SONY MUSIC TAPS IFLYER FOR ETHEREUM BLOCKCHAIN-BASED TICKETING SYSTEM

Soon, your tickets to a concert somewhere in Asia could be served up electronically through a solution built on the Ethereum blockchain. That’s thanks to iFlyer, a portal that carries information on events such as festivals and club parties in Japan. The technology itself is built by EventChain, a company that applies the decentralized blockchain to oversee ticketing transactions. iFlyer has joined hands with EventChain to bring the advantages of blockchain technology to the over $2 million (£1.481,500) it makes in annual ticket sales.

Sony Music Entertainment Japan has announced that it will partner with iFlyer to sell tickets to its events in the country. The partnership is a shot in the arm for iFlyer and EventChain, who have become key players in the e-ticketing space in the continent through their partnership. iFlyer already has around 5000 events being listed on the platform every month, and the tie-up with Sony could see it handling an even larger volume of tickets with the help of blockchain technology.

iFlyer’s announcement of its partnership with EventChain coincides with the resurgence of the clubbing scene in Japan. It was only in 2016 that Japan lifted its ban on dancing in clubs post midnight. The law was in effect for 67 years and required special licences to be handed out to dance clubs. With the ban being lifted, establishments can now host dance parties all night long as long as they meet certain prerequisites. There has since been a boom in club events in Japan, putting platforms like iFlyer in a position to take advantage of the upturn.

EventChain is a service that makes use of the Ethereum blockchain to create smart contracts such as the ones required to record ticket sales. It makes use of its own EVC tokens to create a proof-of-purchase system that makes transactions faster and indisputable. The Smart Tickets can be purchased by event goers using EVC tokens or other ERC 20 tokens. Event managers also have the option of using payments gateways to accept fiat currencies.

The solution provided by EventChain addresses a lot of the issues currently faced by the ticketing industry. It will prevent the counterfeiting of tickets since each Smart Ticket will come with a unique sequence number. The proof of ownership will be easy to establish through the Ethereum blockchain. This will also make it simpler to verify the authenticity of a ticket that is resold or gifted.

Additionally, the system will not allow tickets to be scalped and sold at usurious prices since Smart Tickets can be programmed to have a fixed maximum markup. EventChain makes use of an in-built reputation system to publicly identify scalpers who defraud buyers. Other benefits of the blockchain approach includes avoiding website crashes during ticket sales using a decentralized framework and making ticket offerings more transparent.

This post was written by one of our guest writers

Author: Preteek Jose

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By | 2017-10-02T14:58:42+00:00 September 21st, 2017|News|0 Comments

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