#Ticket resale blockchain

[counterten]

Smart Ticketing Technology

CounterTEN enhances sports events with advanced solutions tailored for modern venues. Our smart ticketing technology streamlines entry, boosts security, and improves fan satisfaction through mobile and contactless access. Designed for efficiency and ease, our platform simplifies ticket management for organizers and ensures a smooth experience for attendees. Trust CounterTEN to bring innovation, speed, and reliability to your next sports event with powerful, tech-driven ticketing solutions.

[clevercreatorpoetry]

Is Blockchain the Answer to BookMyShow's Woes?

 What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.

So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.

Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.

According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

www.cifdaq.com

#cifdaq

[daooperations]

What is an NFT? Breaking Down the Hype and Reality

What is an NFT?

NFT stands for Non-Fungible Token, a unique digital asset that represents ownership or proof of authenticity of a specific item, typically on a blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable, NFTs are one-of-a-kind or part of a limited edition, making them "non-fungible."

How Do NFTs Work?

NFTs are primarily built on blockchain technology, with Ethereum being the most widely used blockchain for NFT transactions. Each NFT is stored on a blockchain, ensuring authenticity, security, and ownership history. Smart contracts govern the creation, transfer, and resale of NFTs, ensuring trustless transactions.

Key Features of NFTs:

Uniqueness: Each NFT has a distinct identifier, making it different from any other token.

Indivisibility: Unlike cryptocurrencies, NFTs cannot be split into smaller units.

Ownership Verification: Blockchain technology records and verifies the owner of each NFT.

Interoperability: Many NFTs can be used across multiple platforms, games, and marketplaces.

Common Use Cases of NFTs

NFTs have found applications in various industries, including:

1. Digital Art

NFTs have revolutionized the art world by allowing artists to tokenize their work, ensuring authenticity and enabling direct sales to collectors.

2. Gaming

In-game items, characters, and virtual land can be turned into NFTs, giving players true ownership and the ability to trade assets outside the game ecosystem.

3. Music and Entertainment

Musicians and content creators use NFTs to sell exclusive music tracks, concert tickets, and VIP experiences.

4. Metaverse and Virtual Real Estate

Virtual worlds like Decentraland and The Sandbox allow users to buy, sell, and develop NFT-based digital real estate.

5. Collectibles and Sports Memorabilia

NFTs have become popular in sports, enabling fans to own exclusive digital trading cards, game highlights, and merchandise.

The Hype vs. The Reality

While NFTs have generated excitement, they also come with skepticism. Here’s a breakdown:

The Hype:

Some NFTs have sold for millions, attracting celebrities and investors.

Promises of decentralization and digital ownership empowerment.

The rise of NFT-powered metaverses and play-to-earn games.

The Reality:

Many NFT projects lose value over time due to market speculation.

Environmental concerns about blockchain energy consumption.

Legal and copyright issues still need better regulation.

How to Buy and Sell NFTs

If you're interested in getting started with NFTs, follow these steps:

Choose a Marketplace: Popular platforms include OpenSea, Rarible, and Foundation.

Set Up a Crypto Wallet: Use MetaMask or Trust Wallet to store your NFTs and cryptocurrency.

Buy Ethereum (ETH): Most NFT transactions require ETH, so purchase some from a crypto exchange.

Browse and Purchase NFTs: Find an NFT that interests you, place a bid, or buy it outright.

Sell NFTs: If you own an NFT, list it on a marketplace and set a price.

Future of NFTs

NFTs continue to evolve, with new applications in real-world assets, identity verification, and decentralized finance (DeFi). As technology improves and regulations catch up, NFTs may become a permanent fixture in the digital economy.

Conclusion

NFTs are reshaping digital ownership, but they come with both potential and risks. Whether you’re an investor, artist, or collector, understanding what is an NFT and how it works is crucial before diving into the space. As the industry matures, the true value of NFTs will become clearer beyond the initial hype.

[cryptokid3]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run?

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site."I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets.""Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel."Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

www.cifdaq.com

[dugguhrx]

Is Blockchain the Answer to BookMyShow Woes?

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex. www.cifdaq.com

[thetatechnolabsusa]

The Ultimate Guide to Secure and Hassle-Free Ticketing with Blockchain Technology

Managing secure event entry is challenging due to ticket fraud, duplication, and unauthorized resales. Blockchain-based smart contracts and NFTs provide a foolproof solution by ensuring real-time ticket validation. NFT-based tickets prevent counterfeiting and allow seamless, automated access control. With blockchain, all transactions remain transparent and tamper-proof, eliminating manual checks and reducing wait times. Event organizers gain full control, ensuring a smooth, fraud-free check-in experience for attendees. Upgrade event security with blockchain-based ticketing today! sales@thetatechnolabs.com

[sjpcifd]

Is Blockchain the Answer to BookMyShow Woes?

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.

So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.

Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.

According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

www.cifdaq.com

[counterten]

CounterTEN revolutionizes access to sports events with cutting-edge digital ticketing solutions that simplify and secure the entire ticketing process. Our platform ensures fans experience fast, contactless entry while organizers benefit from real-time analytics and fraud prevention. Designed for seamless integration, CounterTEN enhances user convenience and operational efficiency. Whether it's a major league match or a local tournament, we provide a reliable digital infrastructure to handle ticket sales effortlessly. Choose CounterTEN for smarter, safer sports event management powered by innovative digital ticketing solutions tailored to modern audiences.

[caspi2305]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run? 

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote, 

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table. 

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.  So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."  

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.  According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer. Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel. 

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.  According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.  

CIFDAQ#BITCOIN#CRYPTOINVESTING#BLOCKCHAIN#WEB3COMMUNITY  

www.cifdaq.com 

[casper0510]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run? 

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote, 

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table. 

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.  So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."  

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.  According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer. Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel. 

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.  According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.  

CIFDAQ#BITCOIN#CRYPTOINVESTING#BLOCKCHAIN#WEB3COMMUNITY  

www.cifdaq.com 

[cryptoenthu]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run?

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.

So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.

Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.

According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

www.cifdaq.com #CIFDAQ#BITCOIN#CRYPTOINVESTING

[cryptokid3]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run?

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site. "I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019. Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex. Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live. So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex. According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer. Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya. Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel. According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

www.cifdaq.com

[cryptowala]

Is Blockchain the Answer to BookMyShow's Woes?

hat could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.

So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.

Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.

According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

cifdaq.com

Shiba Inu’s Ascent: Decoding the Recent Price Surge with CIFDAQ Chairman

Newuser232www

January 31, 2025

modify

comment

Shiba Inu, the meme coin that once seemed content to play in the shadows of Dogecoin, is experiencing a moment in the sun. A recent price surge has propelled SHIB into the spotlight, leaving many wondering if this playful pup has finally grown into a formidable force in the crypto market. To understand the factors driving this remarkable ascent, The Shib turned to Himanshu Maradiya, Founder and Chairman of CIFDAQ Blockchain Ecosystem India Ltd., a seasoned business leader and blockchain visionary with a deep understanding of the forces shaping the digital asset landscape.

The Shib: What are the underlying factors driving Shiba Inu’s recent price surge?

Maradiya: “Shiba Inu (SHIB) has recently become the center of attention in the cryptocurrency market, outpacing major coins like Bitcoin (BTC) and Ethereum (ETH) in both weekly gains and social media buzz. Several factors have contributed to SHIB’s price surge, ranging from ecosystem growth to market sentiment and speculative interest. Shiba Inu’s recent price surge is the result of a perfect storm of factors, including aggressive token burns, ecosystem expansion through Shibarium, and heightened speculative interest in the meme coin market. Market sentiment, amplified by FOMO, has played a significant role in fueling this rally, while institutional attention from reports like Grayscale’s has lent additional credibility to SHIB.”

The Shib: Based on technical analysis, what indicators or patterns suggest the sustainability of Shiba Inu’s recent price increase?

Maradiya: “Shiba Inu’s recent price surge shows promising signs of sustainability through bullish technical indicators, but potential resistance levels at $0.0000200 and $0.0000240 could limit gains. While short-term corrections are likely due to overbought conditions, the continued growth of the Shiba Inu ecosystem and strong market sentiment could support gradual upward momentum. However, long-term investors should remain cautious, as SHIB’s high volatility and speculative nature make it vulnerable to sharp corrections.”

The Shib: How do you assess Shiba Inu’s long-term prospects in the competitive cryptocurrency market?

Maradiya: “While Shiba Inu has potential for growth, its ability to establish a sustainable value proposition will depend on community support, utility development, regulatory adaptation, and competitive differentiation in a rapidly changing cryptocurrency landscape. Investors should approach with caution and conduct thorough research before committing to this high-risk asset… with the possibility of reaching an average price of $0.0001079892 by 2027.”

The Shib: How has the Shiba Inu community’s role evolved during this recent surge?

Maradiya: “The Shiba Inu community has played a pivotal role in the cryptocurrency’s narrative, particularly during recent price surges. The evolution of the Shiba Inu community has been integral to its recent price appreciation. Through grassroots campaigns, the development of Shibarium, and proactive engagement in building a strong brand identity, the community has transformed SHIB from a meme coin into a serious contender in the cryptocurrency market.”

The Shib: How might changing regulatory landscapes, both domestically and internationally, affect Shiba Inu’s future growth? Are there any emerging competitors or trends that could challenge Shiba Inu’s market position?

Maradiya: “The cryptocurrency landscape is highly dynamic, and regulatory developments, along with emerging competitors and trends, can significantly influence the future of tokens like Shiba Inu (SHIB) These factors together create a complex but manageable environment for Shiba Inu as it looks to solidify its place in the cryptocurrency market.”

About The Expert

Himanshu Maradiya is an accomplished business leader, blockchain visionary, and entrepreneur with over 25 years of holistic industry experience. He has worked with leading organizations in various domains, including real estate, international finance, and investment. His rich experience across industries gives him a sharp understanding of the macroeconomic environment and the ability to make sound business decisions quickly. Maradiya is a true visionary in the field of trading, having worked diligently in multiple verticals, including Forex, commodities, international stocks, and cryptocurrencies. In his quest to innovate and disrupt the traditional trading industry, Maradiya founded CIFDAQ – The Evolution of Innovative Blockchain Ecosystem, the first of its kind to host major trading verticals across the globe.

Cifdaq.com

Stay with us for fascinating tidbits and ideas that will keep your mind sharp and your perspective wide!

Newuser232www

January 31, 2025

modify

comment

Stay with us for fascinating tidbits and ideas that will keep your mind sharp and your perspective wide! Himanshu Maradiya Sheetal Maradiya Rahul Maradiya Jay Hao Krunal Sheth Anil Vasu Ankur Garg Muthuswamy Iyer Shipra Anand Mishra #CIFDAQ #NFT #CIFD #BlockchainEcosystem #CryptoTrading #Web3Community

www.linkedin.com/posts/cifdaq_cifdaq-nft-cifd-activity-7290692781126086656-rzLu

cifdaq.com

[zakjasper]

A Comprehensive Guide on Developing TRC-10 Tokens on TRON

With distributed storage technology, the TRON blockchain is a decentralized platform designed to provide a free, worldwide digital content entertainment system. This blockchain has developed into a stable ecosystem for cryptocurrencies, smart contracts, and decentralized apps (dApps), and it makes token development services simple and affordable.

Token Types on TRON

cases, essential for companies interested in developing tokens based on TRON.

Tokens for TRC-10: native, reasonably priced tokens that work well with in-app currency, ICOs, and loyalty schemes.

Tokens for TRC-20: Advanced tokens that support smart contracts for complicated functions and are perfect for DeFi, DEXs, and complex blockchain applications—all of which require the TRON Virtual Machine. similar to the ERC-20 tokens of Ethereum.

Tokens for TRC-721: On the TRON blockchain, non-fungible tokens (NFTs) resemble Ethereum's ERC-721 tokens. used for real estate, gaming assets, art, and digital treasures. 

Overview of TRC-10 Token Standard

The majority of the Tron-based tokens you see are TRC-10 tokens, which are one of the token specifications on the TRON network. TRC-10 tokens are easier to create and use less resources because they don't require the TRON Virtual Machine (TVM), unlike TRC-20 tokens. For many companies wishing to establish tokens on the TRON network, the ability to issue TRC-10 tokens with low transaction fees is an alluring feature.

Key Benefits of TRC-10 Token Development

Cost-effectiveness: With transaction fees that are roughly 1000 times lower than those of TRC-20 tokens, TRC-10 token production is incredibly cost-effective. Because of this, they are perfect for high-volume applications like loyalty programs and microtransactions.

High Scalability: Thousands of transactions per second are supported by TRON's design. TRC-10 tokens take advantage of this scalability, which makes them appropriate for companies anticipating strong demand and quick expansion.

Ease of Integration: TRC-10 tokens require little technical knowledge and are simple to incorporate into a variety of applications. This ease of use expedites development, enabling companies to swiftly provide blockchain technologies.

Strong Security: The strong security of the TRON blockchain, which employs cutting-edge cryptography and a decentralized consensus mechanism to guard against fraud and hacking, is carried over to TRC-10 tokens.

Flexibility and Customization: Because TRC-10 tokens are flexible, companies can alter features like the token name, total supply, and transaction restrictions to suit their needs.

Key Use Cases for TRC-10 Token Development

Because of these benefits, companies decide to manufacture TRC-10 tokens for a range of uses.

Programs for Loyalty and Rewards: Because they are simple to distribute and track, TRC-10 tokens are ideal for loyalty programs, rewarding customers for their purchases, promoting repeat business, and improving customer engagement.

ICO and Crowdfunding: Because of their ease of use and affordability, TRC-10 tokens are perfect for cryptocurrency crowdfunding and initial coin offerings (ICOs), which enable firms to raise money by issuing tokens to investors.

In-App Currencies: TRC-10 tokens are used as in-app currency by GameFi and dApp creators to unlock features and buy virtual products. This allows them to take advantage of low transaction fees for modest, frequent transactions.

Event Ticketing: TRC-10 tokens are available to event planners for digital ticketing, which guarantees safe and transparent distribution and resale, lowers fraud, and enhances the event experience.

Step-by-Step Guide to TRC-10 Token Development

Unlike other token standards, TRC-10 tokens do not require smart contract development, simplifying the process. This guide will walk you through the steps of developing and issuing TRC-10 tokens, ensuring you understand each phase and its requirements.

Step 1: Initial Setup

Prior to starting the TRC-10 token generation process, you must get TRX, the TRON network's native coin. This is crucial because it costs 1024 TRX to issue TRC-10 tokens.

To handle your TRX and the TRC-10 tokens you will generate, next, establish a TRON crypto wallet. A wallet that supports TRX and TRC-10, like TronLink or Trust wallet, is required to accomplish this.

Step 2: Define Token Parameters

Establish the exchange rate to TRX and determine the total number of tokens. Establish the length of circulation, give a thorough description of the token, and outline the maximum number of bandwidth points that each account and the total amount used to pay TRON network transaction fees.

Step 3: Website Development

Your token project needs a dedicated cryptocurrency website that offers details on its uses, advantages, and purpose in order to build credibility and draw in users and investors. Assure mobile adaptability, quick loading times, and easy navigation. 

To gain credibility and draw in investment, provide a white paper that includes technical specifications, application cases, and tokenomics.

Step 4: Issuing the Token

To use the official token issuing portal, log into your TRON wallet. Since the token details will be stored on the blockchain, enter them accurately as specified in Step 2. Pay the 1024 TRX issuance fee. After checking and verifying the information, submit the request. Your TRC-10 token will be generated and processed by the TRON network.

Step 5: Post-Issuance Activities

Whether you want to sell, reward, or use tokens in dApps, distribute them in accordance with your business plan. Track transactions and control bandwidth points with TRON's tools to keep an eye on token performance. Continue to assist users in order to foster confidence and promote broader token usage.

Selecting an Appropriate Token Development Partner

Even though creating a TRC-10 coin on the TRON blockchain is simplified and doesn't need creating a smart contract, technical know-how is still necessary to make sure everything goes without a hitch. Working with a seasoned blockchain development firm guarantees that your token will be precisely customized to fit your company's goals and requirements.

Why Partner with 'BlockchainX for TRON Token Development

Because of our vast expertise, wide range of services, and staff of blockchain specialists, BlockchainX stands out as the perfect partner for TRON token development. Get in touch with us right now to find out how we can assist you accomplish your business objectives and support your TRC-10 token development project!

[sahilcidfaq]

Is Blockchain the Answer to BookMyShow's Woes?

As matters are investigated and discussed, the company is considering the cancellation of tickets that are being sold under the table. But can blockchain be the answer in the long run?

What could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.

On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.

"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.

Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.

As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.

According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.

Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.

Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.

So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."

"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.

With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.

According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.

Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.

"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.

Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.

According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.

According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.

[counterten]

Secondary ticket market

CounterTEN revolutionizes the secondary ticket market with a blockchain-powered platform that ensures transparency, security & fair pricing. Say goodbye to scams and overpriced resales—our technology verifies ticket authenticity, prevents fraud and enables seamless transfers. Whether you're buying or selling event tickets, CounterTEN provides a safe, decentralized marketplace where transactions are secure & verifiable. Enjoy a hassle-free experience with real-time ownership validation and smart contract protection. Join CounterTEN today for a trusted and efficient secondary ticketing solution!