Blockparty is a decentralized event-ticketing protocol that is built on blockchain. This platform aims to address the existing problems that are occurring in the ticketing industry today. There are numerous obstacles that are preventing the existing industry from delivering fair prices, a seamless ticketing process, and an overall optimal experience, such as:
- Bots buying out tickets in bulk
- The ticket accounting being physical
- Gate fraud
Blockparty employs transferable digital identity and multivariate smart contracts as the building blocks of a ticketing revolution. Blockparty also incentivizes the usage of the app by rewarding users for bringing their friends and colleagues, in addition to marketing and promoting events. These rewards include:
- Ticket Discounts
- Free Merchandise
- Artist Meet-and-Greets
How does it work?
This system utilizes a two factor authentication process, where it connects the user’s ticket with their digital identity. The ticket is then tracked from the point of issue through to the secondary market and up till the gate. Then the ticket is unlocked once at the gate, or the user can choose to transfer their tickets to other people by using a smart contract that contains the information of the receiving user.
Blockparty uses its own cryptocurrency called the Blox token. The platform’s users will receive tokens for using this protocol by various methods, such as:
- Purchasing tickets using fiat currency
- Attending the events that are organized by the protocol
- Referring new users to the app
- Transferring tickets to other users
These Blox tokens are used as an exchange mechanism between participants.
How can it Change the Industry?
Blockparty offers a wide set of functions that addresses some of the more common problems with our existing ticketing systems. There are advanced security features, where this app will use facial recognition and fingerprint encryption to store customer information and authorization. Having these features will reduce the frequency of anonymity, security, and fraud of the user’s information.
This platform also addresses the convenience of the ticketing process, by having the protocol allow users to be able to enter venues by using their phones that contain both their ticket and their facial recognition system. This allows the venue staff to scan in the ticket with ease, which would take a maximum of a few seconds. This challenges how the ticketing system currently works, where time is wasted trying to complete the manual identity verification process.
Because smart contracts are being utilized in the transactions, they are all recorded on the blockchain, so the venue host will be able to view the buyer of the ticker as well as to whom they transfer it to.
All images are courtesy of Blockparty