Most of us are no strangers to Bitcoin and other emerging cryptocurrencies. Blockchain technology has been a hot topic in the news lately, impacting just about every industry with an online presence. Global spending on blockchain solutions has reached over $2.1 billion this year, and the number is expected to continue growing. It’s easy to see how blockchain is revolutionizing the financial sphere, but other areas aren’t quite as obvious, such as digital rights management. The technology is also changing the face of the event planning industry, helping to streamline the process and giving customers more faith in event management and ticketing technology.
The Basics of Blockchain
Blockchain technology offers a way to record transactions both chronologically and publicly. Most people have heard of blockchain in terms of cryptocurrencies such as Bitcoin, which weren’t entirely feasible before the introduction of this innovation. Blockchain ledgers prevent record every transaction securely, preventing criminals from trying to spend the same coin twice.
Now making its way out of the financial sphere, blockchain is utilized within other industries. It’s being used in place of trusted third parties, offering a cheaper and faster way of transacting with people around the globe. Better yet, blockchain is secure, anonymous, and tamper-proof.
The Benefits of Blockchain
Perhaps the most alluring benefit of blockchain technology is the promise of greater security. Because transactions are anonymous, cybercriminals can’t link accounts to personal information, protecting both buyers’ and sellers’ identities. Blockchain also tends to be cheaper than the alternatives, as companies don’t have to pay for third-party services. These savings can be passed on to the customer in the form of lower prices and discount deals.
Blockchain and Event Management
Event planning, whether through private entities or global services such as Ticketmaster, has historically been a complex affair. Companies have to book, confirm, and often validate tickets with a given venue. Blockchain technology can potentially remove much of the hassle from this process with attendance tracking and ticket scanning systems. Not only does this prevent duplicate tickets from appearing, but can also stop scalpers from reselling void tickets.
Blockchain technology is quickly becoming an essential part of our economy. What started out as an alternative currency has grown into a corporate strategy that helps both businesses and their customers to save money. Event planning is one area that can benefit from blockchain technology, offering customers security when purchasing tickets.