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How Blockchain Technology Can Help In Securing Events

By Author: spandana bh
Total Articles: 6

Last year had been a year of Cryptocurrency, as it regularly made headlines in the news all across the world. The wave of cryptocurrency has touched every sphere of market and sector of the economy, globally. It was like nobody wanted to miss out anything of cryptocurrency, Bitcoins, Ripples, Ethereum, etc. This was natural to be seen, as the digital currency (Bitcoin) climbed from a value of about $1,00 to more than $19,000, later settling for $15,000.

Cryptocurrency is built on blockchain technology. The benefits of using innovative blockchain technology are, incorruptible digital ledger of transactions, mathematically secure, decentralized and its convenient method of use. These characteristics of blockchain technology has been successful in attracting the attention of many industries and corporates, to use it for their payments and transactions processes.

Presently, every industry from big banks to the music industry and event industry are trying to experiment with this digital cryptocurrency because of its secure nature.

Here, in this post we will be discussing, on why Blockchain technology should be considered in Event industry and in what way it can be helpful to secure event’s various but important functionalities.

Cryptocurrency (especially Bitcoin) is gradually entering into mainstream and is getting accessible to masses through

1) The use of user-friendly app such as coinbase, gatecoin, bitbay, etc.

2) Availability of easy conversion & rate verification platform such as xe.com, google finance, etc.

3) Use as valid payment methods for services rendered by bigger companies such as Ernst & Young

The event industry has always been tech-savvy. With above-mentioned points and companies which are providing these services to customers, indicates that cryptocurrency are here to stay and event industry sooner or later will be embracing, this cryptographically secure chains of blocks (blockchain). As it easily solves the issues surrounding the identity management (in events) and event’s other security concerns.

Many innovative event management companies are considering options on, how to incorporate blockchain technology (on which Bitcoin is built) in their online ticketing platforms, lead management, registration and in other event tasks.

Event Ticket Management

The online event ticketing and payment system is a crucial part of an event website and is designed to gather important details of attendees for the event and to generate maximum event ROI through an uninterrupted registration process, till the payments are done securely. Here, cryptocurrency provides event organizers with a safe transaction medium through the use of blockchain technology, as it eliminates the involvement of unsolicited third parties.

Event organizers always try to provide wider payment options to registrants and providing cryptocurrency as one of the payment gateways, can help in easing the process of ticket booking for the attendees.

Blockchain For Event Technology

Building Secure Event Software - Technology is a vital part of event industry as it is involved in building software for the tasks to perform like registration, payments, ticketing for events. These software systems need to comply with GDPR (General Data Protection Regulations), and Blockchain technology pioneers in data protection.

Identity Management - Blockchain technology offers an enhanced method for proving - who you are, along with the possibility to secure and digitize personal information.

Event Venue Security - Physical Event Venue security concerns can be handled effectively by blockchain technology (mainly by Ethereum programming). It provides anonymized trust since the ledger of past transactions of an anonymous entity (person) is publicly viewable and traceable. This may help in building a good reputation in favour of event organizers by the attendees.

Safe Transactions & Preventing Frauds - The event organizers, nowadays are taking extra safety measures, as there had been a rise in frauds with event ticketing. Selling deceitful tickets (copycat PDF tickets) to the attendees by both online and offline companies has resulted in heavy losses to genuine ticketing houses and as well to customers who spent more money than usual ticket rates. It has been reported that fraud companies have sold tickets to customers for fake concerts which never going to hold.

Blockchain also allows tracking of who is attending events right from the issuance and initial purchase of a ticket to actually who holds that entry pass when they walk into the venue.

Concluding with...

In a nutshell, considering the plethora of services emerging from this new (Cryptocurrency) economy and technology platform, blockchain gives people the ability to create value and authenticate digital information anonymously, which can have massive applications in the trade shows, exhibitions and conferences spaces.

In the coming years, it is most likely possible that Distributed Ledger event tickets, access control, and cryptographically managed identity management will help to prevent fraud and provide the highest standards of security – digital and physical – to the event attendees.

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