Blockchain technology has become a huge success and created a buzz globally in recent years. As this modern technology enables a secure and efficient way of managing electronic cash transactions, it’s gaining a lot of attention and traction among several industries. The events industry is not an exception.
In this write-up, let’s walk you through what this blockchain is all about and how it can benefit the events industry.
What is blockchain?
Blockchain is a decentralized ledger technology that stores transactional records without a central authority. Unlike traditional networks, there won’t be any control over it and all nodes get access to all information. However, nobody can change the information on the record to ensure secured transactions.
Leveraging blockchain technology in events
Selling event tickets
Be it Paypal’s recent launch of a crypto checkout service or announcement of buying a Tesla car with bitcoin, many companies have started to accept payments with cryptocurrencies enabled by blockchain technology. Likewise, event professionals can add a cryptocurrency as a payment method to sell event tickets using some event technology platforms.
When it comes to hosting events, identity management plays a pivotal role. By implementing blockchain technology, you can easily keep track of the transactions made by each user. This way, event professionals can identify the attendees during check-in at the event venue, as all their data is already stored in the system. Also, it’s easy to find to whom the ticket was issued and verify who holds it by tracing the digital signature. Thus, event organizers can seamlessly manage attendees during the event.
With security being the key feature of blockchain technology, event professionals can utilize it for secured financial and informational transactions. This is one of the reasons why many companies are preferring this technology.