A ticket refers to a type of contract. Usually, ticket companies have surcharges within the range of 5% only for managing and issuing their tickets. Can blockchain provide more secure and better tickets at a fraction of that cost? Let us find out by discussing the pain points and solutions.
Pain Points of the Ticketing Industry: Ways to Solve Them
The biggest problem within the ticketing business refers to the secondary market for reselling with its fake schemes. In case of an event that happens to be truly attractive for customers, tickets are usually sold on the black market. In this situation, there remain no advantages for the participants when it comes to value creation, thereby leading to no one getting a share of the ultimate price. Smart contracts, in this case, can help govern the relationship between various parties within the ticketing industry and split the ultimate price of smart contracts between all participants.
Whether you are an event manager, enterprise innovator, or technology entrepreneur, you can use smart contracts to help you manage your collected revenues. Smart contracts can help set up smart tickets without price exaggeration, thereby embedding its programming into the ticket.
Moreover, for creating an entirely new ticketing management and ecosystem platform, blockchain technology comes with the option of creating smart contracts concerning secure ticket sales and fraud prevention control.
Smart contracts happen to be the solution for reliable management of ticketing and events because they can track every transaction on the blockchain and helps identify resellers. It is a genuine way of selling and managing tickets.
How does Blockchain Work For the Ticketing Industry?
When utilizing blockchain the first purchase is exactly the same as it is currently, with entire freedom for the ticketing provider. When it comes to payments, the process is exactly the same. There is a difference when the ticket happens to be issued to the client.
Rather than generating a PDF or a barcode, the client needs to register their e-wallet or utilize their existing one if it is already set up. The e-wallet comes with easy resale and transfer features which happens to be all governed safely by the smart contract. It happens to be such a procedure that remains beneficial than enabling the tickets to circulate printed on paper or as PDF files, beyond the control of the ticket provider.
When the client comes to the event, other than displaying their PDF along with the barcode, they need to use their smartphone along with its e-wallet. The smartphone application can automatically communicate with access control. The majority of clients, particularly millennials, happen to be already well-versed in using their phones for transactions, thereby making this no different. Moreover, in this case, there is no need to bring a physical ticket as everyone already takes their smartphone everywhere.
Blockchain technology does not transform anything for the client, and they happen to be entirely unaware that their remains and underlying blockchain technology. However, when it comes to the organizers of the event, they can find out who owns a ticket, thereby providing the clients with the confidence that they can purchase and resale authenticated tickets at a reasonable price.
Such a practice eliminates the use of barcodes. This ticket happens to be 100% digital. The barcode elimination remains the key to restricting clients from extracting the ticket out of the blockchain and then bypassing the safety rules, traceability, and audibility provided by the entire system.
Industries are starting to leverage blockchain technology, merging it with access control and mobile for creating a technologically responsive e-ticket that one cannot transmit or copy without following particular rules and guidelines. It enables the event organizer to understand who will attend the event and to make sure that the tickets are resold at a reasonable cost. Blockchain technology creates an actual opportunity for a transformative change in the way the ticketing industry deals with fraud. It happens to be a powerful tool for mitigating fraud or risk. It cannot be pretended that blockchain happens to be the ultimate response, as fraudulent experts will always discover a way to react to advanced technologies, however, it can make things much more complex for them.