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Exploring the potential of blockchain technology in theater ticketing

Major events, including theater plays, concerts, and sports, are a significant part of people's lives, as they offer fantastic activities and put a smile on their faces. However, buying a ticket to enjoy such an experience is complicated in several cases, as you will most likely encounter many headaches, such as hidden fees, fraudulent ticket sales, or dealing with secondary markets. Still, solutions seem to be on the horizon to keep the bad actors away, represented by blockchain technology. Blockchain brings a lot of advantages to numerous businesses across various sectors, as it improves security and offers decentralized features.

Blockchain technology was initially used for digital coins, and because it was a successful option for them, it has also been considered in plenty of other sectors.

Cryptocurrencies are assets that have taken the financial industry by storm and increased their popularity a lot as people have become interested in how to purchase Bitcoin or where to buy Ethereum.

In this article, we will explore blockchain technology's potential in the theater ticketing process.

Why is blockchain a critical solution for theaters?

Theater ticketing processes can improve with the help of blockchain technology by recording all the transactions as transparent, secure, and immutable. Blockchain in theater operations can reduce fraud and scalping, ensuring every ticket is traceable and unique, reducing the chances of unauthorized reselling, and preventing counterfeit tickets.

Blockchain is also a great alternative, as it increases the convenience and efficiency of this process, eliminating middlemen and intermediaries from the equation, like brokers and ticketing agencies. As blockchain doesn't need these intermediaries, theater companies could profit as they will reduce the commissions and fees associated with selling these tickets. With the help of blockchain, theater goers would have the possibility to buy their tickets directly from the theater producers and will be able to do this even by using digital currencies.

What are the areas of theater ticketing that must be improved?

Theater ticketing is a dynamic and complex sector involving many people, including venues, producers, resellers, distributors, and consumers. But because it is quite challenging to keep up with such a large number of individuals, the system of theater ticketing presents some challenges that impact efficiency and transparency, including scalping, fraud, and huge fees.

Scalping is the practice of buying tickets at the regular price and selling them at a higher one, primarily through unauthorized platforms or channels. Scalpers will always look to take advantage of the limited supply of tickets and exploit the massive demand from people, and they will want to make profits from people who wish to see the plays genuinely. Scalping negatively impacts theater ticketing operations, creating a secondary market prone to fraud, manipulation, and speculation. For instance, scalpers earned more than $15 million for selling tickets at the average value of $189 for the Broadway musical Hamilton for more than $2,000 on the secondary market.

Fraud is also present in theater ticketing, as individuals might risk buying stolen, counterfeit, and invalid tickets from unverified platforms and sources. To capture people's attention, fraudsters use many techniques, including hacking, cloning, and phishing, to create fake tickets and sell them to other buyers. In 2017, a British man was imprisoned for four years because he sold counterfeit tickets for the West End shows and other festivals and concerts, from which he received more than £400,000.

Theater ticketing also involves fees, as distributors impose additional charges. These charges can vary depending on the price, type, and availability of the plays or events and will impact the total cost of the transaction.

What are the advantages that blockchain technology brings to the theater ticketing process?

Blockchain was used only for cryptocurrencies at first, but because it brings a lot of advantages, including security, immutability, and transparency, it has also been integrated into plenty of other industries, including theater operations. Transparency is one of the best advantages of blockchain, as it encourages a verifiable and public record for ticket transactions, from when it is issued until sold. This will prove to bring a lot of advantages, as it will reduce the chances of scalping, fraud, and counterfeiting, providing accurate data on the availability of tickets.

Additionally, blockchain improves the security of theater platforms by using well-known consensus mechanisms and cryptography techniques to keep unauthorized parties away. This will bring many benefits, as it will protect the ownership rights and privacy of the ticket holders and the property rights of the theater producers.

Blockchain also has a decentralized nature that eliminates the need for third parties in ticket distribution. This will empower the theater community to be responsible for all operations and reduce the other distributors' inefficiencies and costs. Theaters will even be able to use smart contracts to automate many processes, including ticket issuance, payment, and transfer, while also having the possibility to set specific rules and conditions, such as loyalty programs, donations, and refunds.

Not to mention that blockchain will bring a lot of innovation to the theater landscape, adding plenty of other possibilities and opportunities. For instance, blockchain can improve the utility and value of the tickets and enhance the experience of theater enthusiasts. With the help of blockchain, theaters can offer access to special merchandise, services, and even exclusive content. Blockchain can also create gamified tickets that reward individuals for feedback and participation or create a dynamic environment that improves people's experience worldwide.

Conclusion

As you can see, blockchain technology will bring many advantages to theater ticketing operations, offering better security, efficiency, transparency, innovations, convenience, and engagement. So, it adds win-win solutions for all people, which is why blockchain can represent the future of this operation.