How Blockchain Technology Can Influence the Event Industry

  • 2 min read
  • Aug 26, 2020
How Blockchain Technology Can Influence the Event Industry

Smartphones have been a revolution in the way we plan and run our daily lives. Similarly, blockchain technology will bring new opportunities for improving the planning and experiences of virtual events.

Blockchain is a record of transactions from anything, inclusive of the movement of goods, money, or secure data. It can be the purchase you make at the supermarket or the government allotting an ID number. Blockchain is a technology that is decentralized and secure, which makes adding, removing, or changing data impossible without being detected.

Goldman Sachs, the leading firm in global investment banking, management, and securities, believe that blockchain is the new technology of trust that will redefine how we transact. Blockchain is an opportunity for business leaders to seamlessly deal with suppliers, employees, customers, agents, and contractors.

How will blockchain technology impact the event industry?

In the past few years, there has been a vast transformation in traditional business models. The transformation has been made possible by blockchain technology. This technology provides a secure, traceable, and transparent networking system. Implementing blockchain technology in virtual events will enable your business to build a robust solution for planning and managing. In return, you will be improving the experience of your attendee and also reducing your operational cost.

Ticketing

There are many online platforms for selling and reselling tickets to big events, concerts, or festivals. But you have to face reality and admit that not all these vendors are genuine and some are there to scam people. We can rely on blockchain technology to prevent this from happening. With blockchain technology powered platforms, the authenticity of stakeholders will be checked, and every transaction will be 100% secured. You can apply this tool in your virtual events to ensure security during the transaction of the attendance fees.

The core of blockchain technology is security, so upon completion of authentication, your attendees will not have to go through the process of filling the forms a second time. They can easily enter the system through their digital identification number for automatically registering for your events.

Venue sourcing

Event industries can use blockchain technology as a platform for event planners to engage with various venue suppliers. Event planners can then use this technology’s decentralized transaction system to book spaces for their tradeshows, conferences, and seminars. Blockchain technology is a 100% secure process, so it takes away all the administrative difficulties and makes the transactions extremely swift.

Availing Sponsorship

You can use blockchain technology to attract sponsors for your virtual events as well. Since businesses are always on the lookout to promote their brand, what better platform to advertise than at your event? You can provide an advertisement in exchange for their sponsorship. A decentralized system will facilitate these transactions and automatize these features for the event.

Manage attendees and suppliers

By applying blockchain technology, event planners can easily manage vendors for obtaining catering, security, audio-visuals, and more. With access to a list of different vendors that are authentic and legit, you can pick the ones that best suit your needs. Blockchain tools will also allow you to create a system based on points. These points can help you in rewarding attendees for participating in specific activities, participating in surveys, or giving feedback. Any type of reward will motivate your audience to participate in your events and make your virtual events more interactive.