Some entrepreneurs are trying to block the response to curb illegal ticket purchase activity.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" A number of blockchain companies are looking for problems, I found one that is so obvious that we can solve it, "said Shiv Madan, CEO of Blockparty a & nbsp; Yahoo Canada Finance ." data-reactid = "24"> "A number of blockchain companies are looking for problems, I found one that is simply so obvious that we can solve," said Shiv Madan, Blockparty's CEO at Yahoo Canada Finance .
Blockparty is a live event ticketing platform that operates using blockchain technology, offering an alternative to Eventbrite and Ticketmaster. It is said that its system solves many of the industry's biggest concerns, such as scalpers, ticket robots and check-in procedures.
Blockparty sells private tickets, mainly at music festivals and technical conferences at the time, and the company is also building a secondary ticket resale platform where it is possible to draw a ticket from the primary market to the secondary market. The company has organized ticketing events since March 2018.
The challenge of running an event ticketing platform was, according to Madan, understanding how to enable a much better fan experience that "starts knowing that tickets that you buy are real and that prices are fair, "he says. Madan conceived the idea of Blockparty in 2014 after a period of musical festival.
"I had a festival and we had a lot of problems with reselling tickets, filling the stadium, making sure that the prices were not emptied of StubHub, and making sure everyone came with a real ticket," explains Madan. "We also had problems with the monitoring of the promoters, we hire 100 promoters and then we give them 20 tickets, but we would never be able to cash in, we did not know how many tickets were sold, there were just so many problems that I started looking for solutions and this was around 2014, "he says. "Then in 2015 we invented the idea of blockchain and ticketing after reading on blockchain, and then we put it together in 2017 after finding an excellent developer."
The Blockparty protocol keeps track of a ticket since it is issued through the secondary market gate, explains Madan. The event is accessed by unlocking the ticket via the Blockparty app, which completely encrypts its digital identity. These data come from scans of recognition of the telephone, touch or face, which are subsequently encrypted, cataloged and then inserted into the blockchain.
"When we take that encrypted key of your digital identity, we associate it with the QR code of the ticket … with a blockchain ledger we can now track transfers for tickets and the new ticket owner," says Madan.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Where blockchain fits "data-reactid =" 31 "> Where blockchain fits
<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm " type = "text" content = "" Blockchain has the ability to check the validity of tickets instantly and transfer the ticket to anyone transparently after it was issued on the blockchain, "says blockchain analyst Andrew Macdonald . " Blockchain inherently prevents double spending, and in the case of issuing tickets that would be fraudulent "" data-reactid = "32"> "Blockchain has the ability to check the validity of tickets instantly and to transfer the ticket to anyone transparently after which was issued on the blockchain, "says blockchain analyst Andrew Macdonald . "Blockchain inherently prevents double spending, and in the case of ticketing that would be fraudulent tickets."
Macdonald sees a purpose for blockchain, but argues that while there are blockchain solutions that seek to resolve the efficiency and authorship of online tickets, "many companies also have a token and the only use for their token is to pay the tickets, so in practice as a user you need to buy whatever their currency and exchange their money with the only use of buying a ticket on their platform. " Macdonald has thought of doing a ticketing startup to solve this same problem, but "it would be harder to raise funds and it makes no sense for a venture capitalist to fund a startup ticketing on the blockchain because Ticketmaster could simply issue their tickets on a blockchain," says Macdonald. While saying that Ticketmaster will have high integration costs, it suggests that "over time their fraud rate would decrease and be cheaper to maintain than current database solutions."
Madan believes that the added cryptocurrency is being stimulated, which makes things more interesting. Blockparty has a token that "helped speed up" the business, according to Madan.
"Basically blockchain is not that exciting, it's an accounting system, a better accounting system, so if there are three people doing transactions and we all agree that the transaction has occurred, rather than through a single individual, we are also checking the transaction, it's a fairly distributed trial system, "says Madan.
"What's driving cryptography is that there's a big extra threat [blockchain] an application that pays you a certain reward for participating in the verification of that transaction." This is essentially what it makes it exciting: it's a financial reward associated with it. "
Madan also claims that the use of blockchain to manage online tickets is" basically a better system "and that competition like Eventbrite" does not can prevent someone from selling an Eventbrite ticket on StubHub. "
Blockparty's only option is to access the ticket via the Blockparty app.
"It is digitally verified and added to the blockchain," says Madan. "Our protocol keeps track of a ticket from the secondary market gate." You access the event by unlocking the ticket via the Blockparty App, which has completely encrypted your digital identity.
<p class = "canvas-atom canvas- text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Jonathan Rivers, CTO of the software development company 3Pillar Global sees it differently. " data-reactid = "45"> Jonathan Rivers, CTO of the software development company 3Pillar Global, sees it differently.
"Blockchain does not do anything about the origin or delivery of the tickets themselves, reinforcing the problems inherent in unreliable marketplaces by running on blockchain," states Rivers.
Rivers does not believe that blockchain technology is completely useless, but says "it makes no sense in many scenarios."
"Blockchain is not yet completely secure, it's just encrypted, which means someone with enough time and power of computer could still decipher this encryption, "says Rivers. "The use of the blockchain does not change human behavior, many robots simply exploit the fallibility of humans and the ease with which users give up their passwords and personal information.
" In addition to this blockchain technology it would probably slow down the process of purchase and sale of tickets. "
<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Blockparty is not the only company trying to use blockchain To counter the illegal ticket market, other stores such as Tracer which recently launched its "smart ticket", are taking steps to dissuade the scalps from receive resale profits & nbsp; – & nbsp; the whole trip to the ticket office. Tracer, also using blockchain technology, tracks the ticket movement by checking the transactions along the way and allows both the artists and the promoters to have control over the rules that regulate each ticket. "data-reactid =" 50 "> Blockparty is not the only company that seeks to use the blockchain to counter the illegal ticket market.Other sales points such as Tracer, which recently launched its" smart ticket ", are acting to dissuade the scalps from receiving resale profits – following the entire ticket route Tracer, also using blockchain technology, tracks the ticket movement by verifying transactions along the way and allows both to artists and promoters to have control over the rules governing each ticket.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Blockchain, data protection and properties " data-reactid = "51"> Blockchain, data protection and properties
<p class = "canvas-text canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text " content = "" Blockchain is basically valid for three aspects: payment, incentive structure and data loss, "says Chris Tse, CEO of Cardstack: Tse wants Cardstack to be the" Decentralized WordPress " ". He started the company without any knowledge of the cryptocurrency space. "data-reactid =" 52 ">" Blockchain is fundamentally valid for three aspects: payment, incentive structure and data loss, "says Cardstack CEO Chris Tse, who wants Cardstack to be the" WordPress 39. It was decentralized. "He started the company without any knowledge of the cryptocurrency space.
" I started Cardstack in 2014 to take on digital superpowers. A lot of information is filtered in these different apps: Facebook, Twitter, some friends here, some there, and all these superpowers check the data. I imagined a world where we could build open source software that enters another world with a more unified vision of your digital life, "explains Tse.
For Tse," the sale of cryptocurrency for adoption should be an effect of second order "And he says that the excitement of the blockchain (and its use) is" connected to the cloud utilities and to the cloud computing systems that link human incentives to the distribution model. "
Still, Rivers says that using blockchain to protect ticket sales sounds good, but it only sets a record of ownership." It would not prevent the particularly ingenious excuses from continuing to raise profits from resold tickets, "he says.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Download the Yahoo app Finance, available for & nbsp; Apple & nbsp; and & nbsp; Android . "data-reactid =" 56 "> Download the Yahoo Finance app, available for Apple and Android.