Blockchain newcomer Blockparty has publicly launched its app after successfully ticketing a VIP event at last weekend’s Elements Lakewood Music Festival. The Pennsylvania festival attracted over 7,000 attendees over Memorial Day Weekend where Blockparty used its ticketing platform that utilizes an attendee’s digital identity for a special event.
Blockparty has launched its new ticketing platform, available now for download in the Apple App Store. Founded by top executives from the live events and blockchain industries, Blockparty leverages the power of blockchain technology to eliminate common frustrations with the current ticket purchasing experience such as ticket fraud, lengthy event check-in protocols, and predatory secondary market resellers.
“We’re able to solve many of the major challenges in ticketing, including gate fraud, scalper, bots, ticket price hikes and earning secondary ticketing revenue,” Blockparty CEO Shiv Madan told Amplify.
Blockparty’s platform differentiates itself from other ticketers by using blockchain technology to stop fake tickets and bots while encouraging a healthy secondary market.
“The way it works is that our app encrypts your phone’s Touch ID or facial recognition scan-your ‘digital identity,’” Madan explained. “When you buy a ticket, your digital identity is attached to the ticket QR code, and when you sell the ticket, your digital identity detaches from the ticket.”
All ticket owner’s identities are recorded but only the current owner of the ticket can enter the gate. The technology can be used for both individuals and groups to buy and sell tickets.
With two factor verification, fans will be able to ensure that their tickets are valid and organizers will know exactly who is at their event.
At the event gate, an attendee logs into the Blockparty app with their own fingerprint or facial recognition scanner on their phone to access the ticket. The ticket is scanned at entry using the Blockparty enterprise app, verifying both the ticket QR code and the attendees digital identity.
Blockparty’s first public use was at a special event at Elements Lakewood Music Festival for hundreds of festival goers. The experience featured DJ sets and special performances by acrobats and dancers.
In addition to attendee verification, Blockparty also uses ‘smart contracts’ to combat revenue losses on the secondary market. Smart contracts (coded rules for ticket sales) enable event promoters, artists, venues, and sports teams to set rules for primary and secondary tickets that allow them to earn a share of secondary ticketing revenue.
“Blockparty’s smart contracts can set the percentage that the original issuer of the ticket can earn from each secondary ticket transfer,” Madan told Amplify. “For example, Taylor Swift or the New York Knicks could set a 20% share of any secondary ticket sale margin. They could also set a price cap of $200 per ticket so that no tickets could be sold above that price.”
Artists or organizers could also enable rewards and benefits for ticket holders using the blockchain technology.
“The clients using the platform can set the rules for their own events, such as offering percentage ticket discounts to groups of attendees or free drink or merchandise in return for bringing friends,” Madan said. “These reward programs are intended to incentivize demand as well as encourage longer term engagement with attendees before and after the event.”
Blockparty has now launched its new ticketing platform available for download in the Apple App Store. They are expected to roll out marquee event partnerships over the coming months.