Blockchain technology for ticket resale
By JohnWallStreet. When fans return to stadiums, they will find physical tickets are largely a thing of the past. Our Take: Attendance at sporting events was declining prior to the pandemic. MLB clubs have been letting kids run the bases following select home games for as long as I can remember. Historically, having fans outside of the local market did little to boost team ticket sales for obvious reasons. Now, people in Russia are buying.
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List of Secondary Ticketing Platforms
Moving ticketing industry to blockchain. Blockchain technology brings new opportunities to ticketing and helps to streamline the experience for organizers, distributors and customers.
Ticketing industry challenges. Even though the technologies are developing rapidly: e-tickets and digital verification are widely implemented; forgers are still trying to distribute fake tickets to various events.
Black marketing. People trying to attend major events often discover that they are left only with pricey options. Using automated systems, touts are able to be the first ones to purchase the tickets and resell them later inflating prices by hundreds of percent. The immutable ledger of blockchain systems stores the information of tickets origin and makes transactions secure. The instant access to ticket information helps to completely eliminate forgeries.
Integration of blockchain systems allows you to track the entire process: from ticket release to its purchase, thereby making communication between the parties of this process more transparent. Introduction of blockchain-based smart contracts enables organizers with a possibility to set up clear and automatically executable rules of pricing formation, exchange, refund, resale and profit distribution.
Event Ticket Sales And Resales Regulation
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A chain of custody ticketing system.
The tickets sold at the venue were out of her price range, so she looked for someone selling extra ones online. That plan didn't really pan out in this case, said Emily, who asked that her last name not be used. She did find a woman selling extra tickets online, but the seller asked to be paid with Amazon gift cards. More than 10 percent of millennials have fallen victim to ticket fraud, according to a recent study by Aventus, an open-source blockchain-based ticketing platform. The study also found that one-third of respondents had purchased a ticket from a scalper, leaving them four times more likely to be a victim of a scam. The online survey, conducted in June, included more than 1, customers in the U. Buying tickets online can be frustrating, Aventus found. Consumers dislike vendors that are not transparent about processing fees. Reselling tickets on secondary sites such as StubHub, an online ticket exchange owned by eBay , for a higher price than the original ticket is also an issue.
What to consider before buying a concert ticket from a stranger
Representative Image. A music festival will for the first time run on blockchain, tapping the fast-growing technology as an innovative way to address longstanding issues such as ticket scalping and fan engagement. Organizers said that the festival would be the first to operate on blockchain, the system that moves chunks of data securely through an online ledger. Blockchain has been put to growing uses from medical records to banking and most prominently as the tool behind cryptocurrency Bitcoin. For the festival, fans will use a mobile app and see all ticket purchases on an open ledger, which the promoters hope will completely eliminate the resale market that artists and venues have struggled to tame.
Sports as an industry has realised the potential that cryptocurrencies and blockchain technologies can bring to further monetise fan engagement, attract sponsors and engage a global market in ways that were unimaginable decades ago. Passionate fans, each a citizen of digital technology, consume sports and related content beyond the actual duration of a match. Teams, clubs and sporting bodies are innovating to survive in the new digital age and meet fan expectations. With the limitations brought upon the industry due to the COVID pandemic, the sports industry has responded and devised new strategies to ensure clubs and fans remain connected in a socially distanced world. The list below provides some notable examples of sports teams expanding their advertising budgets to partner with new and upcoming crypto-currency exchange platforms, in order to gain further brand recognition:.
Blockchain Startups Take on Ticket Touting, But Will They Gain Traction?
Technology has taken it upon itself to battle the growing stranglehold that ticket tout scalpers have on the live music and sports industry. Ticket prices rise at a rate much quicker than general inflation , yet people are still willing to pay extortionate fees to see their favorite acts live. Furthermore, this year alone, ticket prices have risen 4. Despite this, bands and artists still struggle to break even , and many have been experiencing performance pay cuts. And this trend is further pushed by the prevalence of ticket touts. Ticket touting has been an issue for as long as public events have been a thing and is technically legal. But now, with all the creative techniques technology have gifted us, they are turning to more convenient tricks to stockpile and sell tickets.
Receive residuals from the secondary market, eliminate fraud, know who is at your event and target buyers locally. The Blocktix platform is a direct link to an active community of people incentivized to engage with local events in their community. Blocktix provides event promoters with a ticket exchange that enables full control of primary and secondary market ticket distribution. For the first time, promoters are able to create rules for each ticket sold which include setting up passthrough percentages to the artists and promoters themselves.
The British singer relies on this technology to counter the black market. His French fans will therefore test, this Saturday, this new ticketing system for his concert at the Stade de France, on July 29, Ed Sheeran returns for a concert at the Stade de France. The singer has made an appointment with his fans next year, on July On this occasion, his fans will have the opportunity to test a new ticketing system.
Blockchain: Bringing Trust to Ticketing has been saved. Blockchain: Bringing Trust to Ticketing has been removed. Big technological breakthroughs are interesting in and of themselves. However, at the end of the day, what matters most is how they are used and the impact they can have on our world. Blockchain is exactly such a case. At the core of it, this technology consists of a distributed ledger where transactions are recorded and verified anonymously.
Shubert Organization set to implement blockchain technology on Broadway ticket sales in effort to increase profits and thwart secondary ticket brokers. The announcement comes as a surprise to most Broadway types who typically think of Broadway, and particularly The Shubert Organization, as an old and crusty organization that cannot embrace new ideas. The blockchain pilot was postponed due to the unforeseen Broadway shutdown that corresponded to the COVID pandemic and took NYC by storm, but the test has been rescheduled for a later date. The delay may have actually come at an opportune time and will allow the well known Broadway theatre landlord time to develop the idea during the Broadway downtime.