Is the Latest Blockchain Transformation Industry Event Management and Ticketing?
With the evolution of technology, the event management industry along with its associated ticketing system has been on the road to progress and expansion. The estimated growth is a promising one which is broadly based on the assumption of systematic maturation of the industry with corresponding technology integration. And technology integration is the critical catalyst here.
The prevalent ticketing industry works in layers in the form of Primary Market and Secondary Market. The Primary Market is the direct facilitator between Event Organisers (EO) and users. Many of the ticketing artifacts associated within this primary market are still fairly controlled though monopoly by ticket issuing platform such as Ticketmaster, etc. Is rampant. The issue though not a consistent one still exists in substantial magnitude. The monopolistic behavior can be seen with respect to individual events and the transaction fees set by the ticketing platforms.
The Secondary Market is the one which needs a serious look at in-terms of its unregulated, uncontrolled system where in tickets are re-sold at ballooning prices, not to mention the large amount of frauds that make their presence widely felt. Government regulations such as the US BOTS ACT of 2016 and the UK Digital Economy Act of 2017 have tried to bring in planned control on the secondary market however, the problems still persist with an intensity that threatens to derail the projected industry growth. Artists trying to regulate the ticket sales with ticket prices becoming virtually unavoidable continue to add to the industry woes.
Redefining the ticketing industry with Blockchain
Welcome UTIX. UTIX is a decentralised blockchain based platform that uses the revolutionary Smart Contracts to enable event organisers (EO) control parameters which they otherwise do not have control over in the prevalent system of the ticketing industry.
The UTIX platform enables the EO and users to have a seamless interaction over an Ethereum based network and which lets control over parameters which have been the prime factors leading to inefficiency in the current industry.
The UTIX Advantage
The UTIX protocol is not just different but offers considerable advantages over existing blockchain based platforms. Ethereum based platform ensures easy and optimum use of smart contracts. The smart contract facilitates transfers between the UTIX Reserve Fund (RF), event organisers, users and secondary ticket purchasers. The UTIX protocol also ensures that the organisers don’t have to pay to host an event thus keeping the service free for anyone to use.
Identification checks performed for every user who wishes to register with the platform. The verifications in the form of phone number, email address and ID ensures the credibility of each registrar thus making a huge impact in reduction of anonymous frauds or discredits.
The cost-free mechanism of the UTIX protocol is due to the UTIX Reserve Fund (RF). The Reserve Fund is a wallet that is controlled by UTIX and which holds a number of tokens that are either distributed or redeemed on event creation thus ensuring an equilibrium of liquidity & stability of the wallet. The smart contracts ensures that the wallet functionality is always at its optimum level.
On successful registration and subsequent event creation, the event organisers have the option to create tickets containing different variables such as Ticket name, number of tickets for distribution, price, refund, re-distributable (For secondary market), distribution release & end date to name a few. Depending on the number of tickets created, the smart contracts transfers the equivalent number of tokens to the wallet. The smart contracts also takes care of transferring tokens to the user’s wallet equivalent to the amount spend in purchasing the tickets.
EO have the option to control variables of the secondary market such as resale, maximum value of resale, etc. In other words, event organisers would now have complete control and choice on defining the secondary market variables. Ticket exchange and Ticket re-listing are other 2 important parameters which EO have control over.
Uniquely designed event entry methods such as QR Code 2FA, Timed entry system and Paper entry minimises secondary market extortion and fraud.
For ensuring the smooth functioning of the UNIX protocol and making it effectively cost-free, the flow of tokens within the ecosystem is absolutely critical. The UTIX tokens are used for event hosting, secondary market control, loyalty reward system, and rewards for early adopters/backers.
The ICO is aimed at raising a minimum of $1,500,000 upto a maximum of $18,000,000 through exchange of UTIX with ETC (Ethereum). A total of 250 million UTIX tokens would be distributed. The token price of $0.1 would be equivalent to current price value of Ethereum depending on the market at the time of purchase.
ITIX is set to redefine the ticketing industry through smart contracts based blockchain technology. With its immaculate vision and a solid foundation, UTIX is well on its way to be the leader of the next generation ticketing system.