Blockchain

Technology

The Impact of Blockchain Technology on Event Management

The Impact of Blockchain Technology on Event Management


Blockchain technology has transformed traditional business models in the last few years. It provides a secure, traceable, and transparent network in which two users exchange Bitcoin or other cryptocurrencies. Its online presence is influencing many industries, including Government, Finance, Healthcare, and more, as it has redefined the way people transact.

Blockchain technology today is doing much more than managing virtual currencies. It supports a wide range of applications such as supply chain tracking, product quality identification, peer-to-peer transaction, and lot more across various industry verticals. Here, we will look at the essentials of Blockchain technology and its impact on the event industry.

Essentials of the Blockchain Technology

Blockchain is about storing digital information (block) in a public database (chain). Since its conceptualization in 2008, Blockchain has been evolving across multiple channels.

Initially, Blockchain technology helps manage Bitcoin, an electronic currency. It uses a distributed database for allowing a safe, quick way to users for verifying vital information and build trust. In simple terms, Blockchain enables users to manage electronic cash without the involvement of a central administrator.

In 2014, a project called Ethereum played a significant role in allowing vast improvements in Blockchain technology. Today, Blockchain provides numerous benefits to different domains, including:

  • Digital signature and encryption for a high level of security.
  • Banks and clients get convenient and transparent transaction process.
  • Maximum fraud control as digital data is stored in various places.
  • Different accessibility levels for users in public and permission-based Blockchain networks.
  • The need for the cash/credit card payment system is eliminated, which makes the transaction process faster and reduces operational costs.
  • A decentralized system makes users worry-free from paying any fees to mediators.
  • Participants can quickly check and confirm the validity of the previously made transactions.

How Blockchain Technology Influence Events Industry

  1. Prevent Unethical Ticket Sales:

    Many event organizers keep the event ticket price low to attract a significant number of participants. They use multiple platforms and take services from various vendors to sell or resale the tickets. However, such practices sometimes pose a challenge of financial loss.

    Because of the lower ticket rates, automated bots, or even some vendors may buy tickets in bulk and create a ‘sold-out’ scenario. It may result in low participation, which can affect the success of the event, or the participants may have to pay higher prices for the tickets purchased from such vendors.  

    To avoid this, many event professionals today use Blockchain technology that helps to create entirely secure and authenticated transactions from real users. They can set rules for the ticket purchase, reselling, and setting the limits for the number of tickets that a single user can purchase. A tool powered by Blockchain technology will ensure that once a user transfers Bitcoin amount from his address to another, he/she cannot replicate the purchase.

    Moreover, the Blockchain security allows the attendees to use their digital identification number to register for the event, instead of filling out lengthy forms.

  2. Linking Cryptocurrency with Ticket Sales

     Many companies today accept cryptocurrency as a mode of payment. Basis of the various advantages of cryptocurrency as a payment method; its use has become an eternal trend.

     Unlike credit card transactions, which use pull mechanisms, Blockchain uses a push mechanism. This method helps to limit the details passed onto the receivers. Besides, a peer-to-peer network manages the payment system instead of a centralized body.

     Event planners can implement cryptocurrency payment methods in their event ticketing systems, which will make the transactions absolute and counterfeit-proof once done. This feature can become invaluable for them in handling sales.

  3. Hassle-Free Venue Management:

    The decentralized transaction system helps event managers to connect with various venue owners and book a suitable space for their next seminar, conference, award ceremony, or any other type of event. The use of Blockchain technology will enable event managers to make fast & secure transactions and eliminate administrative hassles.

    Besides, event sponsors can utilize Blockchain technology to set an automatic search for events as per their interest. Further, they can give additional sponsorship support through value-based connections.

  4. Fraud Prevention:

    The security of any financial transaction is an essential aspect of any event planning. Factors such as settlement time, currency denomination differences, the influence of intermediaries, and more may complicate the financial transactions.

    With the use of Blockchain, users can share real-time information and update the transaction records after all parties agree. As a result, event planners can prevent loss due to fraudulent activities even before it happens.

  5. Manage Suppliers and Attendees:

    Through the Blockchain-powered tool, event planners can manage different vendors providing services such as catering, audiovisuals, maintenance, security, and more. By confirming the authenticity of these suppliers, event planners can book their services and make payments instantly.

    Further, the Blockchain tools enable to create of a point-based system. It helps event planners to reward attendees for doing particular activities, including taking part in surveys, provide feedback, and more. They can avail of these reward points for services such as free food or accommodation, travel expenses, and others. Such a system will motivate participants to take more interest in events and help organizers to create an interactive event environment.

    Moreover, Blockchain technology helps event planners to centralize the ticketing system that creates a uniform and transparent process for ticket sales. Further, it enables organizers to accept cryptocurrency as a payment for providing various services, including tickets, food, accommodation, and more. As this process is secure and efficient, it eventually lowers costs for multiple operations related to event management.

Conclusion

The proliferation of the Internet, along with a rapid increase in smart devices, has revolutionized the way managers organize and run events. Besides, Blockchain technology helps to build trust, transparency, and security among the entities and people even if they do not know each other. It enables companies to build a robust solution for planning & managing events that improve the attendee experience as well as reduce operational costs.

Although the Blockchain-powered tools are still evolving for the MICE industry, they will soon become the modern industry standards with the potential in offering better control, higher security, and efficient management for small to large-scale events.

Technology

Advantages of Blockchain in Charity

Advantages of Blockchain in Charity


“There are 3 eras of currency: Commodity based, politically based, and now, math based.”

Chris Dixon, Co-founder of Hunch now owned by eBay

“Blockchain: A ledger or a record that keeps track of any kind of data transaction on a network”. In layman terms, blockchain is just a chain of blocks, yet not in the exact sense of those words. Blocks store digital pieces of information and all of them are linked through codes to create a chain. This information could be monetary transactions, files, contacts–in short anything that a user wants to share.

Blockchain technology has gained so much attention because of its potential across various sectors. It is a revolutionary technology as it makes networks more transparent and decentralized.  With the rise in its usage, developers are now able to use it in different applications.

One sector particularly well-positioned to benefit is nonprofit fundraising. Nonprofits could manage, distribute and track funds in a secure and faster way, look across borders, and much more. Let us take a look at how organisations could improve their fundraising measures with blockchain : 

Added Security and Transparency
Blockchain verifies every transaction you make by forming a network of computers across the members. Therefore, no transaction can be carried out until and unless all the members of the network approve it. It will increase the security and transparency of the platform. All the members of the network will be able to access the information about where and how the donations are being used. Further, they could also keep a track of donations in a much organised manner.

Moreover, there is an additional feature–Smart Contracts, that could prove very helpful. These are self executing programs that can be associated with a block. Therefore, a lot of time consuming processes can be automated using this tool.

A wider audience
It is very difficult and time-consuming to transfer traditional currency for one country to another. Cryptocurrencies are non-geographic currencies. Charities could accept donations from anywhere in the world, without any need to pay foreign exchange fees or consideration of currency exchange rates. Nonprofit organizations working in difficult parts of the world would also have massive benefits.

Better trackability of funds
Scandals have lessened the confidence in the charity sector, but blockchain and cryptocurrency could improve accountability.

With traditional measures, it can be difficult to verify progress on certain campaigns. But with smart contracts on blockchain, it can be ensured that funds are only released to an organization once they can prove their work is having an impact. Failure to meet certain targets could even result in donations being reimbursed.
Thus, blockchain would help fuel trust into this sector.

Connecting with the millennials
Millennials demand the use of technology. The new generation is also more likely to thoroughly research about  the charity or organization to which they donate. A YouGov Survey found that half of those between 18-24 yrs of age prefer to donate using a crowdfunding platform, and about 40 percent of those between 18-35 yrs of age believe that only a small amount of their donation goes towards supporting the specific cause.

This presents an opportunity to offer a blockchain-based fundraising platform that is very much compelling to a large audience of potential donors.

When people think of blockchain and cryptocurrency they don’t typically think of philanthropy. However, these are emerging as a new fundraising vehicle. This is because nonprofit organisations face a lot of scrutiny due to lack of transparency, accountability and limited ways of accepting donations. Blockchain brings something that could resolve many such problems. Building applications that can show people how the money flows through your organization, would definitely help your nonprofit fundraising.