Blockchain ticketing is set to completely change the way event ticketing works for good. But not all blockchains are equal, B.A.M is different …
Why using blockchain for ticketing?
Automated bots, scalping and lack of secondary market control are widespread issues with music or sporting events. Keeping control over who resells the tickets as well as who buys them on the secondary market are the problems our blockchain technology has a sound solution.
Most ticketing solutions are still insensible to the risks associated with ticket forging or ticket resale to individuals who are not the wanted attendees. The threats associated range from sexual harassment to active shooter occurrences. Tracking ticket life cycle using blockchain technology gives intelligence to avoid unwanted individuals to gain access.
This makes blockchain ticketing very appealing for events that have security in mind and want to be able to have stricter
control over who gains access to the event.
B.A.M facilitates a unique cryptographic identity to
Fight Black Markets
Our permissioned blockchain identifies BOTS, scalpers and other rogues immediately using behavioral scoring models. This even works without knowing the real identity of the rogues or where they are.
B.A.M network issues unique cryptographic Tickets to
Eliminate Fake Tickets
We eliminate duplicate and other fraudulent tickets from primary and secondary markets
B.A.M clearing and settlement network enables
Secondary Market Revenue
We provide a controllable secondary market with every ticket. Terms ans conditions for primary and secondary sales can be set by the issuer. Revenue or commission can be set for every single transaction done.
Blockchain technology key benefits
Business transactions usually deal with sensitive data. Universal access with public blockchains (e.g. Ethereum) could cause huge losses to the parties concerned.
Hence, strong privacy features are one of the elements that B.A.M network has along with adherence to the applicable regulatory and legal requirements (e.g. GDPR).
B.A.M network protects enterprise data through a three-level data flow structure:
- Separated ledgers give access to authorized users only.
- Introducing Additional privacy keeps data confidential between the parties to a single transaction.
- Zero-knowledge validation proves the title of data without actually revealing the data.
Lack of transparency across each station in the life cycle of a ticket can interrupt the flow of information between ticketing stakeholders (artists, organizers, promotors, venues).
Most of the stakeholders also do not want to share information regarding their ticket sales. Especially pricing mechanism and contractual details are an internal affair to any business, which if made transparent could benefit competition, e.g. adapt their strategies to capture additional market share .
B.A.M equips all stakeholders with a trusted network, helping to maintain sufficient transparency while not disclosing confidential information. A high level of privacy is ensured as transaction details are to be shared only among involved parties based on a permissioning system.
Smart Contracts which allow for auto-execution eliminate middlemen and reduce manual intervention save stakeholders from unnecessary cost and efforts. Immutable ledgers in the record-keeping system reduces the cost of an audit.
A predictable cost is always considered as a good measure of performance along with assurance of future stability. B.A.M runs on different platforms having constant fees, thereby improving the operational predictability.
Blockchain technology is changing the way ticketing transactions are being processed. Removal of third-party intervention and verification reduces secondary market transaction costs through the use of cryptographic authentication.
Transaction data can be easily exchanged between stakeholders, without incurring extra cost of maintaining a shared information database which reduces also cybersecurity issues.
B.A.M cures the known blockchain diseases
For some events ticket sales are very fast (e.g. Tomorrowland 360k / 60min; Monty Python: 15k / 43sec), which translates in transaction throughputs of 100-400 transactions per second. Number of total transactions per second (tps) must be high enough to handle large ticket sales – the higher the better.
But most common distributed ledger systems (e.g. Bitcoin, Ethereum, EOS) fail this goal by far, not B.A.M
Invalidation of a single ticket is required to be below 1 sec to keep up event registration speed. Current implementations of distributed blockchain systems (e.g. Bitcoin, Ethereum, EOS) need significant time to confirm a transaction and write them to an immutable ledger, not B.A.M