Is Cryptocurrency the Future of Online Selling?

Ticket Fraud On The Rise: Can Blockchain Save Your Next Event?

Every year, more than 5 million people are tricked with fraud tickets to concerts, festivals, sporting events and theme parks. Though the convenience of purchasing event tickets online eliminates the hassle of standing in line, online ticket sales have grown in scams now more than ever. In 2015, Billboard’s Live Nation Entertainment reached a record-breaking $7.2 billion in revenue in online ticket sales alone. However, as more event-goers opt to purchase event tickets online, scammers are chiming in on the action, too.

Fraud has long plagued the ticketing industry, forcing fans across the globe to pay double the price, while posing a threat to security for the event and its organizers. Now, Customers often worry about whether they are paying for an authentic ticket or a forged one, questioning the barcode is legit, and if they overpaid for their season tickets. So, how can buyers and sellers ensure a smooth and easy process for everyone? Now is the time to look at blockchain technology, how it can improve the ticketing industry and even your next event.

End fraud with blockchain ticketing

According to the National Fraud Intelligence Bureau and get Safe Online, there was a 55% rise in ticket fraud in 2015. Fraud is continuing to create a global loss of trust within the industry, and bots are mostly to blame. Bots disrupt the contact between managers and their customers who plan to attend the event. While the bots will always play a role in ticket sales, using smart contract can add custom constraints during each transfer.

When using blockchain technology, the initial purchasing process is the same. The only difference is when the ticket is issued to the client. In most events, once an organizer sells a ticket, it will be out of their hands. The best way to solve this challenge is a decentralized ticketing system that provides safe and efficient methods of purchasing tickets from anywhere in the world. Using a Blockchain-powered ticket system will allow event managers to solve the problem of counterfeit and inflated tickets with a decentralized global platform.

How blockchain saves ticket sales

Instead of generating a barcode or a PDF, the client will have to register their e-wallet that then binds their phone to the blockchain. Once paid, the tickets will be transferred to the blockchain within seconds. The e-wallet feature offers easy transfer and resale, which are securely governed by the smart contract. So, how can customers present their ticket? When the customer arrives at the event, they can use their smartphone’s e-wallet. The app will automatically interact with the access control. As a result, there will be no need for physical tickets and the customer will gain access immediately.

As we continue to see the benefits of blockchain, merging it with access control and mobility allows the organizer to stay on top of sales and ensure that all tickets are resold at a fair price. Blockchain creates an optimistic opportunity for change in how the ticketing industry deals with the risk of fraud. While blockchain may not be the ultimate response, it will help make the process even more complicated for expert scammers to continue trying.

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Disclaimer: This is a guest post by Cassandra Lyon. It should NOT be viewed as an investment advice by EtherWorld. Readers are suggested to do their research before investing into any project.

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