Many ticketing industries have crossed their minds to develop current and modernized methods to enlarge income and increase consumer satisfaction. It is time they engage in blockchain technology which has the embryonic to settle the many burning matters torturing the event industry. This is because automated ticketing provides a quick way to produce detectable and transferable tickets.
However, it also strengthens security, ensures ticket sustainability, and furnishes more power over the subsidiary market. The advantage of blockchain is that it is accessed worldwide since it has a massive database. Millions of computers receive a copy of blockchains, specifically a block with groupings of transactions. Each block is linked to a specific participant, and this data is never erased. It is essential to note that blockchains became a part of Bitcoin, the digital currency; thus, the two are often described in connection with one another. The following are the benefits of blockchain in the ticketing industry.
Prevention of Fraud and Theft
The increased number of street dealers buying low-priced tickets outside a venue and reselling it later at a higher price to ticket holders has been experienced a lot. But the upcoming technology with ticket vendors online has dominated the market today to prevent fraud experienced before. It is safer when a customer is securing a ticket online on a blockchain which is guaranteed. For sports and music events cobalte.io platform got you covered.
Detailed Records
The data that is provided by the blockchain is much better for the event organizers to consider the ticket holders. They must display all previous sales to see if a ticket has been resold. They also must consider the value by presenting the entire series of ticket transactions. By doing all this, their customers are assured of lower theft and an advantage to organizers in operating expenditures.
Deeper Fan Engagement
In this case, event organizers interact with the fans to an extent they didn’t expect. During this interaction period, even organizers can plan to reward their fans. For their ardent, coalesce with the marketing, and position earmarked offers and complete content, allowing fans to be free to set up and trade NFT ticket assemblage, making it easy for those organizing the event.
Increased Revenue
This advantage is because event organizers capture royalties on 100% of ticket resales. This generates a good amount of revenue since no fraud is experienced, creating revenue post-event with collectible ticket resales.
Scalpers and Automated Bots
In this case, organizers have specific times to sell their tickets. However, many often miss out on these tickets and are later forced to purchase them at outrageous prices from a reseller. But the presence of bots has presented a severe challenge for the industry, and mobile blockchain ticketing can assist hunk the bots. This helps put a smile on the event organizers, for they can define the rules around which tickets can be resold.
Conclusion
More event organizers are turning to blockchain technology for their events since blockchain-based ticketing is the future. If you are an event organizer, offer mobile blockchain ticketing at any event and see the best results from this technology.
