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The Events Industry and Blockchain

09:23 21 April in Blog, Events
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We’re all aware of Bitcoin and other emerging cryptocurrencies. It’s been the hot topic of late, impacting just about every industry with an online presence. According to a report, it is estimated that global spending on blockchain solutions has reached over $2.1 billion this year already. With more players joining the wagon, that number is definitely expected to continue growing.

It’s not difficult to see how blockchain is revolutionizing different spheres across the world – right from finance to gaming. But what we don’t know is that blockchain is revolutionizing several other industries that we don’t seem to notice. Like the event planning industry. By integrating technology, blockchain has streamlined and made efficient different processes. With improved ticketing mechanisms, smart customer identification programs and other improvements that enhance the overall event experience.

Adding a new dimension to event planning

The events industry is one of the oldest industries, with historical growth consistency. The US Bureau of Labor Statistics predicts that the event industry will grow by 44% from 2010 to 2020. This growth trajectory exceeds most growth predictions that have been made for other industries.

There is a lot of data that is amassed during any event about the attendees, sponsors, and exhibitors. In a conventional setup, this data is stored in silos in the form of spreadsheets, and other databases of ticketing, registration and other event apps.

This leads to attendees having to sign up for different services, wherein they have to repeat the same data several times. In some cases, when the attendees use their cards for transactions, the data gets collected at the vendor’s end. Blockchain can step in to make this process very efficient. Blockchain would allow an attendee’s ID and transactional information to follow them around an event, or even multiple events without the attendee needing to expose financial or personal details to individual vendors. Additionally, it allows for maximum privacy and security.

How Blockchain enhances the Attendee Journey

During ticketing, through blockchain, attendees’ transactions are given unique IDs. The same can be attached to a wearable device or a paper to allow free movement and access across the venue.

While moving from one point of the venue to another, through this unique ID, attendees can simply board and go, without having to wait for tokens or tickets to get access.

During the case of an event taking place at a hotel, using Blockchain, event companies can connect that attendee to a hotel room. When they arrive at their room, they can tap their ticket on the door and enter. No need to check-in. This reduces dependency. This is the same case while checking-in at any venue.

Due to Blockchain’s anonymous nature, data can be collected from each of the touch-points mentioned above without having any personally identifiable data attached.

Blockchain allows us to see which events are generating more interest and accordingly make necessary preparations at the venue in terms of accommodation, stage arrangements, crow control, etc.

The way forward

The events industry involves a lot of technicalities. Today, there is a need to not just streamline them but also make them efficient and smooth to offer an enjoyable experience to the attendees. Blockchain can give event companies the edge they need in hosting grand-scale events. From ticketing to crowd monitoring, Blockchain offers invaluable information and control that can revolutionize the industry.

 

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