Why you should use blockchain to sell your products.September 24, 2018
The problem for football fans
Ticket touts are a huge problem in football, this is when people use multiple bank cards and/or identities to buy tickets in bulk and sell them onto individuals or websites such as Stub Hub for a huge markup sometimes as much as 100 times the face value.
Demand for football matches often outstrips supply, particularly for high profile matches such as El Classico in Spain, the North London derby in the UK and the Champions League Final. Touts exploit that demand by buying tickets in bulk and selling them on for a huge markup.
Sometimes these tickets turn out to be invalid or fake, which means some people will pay hundreds, sometimes thousands of pounds for a ticket which they can’t even use.
The problem for businesses
If customers/fans find it prohibitive to get hold of tickets they will be less likely to bother buying them. This is bad for business, the ticket purchasing process needs to be as easy, safe and quick as possible for all those who want a ticket to any event.
- Sport governing bodies
- Sports teams
- Concert promoters
don’t act to tackle touts they will end up suffering severe negative consequences as a result in the near future.
Their entire business model is built upon people having access to tickets at a fair price, this is now under threat from touts and fans will only put up with extortionate prices for so long.
Some will simply stop buying tickets altogether, reducing demand and consequently the price, taking a chunk out of their profit margins.
This will be a huge blow as live events industry is worth over £42bn to the UK economy, employing over 25,000 people with music, sports and festivals being worth over £4bn combined alone.
The success/failure of entertainment and sporting events has a significant knock on effect of other industries, for example, if the amount of tickets that are sold overall for live events falls, so will sponsorship, jobs will be under threat and companies that use some of these tickets as benefits will have to find alternative ways to supplement their employee’s salaries.
Companies that don’t offer enticing benefits will lose out on talented employees which can help their business grow.
Earlier this year, UEFA (Union for European Football Associations) the body which governs football in Europe began using blockchain technology to sell tickets to two of its showpiece events. Firstly it took the step of selling 50% of the tickets to the 2018 Europa League Final, this was a success.
It then expanded the operation by selling 100% of the tickets to the 2018 Super Cup Final, again this was a success. UEFA are looking to expand this project in the near future.
Blockchain technology is a secure way of storing information, in UEFA’s case, tickets.
You can’t edit, or duplicate any information that is stored once it’s on there. For example It can prevent suspicions purchase patterns are quickly spotted and rejected (e.g. someone buying multiple tickets from multiple credit cards)
This means touting is eliminated and fans can buy tickets safely, easily and at the the correct price.
UEFA have proven, twice on a large scale that blockchain technology can drastically improve the purchasing experience for customers.
Xriba Pay also uses blockchain technology to ensure all transactions made within the the platform are secure. If it’s good enough for UEFA it’s surely good enough for your business?
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