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The event ticketing industry can be explained in two simple segments, the primary and the secondary markets. The primary market involves the involvement of the event organiser controlling the ticket prices, revenue sharing, mode of distribution etc. The secondary market involves the resale of tickets purchased from the primary market at prices formulated on the whims and facies of the ticketholder. Most of the frauds in the event ticketing industry take place in the secondary market which is highly unregulated. Cases of counterfeiting, selling the same ticket to multiple buyers, exorbitant pricing are some of the common issue’s consumers face while buying tickets from the secondary market. It is to be noted that the organisers have absolutely no control over the activities and pricing of the secondary market.
The present system of event ticketing might be broken, but the fix for the issues faced by the event ticketing industry can be found in the blockchain technology – introducing Utix
What is Utix?
UTIX is decentralised, online e-ticketing and an event hosting platform which uses the smart contract technology of the blockchains towards the reduction of prevailing inefficiencies in the event ticketing industry and provides the organisers of events with variables which previously they were unable to control. Event organisers and consumers can sell and buy event tickets using the cryptographic signature which is stored on a blockchain. This blockchain cannot be destroyed or altered, at this moment removes the need of a centralised server and the reliance of expensive third-party agencies and aids in reducing the role and influence of the secondary marketing in pricing and selling event tickets.
The UTIX platform uses its unique protocol to lend tokens to organisers of the event for distribution to consumers at the time of ticket sales. The Event organiser can utilise all the functionality of a blockchain, without additional complexities using the UTIX platform’s user-friendly interface. With the use of smart contracts, various complications and be reduced, the cost of distribution of tickets can be minimised and along with minimising the cases of frauds related to the sale of event tickets.
How does UTIX Solve Existing Problems of the Event Ticketing Industry
The UTIX solution enables event organisers and consumers the seamless utilisation of smart contracts over Ethereum’s network for controlling every variable which can create inefficiencies in the market. The UTIX Protocol enables the elimination of a possible sale of counterfeit tickets, and further ensuring the control of the secondary pricing of event tickets. This allows the organiser of events to experience the benefits of utilising a blockchain system without the involvement of other additional complexities.
The UTIX Protocol
The UTIX protocol uses smart contracts towards facilitating transfer between event organiser, consumers and the UTIX reserve fund. In traditional blockchain models for ticketing, event organisers are required to procure tokens of the software provider they intend to use. This forces the organiser to pay to host an event, will lead to traffic being driven to other sites. The UTIX protocol is different from another blockchain based system for event ticketing presently available in the market as it ensures the platform remains free to use for event organisers.
The UTIX Platform
The UTIX platform automatically generates a token wallet when a user signs up to the platform. These wallets are assigned to each user and users need to complete the verification of the email address, phone number, and submission of an ID towards completion of the verification process. Users can sign into the platform as event organisers or consumers. The token wallet generates allows the flow of the UTIX token through the UTIX protocol and enable event organisers in controlling all features of their events and reap the benefits of the blockchain technology.
Secondary Market Controls
The UTIX platform can utilise the smart contracts on the Ethereum’s blockchain to ensure controlling various features of the e-ticketing infrastructure which were earlier uncontrollable and was creating problems for the ticketing industry.
The smart contracts enable the event organiser in setting the maximum resale value of the tickets while the ticket holders can resell their tickets using the UTIX platform. The tickets can be resold only through the UTIX platform and cannot be sold beyond the price limit set by the organiser. The UTIX platforms blockchain based smart contracts enables organisers great control on the secondary market which they did not have earlier.
Technology and legislation have failed to resolve the problems associated even ticketing leading to artist and fans losing faith in the current system. The industry is aware of the problems it faces and so far, has been unsuccessful in resolving these issues and having greater control over the secondary market activities.
Thankfully, with UTIX solution, the industry has finally seen a glimmer of hope for resolving the issues that have plagued the event ticketing industry.