EventChain ICO – Decentralizing Event Ticketing Using Blockchain

Jayanand Sagar | September 6, 2017 | 12:53 am

EventChain ICO – Decentralizing Event Ticketing Using Blockchain

Jayanand Sagar | September 6, 2017 | 12:53 am

Ticketing to get streamlined with Eventchain

Have you ever tried to buy concert tickets, only to find them all sold out or exorbitantly priced?

You’re not alone. Transparency in event ticketing has been a major issue for a while, with several artists attempting to fight ticket service providers unsuccessfully. There are frequent instances where event-goers wait for tickets to go on sale, only to find them sold-out quickly. This happens because of bots or scalpers that resell these tickets at exorbitant prices, added to the outrageous service charges. As a result, many event goers cannot afford the tickets.

The solution to this is a decentralized ticketing system that allows easy purchase of tickets from anywhere in the world. The ticketing system today is highly monopolistic with only a handful providers handling the buying and selling of tickets at outrageous prices. Eventchain attempts to end this practice.

What is Eventchain?

Eventchain is a Blockchain-powered ticket system that aims to solve problems of ticket scalping, counterfeit and inflated tickets, by providing a decentralized global platform for buying and selling tickets. On September 13, 2017, Eventchain will begin its token sale. Crowdfunders who participate in this token sale will be able to buy or sell event tickets on the Eventchain platform after its launch.

Eventchain aims to build a smart ticketing system, aptly called SmartTickets, and the tokens are called EventChain Tokens or EVC tokens. Eventchain encourages all stake holders including event managers, social clubs, party organizers, and ticket providers to sell or buy SmartTickets with EVC Tokens. The simple user interface supported by Blockchain and EVC Tokens will make it easy for event managers around the world to buy and sell tickets to small to big events, from concerts to sporting events.

Benefits of decentralized ticketing system

Centralized ticketing systems are plagued by fraudulent practices and malicious attacks. Not only will a decentralized ticketing system put power back in the hands of event managers and event-goers, but also end malicious attacks on the network by using a 256-bit cryptography.

Eventchain’s mission is to make ticketing easier and transparent by providing advanced functionality of SmartTickets using EVC Tokens (built on the Ethereum blockchain). Those who hold EVC tokens will get special privileges like early bird discounts, reduced ticket prices, and priority seating. There will be a number of payment gateways to buy products and services from 205000 vendors from across 180 countries, but privileges and benefits will be available to only those who use EVC tokens.

Several entrepreneurs, cryptocurrency experts, and billionaires have funded this project. Some of them are Ashton Addison, CEO of Eventchain, Rob Whittle, Marketing and Advertising expert, Jeans Tang, Founder & President of Blockchain Research Institute, Richard Patterson, Event Promoter, Tanis Mercado, Project Developer, and Dr. Steven Funk, Silicon Valley Billionaire.

With its launch in the near future, Eventchain hopes to make ticketing easier and transparent for event-goers and event managers alike. Its SmartTicket technology powered by Ethereum blockchain will eliminate high processing fees from ticket prices, and make them widely available on a global, decentralized platform.

Tags: , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!