Cobalt: The Future of Blockchain-based Ticketing

by Arthur · October 27, 2022

Many ticketing industries have crossed their minds to develop current and modernized methods to increase revenue and increase consumer satisfaction. It is time for them to engage in blockchain technology that has the fetus to settle the many burning issues that torture the event industry. This is because automated ticketing provides a quick way to produce traceable and transferable tickets.

But it also strengthens security, ensures ticket sustainability and gives more power over the subsidiary market. The advantage of blockchain is that it is available worldwide since it has a massive database. Millions of computers receive a copy of blockchains, specifically a block of groupings of transactions. Each block is associated with a specific participant, and this data is never deleted. It is important to note that blockchains became part of Bitcoin, the digital currency; thus the two are often described in conjunction with each other. The following are the benefits of blockchain in the ticketing industry.

Table of Contents

Prevention of fraud and theft

The increased number of street vendors buying low-cost tickets outside a venue and later reselling them at a higher price to ticket holders has been widely experienced. But the upcoming technology of online ticketing providers has dominated the market today to prevent frauds experienced in the past. It is safer when a customer secures a ticket online on a blockchain that is guaranteed. For sports and music events, the cobalte.io platform has you covered.

Detailed records

The data provided by the blockchain is much better for the event organizers to evaluate the ticket holders. They must show all previous sales to see if a ticket has been resold. They must also assess the value of presenting the full range of ticket transactions. By doing all this, their customers are assured of lower theft and an advantage for the organizers in operating expenses.

Deeper fan engagement

In this case, event organizers interact with fans to a degree they didn’t expect. During this interaction period, organizers can even plan to reward fans. For their eager, merge with the marketing, and place earmarked offers and complete content, allowing fans to be free to set up and exchange NFT ticket collection, making it easy for those organizing the event.

Increased income

This benefit is because event organizers take royalties on 100% of ticket sales. This generates a good amount of revenue since no fraud is experienced, which creates revenue after the event with the resale of collectibles.

Scalpers and automated bots

In this case, the organizers have specific times to sell their tickets. However, many people often miss out on these tickets and are later forced to buy them at exorbitant prices from a dealer. But the presence of bots has been a serious challenge for the industry, and mobile blockchain tickets can help find the bots. This helps to put a smile on the faces of the organisers, because they can define the rules around which tickets can be resold.

Conclusion

More event organizers are using blockchain technology for their events since blockchain-based ticketing is the future. If you are an event organizer, offer mobile blockchain tickets to any event and see the best results from this technology.

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