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Sony Music has backed e-ticketing start-up iFLYER who plan to utilize Blockchain technology.
Sony Music Entertainment Japan have taken a bold step in partnering with iFLYER, a Japanese-based ticketing start-up who are looking to utilize the Blockchain expertise of EventChain in order to overcome ticketing problems through use of the Blockchain.
EventChain’s partnership with iFLYER will essentially see breaking into the new wave of Blockchain technology as event, concert, and clubbing tickets are put onto the Ethereum Blockchain, and smart tickets are born. iFLYER sells $2 mln USD of tickets every year with 5000 events per month listed on their platform.
There has been a recent boom in Japan’s clubbing scene, which has been quickened by the repeal last year of Japan’s anti-nightlife no-dancing ordinance.
With this lifting of regulations, ticketing, event planning and management has been stepped up, which has seen iFLYER take a pivotal role in reopening what was once a very closed market in Japan - but still a very large one.
The partnership of iFLYER could potentially expand the development of e-ticketing across Asia as the process is streamlined through apps - such as the successful Fuji Rock Festival app.
More so however, the decision by iFLYER to utilize Blockchain technology through the help of EventChain for its venture into the big time is a powerful step for the burgeoning technology.
By utilizing the power of Blockchain technology and the ability of smart contracts, EventChain, as well as iFLYER believe they can overcome many of the traditional obstacles faced by ticketing services and buyers.
E-ticketing itself is still a new concept, but it could become obsolete if EventChain and iFlyer are successful.
EventChain’s functionality is directed around a decentralised ticket service in the hopes of avoiding monopolistic, ethically challenged and centralized ticket service providers.
Essentially, EventChain believes that by using the Blockchain it can make things easier for event managers to leverage the Ethereum network, with its smart contracts to sell tickets globally, which are free from third-party charges and influences.
Ticketing is big business, and with companies like iFLYER at the wheel of such an industry, there are always drives for problem-solving and streamlining.
Problems such as counterfeit tickets, scalping and processing fees have long since dogged the industry, even with e-ticketing which provided some solutions, but also additional problems.
The belief is that through the use of EventChain’s EVC tokens, based on the ERC20 Ethereum token, these problems can be eliminated.
The immutable nature of the Blockchain can stop counterfeiting, while the use of digital tokens would seemingly avoid the need for processing fees, along with smart, self-executing, contracts.
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