The Curious Case of Blockchain in Event Management

Published : Aug 06, 2021

blockchain in event management

  • The increasing importance of blockchain app development manifests a bright future ahead of the technology. However, it has its limitations, and it is not without problems. But, when applied correctly it can handle a wide range of business difficulties that are typically difficult to approach. The event management industry can also witness significant growth as a result of the adoption of blockchain. 

    Does Blockchain Make Sense in the Event Management Industry?

    When it comes to event management, it's easy to conceive a variety of distinct use cases for blockchain. If you work in event management, technology can alter your business, from arranging your partners and suppliers for things like temporary event internet to ensuring that all transactions are handled appropriately from start to end when several subcontractors are involved. It's also always evolving, so you'll be able to reap the benefits of new advancements as they become available. So, what is the influence of blockchain technology on the events industry? Read on to see how blockchain technology might benefit your next events.

    Also, Read | Blockchain Smart Contracts for Driving Business Innovation

    Blockchain Applications in Event Management

    Managing Identities

    At trade exhibitions, identity management is an important aspect of the security protocol. The use of blockchain technology keeps track of a user's transactions. In the case of events, because their information is already in the system, repeat attendees can breeze through the security and badge scanning processes.

    This allows event planners to concentrate on first-time attendees without having to worry about security. Furthermore, by tracking the digital signature of the ticket against who it was issued to and confirming who owns the ticket at the venue, such technology can help improve security at the site.

    Preventing Purchasing of Tickets in an Unethical Manner

    One of the most important goals for event planners is to increase foot traffic. Many event organizers often price their tickets lower to ensure a larger turnout. Because of the lower costs, automated bots buy tickets in bulk, thereby creating a "sold-out" situation.

    This can not only throw forecasts off, but it can also incentivize main sellers to not prevent it because they rely on ticket sales to make a living. Because each transaction is checked and validated using Blockchain technology, it has the potential to disrupt secondary market online ticket exchanges.

    Also, Read | A Compact Smart Contract Development Guide for Non-Experts

    Detecting and Preventing Ticket Fraud

    Ticket scalping and fraud are important concerns for event organizers when it comes to selling tickets for their events. Popular events, such as soccer matches, sell out rapidly, and fans who are unable to obtain tickets on time become frantic about other options. Ticket scalpers purchase tickets in advance and then resell them to ticketless fans at inflated prices.

    Organizers can tokenize tickets and sell them on exclusive blockchain platforms using blockchain-based ticketing solutions. They can always know and control who buys tickets from them this way. They can even allow for the selling of used tickets while assuring that they are sold at the original cost, reducing the risk of predatory ticket scalping. Organizers are already using blockchain-based ticketing solutions to prevent ticket scalping and fraud with tremendous success.

    Also, Read | Could Blockchain Have Prevented Scandalous Banking Fraud

    Increasing Audience Participation

    As previously stated, events are excellent marketing opportunities for businesses. However, achieving high levels of audience engagement is important for making enough marketing impact.

    Businesses are utilizing blockchain to improve customer engagement by giving out themed souvenirs and rare artifacts to enthusiasts. Leading international sports clubs, including Real Madrid and Arsenal, employ blockchain-based platforms to connect with and engage their fans.

    Blockchain-based event management systems have already passed the proof-of-concept stage and are gaining traction, making it more appealing for businesses to use the technology to solve their problems. Starting small and clearly outlining the problem to be solved and blockchain's specialized function in solving the stated problem is the key to successfully deploying blockchain for the events sector.

    Organize Attendees and Suppliers

    Event planners can manage several suppliers delivering services such as food, audiovisuals, maintenance, security, and more using the Blockchain-powered tool. Event planners can book these providers' services and make payments promptly after validating their validity.

    Furthermore, Blockchain tools make it possible to create a point-based system. It enables event organizers to reward attendees for completing certain tasks such as surveys, providing feedback, and more. They can use these reward points to get things like free food or lodging, travel expenses, and so on. Participants will be more interested in events as a result of such a system, and event managers will be able to create a more interactive event environment.

    Furthermore, Blockchain technology enables event organizers to centralize the ticketing system, resulting in a uniform and transparent ticket sales procedure. It also allows event organizers to accept cryptocurrencies as payment for a variety of services, including tickets, food, and lodging. Because this method is secure and efficient, it reduces expenses for a variety of event management tasks.

    Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain

    Use Case Example 

    The Benefits of Blockchain in the Attendee Journey

    Attendee transactions are given unique IDs during ticketing through blockchain. For unfettered mobility and access around the venue, the same can be attached to a wearable gadget or a piece of paper. Attendees can board and go without waiting for tokens or tickets while going from one area of the venue to another with this unique ID.

    When an event takes place at a hotel, event organizers can use Blockchain to link that attendee to a hotel room. They can enter by tapping their ticket on the door when they arrive at their room. There is no need to check-in. This decreases reliance. This is also true when checking into any location.

    Due to the anonymous nature of Blockchain, data may be collected from each of the above touch-points without any personally identifiable information being linked.

    We may use blockchain to detect which events are generating the most interest and make the required preparations at the site in terms of accommodations, stage setups, crowd control, and so on.

    Also, Read | Blockchain for Advanced and Secure Digital Identity Management

    The Journey Ahead

    A lot of complexities are involved in the events sector. Today, it is necessary to not only simplify them but also to make them efficient and smooth to provide guests with a pleasant experience. When it comes to staging large-scale events, blockchain technology may offer event organizers the competitive advantage they need. Blockchain delivers critical data and control that can alter the business, from tickets to crowd management. Connect with our blockchain development experts for more information. 

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