The event industry has a problem with scalpers.
Say I as the artist sell tickets to my gig for $100 each. Scalpers buy say, 100 tix @ $100 and on sell them for anywhere from 200 to 1000. The punters get excessive cost and the vendor loses profit to shysters and con artists who add no value to the event. Blockchain technology offers a possible solution to this problem;
Blockchain is the flavour of the decade. Lots of people are using it as a marketing ploy to sell all sorts of crap. The important detail is that its a computer code which describes a sort of coin. This defines an open source distributed ledger that is self correcting, automatically verified, quick to transfer, and fully transparent, therefore completely trustworthy if implemented correctly. The original version of this was with the creation of Bitcoin in 2009, which has since become a volatile traders commodity. This is not the only, or even most important type of coin (Cryptocurrancy). Since then has been added a decentralised application layer (dapp) to the codebase, which is a fully programmable layer in the stack, enabling among other things, smart contracts.
A Smartcoin has the ability to embed smart contracts into the ledger, so for example, I could ship a product to Lithuania, be paid in Coin, and as contract targets are verified the transaction automatically completes in stages until the shipment arrives. Its secure, self executing, and fully transparent. And these payments are recorded in such a way that neither party can repudiate or manipulate the record.
Blockchains are also useful for managing supply chains to ensure standards are met. As materials flow up the supply chain, each tier can upload their compliance information on to a blockchain. The immutable nature of blockchain means that this compliance information cannot be altered, and can serve as a system of record.
Simultaneously, the technology can also keep information secure: an arrangement can be structured to only flow necessary information up to a buyer, giving suppliers assurance that they aren’t divulging sensitive commercial information while showing that they are in compliance.
Coins like Bitcoin, Etherium, Litecoin or XRP, are basically commodities in the marketplace whereas a stable coin like Tether (which keeps the value linked to the US dollar) has the ability to become a way of transferring funds internationally safely with no middlemen clipping the ticket.
So, back to the problem of ticket scalping; a Smartcoin is created, l ofets call it GigCoin. Not mined, but a stable coin locked to the value of the NZ dollar. Built into the underlying codebase would be a 50% payment of any subsequent profit to the artist.
Susan, as the artist sells Fred a ticket to her gig at Eden Park for $100, but the ticket is paid for in GigCoin which means a record is kept online in a transparent distributed ledger. If the ticket is onsold to Emma any profit made is split 50/50 between Fred and Susan. This payment would be automatic and self executing. The ticket would be easily transferable, available printed or on any device, and the gate would have a copy of the ledger to verify tickets.
A system like this would have the effect of both slowing down the industry which has sprung up around ripping off both the artist and the fans, and increasing the income for the actual artist.
More information on smart contracts;
Copyleft means that you are welcome to use the idea, with attribution