When you think of blockchain, what first comes to mind? Many of us immediately think– Bitcoin. While blockchain technology is at the core of Bitcoin transactions, blockchain has many other applications and it is really what’s next in the world of digital transmissions.
If there is any one industry that needs a change its ticketing. I’m not talking about parking tickets, but event ticketing. The event ticketing industry is a multi-billion-dollar industry that is growing every year, and as a result, growing in costs as well. Once hailed as a sanctuary for die-hard fans to easily purchase tickets for their favorite shows without having to travel to the box office, Ticketmaster, and the online ticket industry, has become nothing more than a maximum cash grab through ridiculous fees, and more recently, ticket resales.
Purchasing a pair of $46 tickets on Ticketmaster right now will cost you about another additional $37 in fees. To put this into perspective, this is about 40% in fees. Yes, you are paying 40% extra for the convenience of buying online!!
Ticket sales are one of the most demonstrably appropriate industries for blockchain to get involved with. The purpose of blockchain projects is to give power back to the consumers, to avoid unnecessary intermediaries, and to keep immutable and verifiable history. Blockchain tickets should be a music lovers dream come true. A blockchain backed ticket would be fool proof. For starters, there would be no opportunity to sell counterfeit tickets. Since tickets are immutable and tracked throughout the blockchain it would not be possible to resell a fake. Additionally, many of these ticket programs seek to eliminate or reduce price gouging ticket re-sellers.
There are already several blockchain event ticket projects in existence now and some that already have working and actively used systems. Some of these projects are Aventus, Crypto.Tickets, Blocktix, EventChain, BitTicket, and GUTS Tickets.
GUTS: YOUR OWN “GUARANTEED UNIQUE TICKETING SYSTEM”
GUTS is an individualized digital blockchain ticketing agency. GUTS utilizes blockchain technology to create a simple and transparent mobile ticketing ecosystem. GUTS’ technology allows users to access and purchase tickets directly from their mobile devices, eliminating the potential of ticket loss and fraud. With the Guaranteed Entrance Token Protocol, ticket owners maintain complete control over the sale, resale, and trade of tickets. In the coming years, GUTS plans to expand outside of its Netherlands base. The company aims to sell over one million tickets in 2019 with its recent strategic partnerships.
In addition to the ticket/entertainment revolution, Blockchain is currently helping to combat issues of political and institutional corruption, financial fraud, and privacy violations. Here are some blockchains that have been a long time coming:
FARMATRUST: COMBATTING COUNTERFEIT DRUGS
FarmaTrust is an international drug tracking system that aims to maximize pharmaceutical supply chain efficiency. Blockchain is the foundation of FarmaTrust’s encrypted global tracking system. With the aid of artificial intelligence and data analytics, FarmaTrust prevents counterfeit drugs from entering the market. It does this by connecting with warehouses, manufacturers, shipping companies, hospitals, and pharmacies to track the product lifecycle of medical supplies. Customers can verify the authenticity of medicine by scanning a product’s QR code on the FarmaTrust mobile app.
STORJ: THE FUTURE OF CLOUD STORAGE – STORJ IS THE AIRBNB OF DIGITAL STORAGE.
Storj is a blockchain-based internet storage system. Storj aims to revolutionize cloud storage by providing users with increased security, efficiency, privacy, and transparency at a fraction of the cost of current cloud technologies.
How does it work? With shared cloud storage, Storj eliminates downloading inefficiencies and provides users with a higher level of privacy. Blocks of data are virtually “shredded” and dispersed across the network before they are stored. The shared cloud network minimizes download times characteristic of existing cloud platforms. Users pay only for storage they use and can rent out the extra space that they don’t use.
SHOCARD: THE NEXT GENERATION OF IDENTITY AUTHORIZATION
Shocard’s use of blockchain technology enables individuals and enterprises to digitally store identification information. Once a user creates a ShoCard ID, the user can upload and store personal information on a mobile device. Touch verification and encryption techniques, such as hashing and digital signing, ensure data security on the blockchain. Only intended recipients can decrypt a user’s information after the identities of both parties have been verified.
Tasks such as logging onto a server, sharing personal information, and conducting financial transactions can be performed seamlessly through the ShoCard mobile app. The ShoCard app eliminates the need for usernames and passwords, digitizes identification, and provides authentication at one’s fingertips. Shocard does all of this while creating an audit trail to detect and prevent identity theft.
BEXT360: A COFFEE SUPPLY CHAIN SOLUTION
Bext360 improves supply chains of commodities using blockchain, machine technology, and mobile applications.
HERE’S HOW THE SERVICE WORKS:
coffee cultivators load their product into Bext360 machines equipped with sensors and optical recognition technology. The machines sift the product, assign a quality grade, and link output to crypto tokens. Blockchain payments are then made directly to farmers and stakeholders based on the quantity and quality of their products.
Bext360’s technology eliminates the “middle men” in transaction processing so that farmers receive a greater share of the profits. Wholesalers and retailers can leverage data collected during the process to improve product quality and ensure that fair trade conditions are met. The system tracks goods from the source to the consumer, resulting in a more transparent and efficient supply chain.
Blockchain technology could radically transform the competitive playing field by simplifying transactions, increasing supply chain efficiencies, and streamlining user information. With most rapidly evolving technologies, companies must adapt quickly and embrace innovation to maintain a competitive advantage. Blockchain is no exception.