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Blockchain and RWA Pave the Way for Enhanced and Inclusive Event Experience for All Participants

Last Updated April 3, 2024 10:47 AM
Guest Writer
Last Updated April 3, 2024 10:47 AM
By Guest Writer
Verified by Ana Alexandre
Key Takeaways
  • The use of blockchain in event ticketing aids in the reduction of transaction fees, creating a more cost-effective marketplace.
  • Fans can benefit from increased access to tickets, improved security, and a more connected and dynamic environment.
  • The future is poised for those who capitalize on these tech-driven opportunities.

Ask anyone who has attended a concert or a musical lately if they thought the experience was seamless. You’ll likely get a variety of answers, which is a problem. The biggest problem you should have at an event is finding your seat.

What people won’t be thinking about is how crypto can make their experience any better. It can make the behind-the-stage mechanics work better; it just needs to be, well, behind the stage.

The integration of blockchain technology and innovative payment systems throughout the event industry offers more than just a solution to the inefficiencies of traditional payment methods. It represents a broader shift towards creating more memorable and accessible event experiences simultaneously.

This evolution promises not only to streamline transactions and enhance attendee engagement but also to democratize access to events for a global audience.

A leap towards efficiency and accessibility

The adoption of blockchain for event payments and ticketing simplifies transactions, making events more accessible to attendees regardless of their geographical location or banking status.

As traditional payment systems often exclude those without access to banking services or international payment options, blockchain offers a unique opportunity to engage and bring live events to a much wider audience.

Music festivals, musicals, concerts, sporting matches, and any live event can engage with blockchain for clear financial and infrastructural advantages and to enable a more accessible environment.

To align online and offline payment experiences seamlessly, integrating blockchain with point-of-sale (POS) systems enables immediate, secure, and universal payment methods for physical venues, mirroring the efficiency and accessibility of online transactions. This approach not only simplifies the payment process for consumers but also significantly reduces transaction fees and processing times for businesses.

By making payments uniform across platforms, businesses can unlock new revenue streams and data analytics opportunities, understanding customer preferences and spending patterns in unparalleled detail, whether the transaction occurs online or offline. This integration fosters a holistic view of consumer behavior, driving targeted marketing strategies and personalized customer engagement.

Blockchain’s role in secure event access

It’s evident that blockchain also holds significant promise for revolutionizing the event ticketing industry by addressing inefficiencies and fraud. The implementation of blockchain, along with the optimization of secondary markets, can eliminate fraudulent activities, bolster consumer confidence in attending events, and reduce costs for all stakeholders, including exchanges, brokers, and attendees.

Blockchain-based digital ticketing platforms can offer various payment and access options, combining legacy and modern methods, significantly enhancing the attendee experience by eradicating paper ticketing and surplus voucher cards.

Blockchain technologies also address privacy concerns, as demonstrated by introducing systems like BB Tickets, which use Zero-Knowledge Proofs (ZKP) schemes to ensure ticket buyers’ privacy while maintaining ticket authenticity.

Decentralized platforms have further tackled issues related to ticket scalping and unfair ticket distribution by leveraging smart contracts and non-fungible tokens (NFTs), ensuring a more equitable and transparent process for ticket sales.

Creating inclusive and engaging events

By leveraging digital tokens and NFTs, organizers can offer personalized experiences tailored to diverse attendee needs. This could range from providing sign language interpretation services purchasable with tokens to delivering virtual reality experiences for those unable to attend in person, thus breaking down physical and geographical barriers to participation.

  1. Creating a digital economy. The use of digital tokens can foster a mini-economy within the event, where attendees can earn, spend, and trade tokens in a variety of ways, including merchandise, food and beverages; access to VIP areas and participating in exclusive experiences; and seat trading. This adds a layer of excitement and exclusivity and encourages attendees to immerse themselves fully in the event, enhancing their overall experience.
  2. Rewards and gamification. Through digital quests, challenges, and achievements, attendees can earn rewards through tokens, exclusive content, or even NFTs that offer unique memorabilia or privileges. This gamification of the event experience makes it more enjoyable and promotes active participation and engagement among attendees.
  3. Building community. The most profound impact of blockchain on events is its potential to develop and sustain communities. By facilitating direct and meaningful interactions among attendees and between attendees and organizers, blockchain can help forge a sense of belonging and community. This is particularly valuable in today’s digital age, where meaningful connections are often sought after yet hard to come by.

In embracing blockchain and innovative payment solutions, the event industry has the opportunity to redefine what it means to be accessible. Doing so can create experiences that are more efficient, engaging, and open to everyone, regardless of their location, financial status, or physical abilities.

New levels of transparency and trust

Issues such as digital literacy among attendees, regulatory compliance, and the development of user-friendly platforms must be addressed to ensure the widespread adoption of these technologies.

Despite these challenges, the potential benefits of integrating blockchain and digital payment solutions into the event industry are too significant to ignore. Increased efficiency, enhanced security, and a deeper level of engagement offer a compelling value proposition for organizers and attendees alike.

As the industry continues to evolve, those who embrace these innovations stand to redefine what it means to host and attend events, setting new standards for excellence  and experience.

About the author: Mark Smargon  is the founder and CEO of Fuse Network, a Layer-1 infrastructure blockchain for user-friendly and affordable Web3 payments in DeFi, NFT, and gaming applications. Mark has over 20 years of experience with web technologies, having joined the web3 space in 2013. Mark also co-founded Colu, an early player in the blockchain space, Bitgo.co.il, one of the first Bitcoin broker and payments providers, and Creatix, a leading e-commerce provider in the Israeli market.

Disclaimer: The views, thoughts, and opinions expressed in the article belong solely to the author, and not necessarily to CCN, its management, employees, or affiliates. This content is for informational purposes only and should not be considered professional advice.

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