The first registered decentralized autonomous organization, BLOCKS DAO, has introduced its Builders modules to solve a number of issues, including those plaguing the ticketing industry. BLOCKS has highlighted the problems with ticketing, from keeping track of transactions to setting prices to scalping, and has introduced a solution to mitigate these problems and improve conditions.
With BLOCKS Builders modules, organizers and venue sellers will be able to set the ticket prices, monitor transactions, track resold tickets, etc. This eliminates scalping, price gouging, and fraudulent transactions.
Using Blockchain and NFTs for Ticketing
Blockchain's initial design was to introduce a new monetary system that would disrupt the traditional financial sector. With its thousands of nodes and ledger technology, blockchain limited money dependence on centralized authorities and allowed for the safe storage of transactions. However, the technology has evolved from a payment solution to a multi-industry solution, thanks to smart contracts.
From finance to agriculture, defense to the manufacturing industry, real estate to gaming, blockchain now has a wide range of use cases and solutions to several problems. With Non-fungible Tokens in the picture, blockchain is now utilized in ways beyond imagination. For instance, companies now leverage NFTs and the blockchain to organize, keep track of ticket transactions, and store the information.
Keeping a shared database of all ticket transactions improves transparency and reduces scalping and uncontrolled price gouging. This is what BLOCKS wants to enhance. Through a combination of chain and non-chain partnerships, BLOCKS intends to power blockchain solutions for firms in various industries. The DeFi network believes that no blockchain can solve speed, security, and scalability individually, leading to developing a protocol with an intelligent grid of BLOCKS.
BLOCKS Network utilizes a Reactive Smart Contract model to improve transactions on behalf of users. The framework can validate digital assets, transfers, trade, and help ticketing systems migrate from traditional catalogs into digital methods. Organizations and event companies can integrate BLOCKS to drive the next wave of technological evolution.
Improving Ticketing Through NFT Verification Systems
For an NFT ticket provider or a venue, Integrating with BLOCKS will enhance customers' data exchange and tickets tracking, giving the organized absolute control over the marketplace. In addition, BLOCKS can help event managers identify ticket buyers, view previous ticket transactions and verify if a ticket has been resold or not, and at what price in a bid to reduce fraud and operational fees.
The BLOCKS network also provides an escape route for the secondary ticket market, which is currently under the scrutiny of governments in various jurisdictions. The secondary market is known to jack up ticket prices to resell them to desperate buyers, thus promoting price gouging. Issuing digital tickets regulates price, ticket reselling procedures, limits resale of tickets, and power of scalpers.
Digital ticketing controls ticket flows. At any given time, the event organizers know when a ticket is sold, to whom it is sold and resold to, and at what price. Organizers can track a ticket's origin, giving room for conflict resolutions.
Finally, with the help of BLOCKS' digital ticketing technology, there's no room for false identity. Event organizers can verify who the actual attendees are while obtaining invaluable data analytics for future purposes.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
