Block chain technology’s online presence is influencing many industries, including Government, Finance, Healthcare, Artificial Intelligence for Accounting and more, as it has redefined the way people transact.
Block chain technology today is doing much more than managing virtual currencies. It supports a wide range of applications such as supply chain tracking, product quality identification, peer-to-peer transaction, and lot more across various industry verticals. Here, we will look at the essentials of Block chain technology and its impact on the event industry.
Essentials of the Block chain Technology
Block chain is about storing digital information (block) in a public database (chain). Since its conceptualization in 2008, Block chain has been evolving across multiple channels.
Initially, Block chain technology helps manage an electronic currency. It uses a distributed database for allowing a safe, quick way to users for verifying vital information and build trust. In simple terms, Block chain enables users to manage electronic cash without the involvement of a central administrator.
In 2014, a project called Ethereum played a significant role in allowing vast improvements in Block chain technology. Today, Block chain provides numerous benefits to different domains, including:
How Block chain Technology Influence Events Industry
Prevent Unethical Ticket Sales:
Many event organizers keep the event ticket price low to attract a significant number of participants. They use multiple platforms and take services from various vendors to sell or resale the tickets. However, such practices sometimes pose a challenge of financial loss.
Because of the lower ticket rates, automated bots, or even some vendors may buy tickets in bulk and create a ‘sold-out’ scenario.
To avoid this, many event professionals today use Block chain technology that helps to create entirely secure and authenticated transactions from real users. They can set rules for the ticket purchase, reselling, and setting the limits for the number of tickets that a single user can purchase.
Linking Crypto currency with Ticket Sales
Many companies today accept crypto currency as a mode of payment. Basis of the various advantages of crypto currency as a payment method; its use has become an eternal trend.
Unlike credit card transactions, which use pull mechanisms, Block chain uses a push mechanism. This method helps to limit the details passed onto the receivers. Besides, a peer-to-peer network manages the payment system instead of a centralized body.
Event planners can implement crypto currency payment methods in their event ticketing systems, which will make the transactions absolute and counterfeit-proof once done. This feature can become invaluable for them in handling sales.
Hassle-Free Venue Management:
The decentralized transaction system helps event managers to connect with various venue owners and book a suitable space for their next seminar, conference, award ceremony, or any other type of event. The use of Block chain technology will enable event managers to make fast & secure transactions and eliminate administrative hassles.
Besides, event sponsors can utilize Block chain technology to set an automatic search for events as per their interest. Further, they can give additional sponsorship support through value-based connections.
The security of any financial transaction is an essential aspect of any event planning. Factors such as settlement time, currency denomination differences, the influence of intermediaries, and more may complicate the financial transactions.
With the use of Block chain, users can share real-time information and update the transaction records after all parties agree. As a result, event planners can prevent loss due to fraudulent activities even before it happens.
Manage Suppliers and Attendees:
Through the Block chain-powered tool, event planners can manage different vendors providing services such as catering, audiovisuals, maintenance, security, and more. By confirming the authenticity of these suppliers, event planners can book their services and make payments instantly.
Moreover, Block chain technology helps event planners to centralize the ticketing system that creates a uniform and transparent process for ticket sales. Further, it enables organizers to accept crypto currency as a payment for providing various services, including tickets, food, accommodation, and more. As this process is secure and efficient, it eventually lowers costs for multiple operations related to event management.
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