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 Sony Music 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 Sony and 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 in their big partnership with traditional music powerhouse Sony Music.
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 Sony 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.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
Follow us on Facebook
Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More
The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More
In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More
Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More
Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More
Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More