Blockparty bring Blockchain to Event Ticketing, Transforming Global Live Event Industry
Blockparty, a company specialising in Blockchain-based live event ticketing announced the launch of its new global ticketing system. The company aims to use its system to resolve the most prevalent issues which impact the event-ticketing industry.
Events booking is blighted by serious problems which impact on the confidence of users. Bots and fraudulent sites used gain user financial information from unknowing customers.
Made up of veterans of the entertainment and blockchain industries, Blockparty aims to eradicate these problems, allowing users to verify ownership, while ensuring a streamlined system assuring trust and growth for customers and artists.
According to the company’s CEO, Shiv Madan, the amount of trust people have towards booking systems is diminishing. The former COO of the NME has had plenty of experience with the music industry to understand its challenges.
“Event goers are rightfully frustrated with the current landscape of the ticket purchasing experience. We’ve all been there – after spending months saving up for tickets to a concert or sports match, you furiously type in a captcha on a ticketing site, desperate to get great seats — only to find that all tickets are sold out and have magically re-appeared, within minutes, on a reseller site for 5 times the original price. With Blockparty, we’re reshaping the event ticketing industry to improve the purchasing experience, eliminate reseller exploitation, and give the power back to the people.”
Through smart contracts, unfair practices such as scalping, over-pricing, and overly complicated booking are eradicated. It’s a net positive for artists, organisers, promoters and influencers who can earn revenue by sharing events and tickets.
For those buying tickets through Blockparty, they can be reassured of a firm approach towards verification and security. With advanced facial recognition, encryption and fingerprint verification, only the tickets true owner will have access.
“Blockparty’s first-of-its-kind ticketing platform makes it easy to manage user identity to certify the authenticity of tickets and empower consumers with a more secure way of purchasing tickets. It will also enable ticketing companies, venues, and live event organizers to solve inefficiencies. Such as gate fraud, physical ticket accounting and bulk-buying by bots. All while establishing imputable rules through the blockchain along with encrypted and anonymized facial recognition and fingerprint technology.” said former Executive Vice President of Ticketmaster and Blockparty Advisor, Greg Consiglio.
One of the issues that the supply side faces in ticketing is understanding the level of supply and demand. With some companies proving unwieldy for users looking to buy a ticket fast and painless. Blockparty is capable of sustaining an infinite level of ticket transfers over its system. Leaving more time for companies to offer incentives for customers to buy and re-sell tickets if they want. Allowing both the initial seller and secondary seller to earn a share of the sales.
Blockparty’s founding team is comprised of both blockchain experts and veterans of the entertainment industry including CEO Shiv Madan (former COO at a division of Time Inc.’s music brand NME.com), Andy Goldstein (former COO of cryptocurrency payment company Metal Pay) and Board Advisor Aaron Chawla who’s been involved in the organisation of Coachella, Lollapalooza and the Super Bowl halftime show, Board Advisor Greg Consiglio (former EVP of Ticketmaster, CEO of Beatport, COO of SFX Entertainment and SVP at AOL) and CTO Rikesh Thapa, former founder and CEO of a decentralized energy blockchain startup.
To celebrate its launch, Blockparty hosted an amazing launch party at Catch New York which featured performances by A-Trak, Playboi Carti, Topaz Jones, and James Murphy of LCD Soundsystem