Currently there are countless number of problems and issues plaguing the centralized event ticketing industry globally. The main issues in the industry are ticket counterfeiting, ticket scalpers, instant sell-outs and overpriced resale tickets on secondary markets. Ticket service providers are not doing much to help; in fact they are playing a part in mistreating ticket purchasers and the current ticket distribution methods are simply not working in the best interest of fans.
Enter EventChain.io, a global Smart Ticketing blockchain project that will allow events worldwide to sell Smart Tickets through a peer-to-peer network, solving the issues of the centralized event ticketing industry. Decentralized networks can change the way almost every industry works, including the event ticketing industry. We predict immense change when the event industry moves from its current ticketing systems to Smart Tickets.
Implementing the EventChain token network for event management presents the opportunity to upgrade the current event ticketing industry to faster transactions, indisputable ticket vouchers, transparency from event hosts and fully flexible and programmable Smart Tickets. With the use of the EventCoin token, smart contract code, and the Ethereum blockchain, EventChain’s transaction network will bring increased accountability, transparency, and security to event ticketing.
Let’s focus on three of the biggest problems in event ticketing today and how EventChain technology can provide solutions: Excessive processing fees, ticket counterfeiting, and ticket scalping.
1. Excessive Ticket Processing fees
The centralized event industry charges ridiculous fees for processing the transaction of a ticket. Call it either a transaction fee, processing fee, convenience fee, servicing fee, it is still completely unreasonable. There was previously even a fee for printing your own ticket at home, seriously.
One of the major issues associated with transaction fees is that credit card methods of payment for purchasing tickets include many intermediary service providers all needing a cut of the ticket revenue. Eventbrite is charging a 2.5% processing fee for tickets in US dollars and up to an 8% processing fee in other currencies , on top of the 3.5% service fee AND a flat rate for each ticket sold. We get it, VISA and MasterCard needed their cut, but is this excessive fee gouging necessary? The EventChain Smart Ticket network will not represent these same values.
To fix the excessive ticket fees, EventChain is distributing EventCoins, a digital ERC20 tokens created for buying, selling, and programming Smart Tickets on the Ethereum distributed network. Their transaction fees are slim to none, and the transaction confirmation speed is near seconds. The transaction costs and speed on the Ethereum network are significantly more efficient than credit-cards and Bitcoin transactions. Finally everyone in the world can have access to a ticket purchasing platform utilizing blockchain technology that is fair and equal to everyone and rids of excessive processing fees.
2. Overpriced Resale Tickets & Counterfeiting
It’s not uncommon to see scalpers selling counterfeit tickets to concerts, only to deceive fans. It is a risk you have to take in the current event industry because sometimes you reasonably can’t get tickets on the primary market as they are nearly always sold-out.
With EventChain’s Smart Tickets network, a finite amount of immutable Smart Tickets will be available for each event and are each tied to an event’s smart contract with a unique sequence number which make it impossible for scalpers to deceive fans with counterfeit tickets..
How did ticketing resale get this ridiculous? Overpriced resale tickets have gone for up to $10,000 for some of the biggest shows. Currently many ticket re-sale marketplaces can mark-up tickets with no restrictions and often gouge others for profit.
Smart Tickets will be fully flexible and programmable, enabling smart contract code that can peg tickets at a permanent price, designate a maximum markup value, or attribute any other individual or group ticket pricing variables.
3. Ticket Scalpers
There are actually many problems buried within this issue including the fact that scalpers or robots purchase all the tickets for resale, pre-sale offerings are rarely transparent, and fans miss out on purchasing tickets even when attempting to purchase tickets from multiple devices at the same time and they are prepared prior to the ticket release time because of near instant ticket sell-outs.
Ticket bots in the modern day can mimic the purchasing power of hundreds or thousands of human ticket buyers. By spreading their servers to different geographic locations they can beat out humans purchasing tickets 99% of the time, with little accountability. Resellers have even been so confident with ticket bots that they start selling re-sale tickets before they are even available on the original event page.
EventChain’s Smart Tickets network will be able to peg tickets at a permanent price, designate a maximum markup value, or attribute any other individual or group ticket pricing variables fully programmable through smart contracts,. To prevent massive ticket purchases from scalpers, event ticket distribution options can be tailored with any custom range on the amount of tickets available to single users or groups, and optional constraints that allow for alternative distribution methods with transparent transactions. Scalpers are identified easily by their EventChain reputation on the peer-to-peer secondary market framework.
The many problems facing the current event ticketing industry have been going on for too long, and the EventChain platform remedies these problems through the use of distributed Smart Ticketing at little where artists and audiences can connect directly.
EventChain envisions an ideal world where everyone is able to attend events through the use of a more honest, transparent and accountable event ticketing system that provides additional benefits to ticket buyers and fairly rewards event creators.
This vision is already coming to life, and the EventChain Alpha is now live at beta.eventchain.io.
Please read EventChain’s story from our CEO Ashton Addison here. To learn more and participate in the upcoming token sale for the EventChain Smart Tickets platform.
Ticketmaster and other agencies to front up over booking fees. https://www.theguardian.com/money/blog/2014/jan/30/ticket-sellers-fees-up-front
 How much does it cost for organizers to use “Eventbrite?” https://www.eventbrite.ca/support/articles/en_CA/Troubleshooting/how-much-does-it-cost-for-organizers-to-use-eventbrite?lg=en_CA