collectibles industry could enjoy blockchain, ticketing could also enjoy it.

The Enemy within the Ticket Industry

The truth is that the ticketing industry is more complex than it seems. Not only is it more complex, but its problems are more deep-rooted than in others.

The ticketing industry is often quite monopolistic. Few companies dedicate their operations to this. And the few companies that do exist control the industry almost in its entirety. Alongside this, we find brokers that serve to spread ticket sales. As if that wasn’t enough, scalpers come into the game. These two increase the price of tickets and create some kind of black market for tickets.

At the end of this whole chain, there is the biggest fear of people who want to attend an event: fake tickets.

Counterfeiters take advantage of archaic industry systems. For example, sending the receipt to the client, who has to print it and show it to get their ticket. That is one of the main reasons why 12 million Americans a year buy fake tickets without knowing.  That’s why forgers defrauded around $24 million in fake super bowl tickets last year.

This process can be easily solved with the aid of the blockchain.

Blockchain-based ticketing

Imagine this: you buy your ticket, a ticket as unique as it can be. It’s registered in the blockchain. In return, you get a receipt on the platform and a QR code. You arrive at the event, show your QR code, and within seconds, you’re in.

These are tickets secured in the blockchain. These can be the future of the ticket industry.  

Yet, blockchain-secured tickets are not only good for this. This type of platform offers other benefits, such as limiting the resale price of brokers. It is worth noting that they do not intend to cut the secondary ticket market – they will only control it.

These platforms also solve another industry problem: high fees for credit card payments. The vast majority of blockchain-secured platforms have developed their own token. Most of them based on the Ethereum blockchain.

Also, one of the advantages of these platforms is the freedom it gives to event organizers. Event organizers have full control over how many tickets and what kind of tickets they sell. They also control how many ticket tiers they can offer to their attendees.

There is not only one platform of this type – there are many and each one has an extra element that makes them special. EventChain offers SmartTickets that you can buy with its own EventChain token (EVC).  Besides, you can receive payments of more than 50 cryptos and credit cards for a very small fee. GUTS also offers honest ticketing, fueled by their own ERC20 token, GET. Alongside it, they also help organizers to determine what group they are marketing to. TIXnGO is another platform who offers blockchain ticketing. In the TIXnGO’s platform, everything is handled through its own app. All of these platforms offer multilevel security not present in conventional ticketing.

Truth is – these platforms come with a clear goal: to revamp the industry. And they plan to do it by bringing clarity with the blockchain’s help.

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Edmund McCormack
Tech industry veteran and blockchain technology investor. Simplifying cryptocurrency for almost a decade.

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