How Blockchain Can Influence Virtual Conference

Our world runs on data. Each transaction we undertake needs to be verified and is often carried out by a central body. This system leads to a power imbalance between approvers and the approved system, which thus limits participation and cooperation. Blockchain technology can solve this issue for the virtual conference.

Blockchain is a decentralized record of any transaction, including goods movement, money, or safe data that is impossible to add, delete or change data without being detected.

When you look into the verification of any transaction, the latest data is usually required. For example, a bank is responsible for validating the transaction from Party A to Party B. The intermediary first checks the account balance of party A then authenticates the transaction to Party B. There is also an identity verification process of both parties before giving a green signal to the transaction.

With the help of blockchain ledger and smart contracts, all these steps in fund transfer can be automated. The event company can use less of its resources in transaction management, ticket return Management, and fraud management. All of the benefits to the organizer, participants, and sponsors of the blockchain-backed events are discussed here.

Benefits for using Blockchain in events

In the near future, scalping and ticket fraud are going to be a big issue for event management companies. Going virtual with blockchain technology would eliminate most of the existing and upcoming problems. Some of the direct advantages of using blockchain in virtual conferences are:

Ticket and counterfeit tickets can be disposed of: Blockchain and Ethereum are highly secure and counterfeit money transaction methods. Once a Bitcoin amount is transmitted from one address to another, no replication is possible.

Limiting Scalpers: In the traditional ticketing system,ticket-bots can buy a large number of tickets in bulk and resell them at very high costs later. With Blockchain ticketing, organizers can establish clear rules for ticket retail systems using blockchain and Ethereum, even setting limits for secondary sales.

Fully centralized sales of tickets: Although verification nodes are totally decentralized, Blockchain/Ethereum controls the entire process in a consistent and transparent manner. Blockchain technology can create uniform communication standards between parties and increase the transparency of the ticket reservation process.

Smooth Resale and refund system- A smart contract can be used in allotting tickets, payment processing, refunds, and resale. All of these activities will be automated, thereby saving time and cost to the company.

How Blockchain will Impact The Event Industry

In recent years, traditional business models have undergone a major transformation. Blockchain technology has made this transformation possible. This technology offers a secure, transparent, and traceable system of networking.

Blockchain technology helps companies to develop a sturdy solution for planning and management in virtual events. In exchange, companies can improve their customers' experience and reduce operating costs. I've discussed some of the ways the influence can be seen in the very near future:

Blockchain In Ticketing

There are many online platforms where tickets to major events, concerts, or festivals are sold. Many are not genuine and people often get scammed. In order to prevent this, we can rely on blockchain technology.

The authenticity of buyers is checked by a blockchain ledger and every transaction is guaranteed to be 100 percent secure. To ensure safety during the transaction of attendance fees, one can use this tool for virtual events. One benefit of using blockchain in ticketing is that returning customers will not have to complete the KYC form for a second time after authentication. With their digital identification number, they can easily enter the system to automatically register for events.

Searching for venue

Event industries can use blockchain technology to interact with various venue suppliers as a platform for event planners. Then event planners can use the decentralized transaction system of this technology to book rooms for their trade shows, conferences, and workshops. Blockchain technology is a 100% safe process that removes all administrative challenges and speeds up transactions.

Sponsorship Available

Blockchain technology can also be used for your virtual trade shows to attract sponsors. Since companies are always looking to promote their brand, what better advertising platform than at your event? In exchange for your sponsorship, you can offer an ad. These transactions are simplified by a decentralized system and automated for the event.

Manage Participants And Providers

An Event Management company can easily manage catering, security, audio-visual, and other suppliers using blockchain technology. You can choose the one that best suits your needs by accessing a list of different suppliers that are authentic and legit.

Companies can as well create a system based on points by means of Blockchain tools. These points can help to reward participants who participate, participate in surveys, or provide feedback for their specific activities. Any type of prize will motivate your audience to participate and interact with your virtual events.

Conclusion

The technological transformation in the event industry is inevitable. With augmented technology, VR, and blockchain, the participant, organizer, and other related stakeholders will be benefited at large. Although these technologies are evolving, ticketing events with blockchain will have higher safety, greater control, and inherently more efficient procedures. This may also eventually be the norm for events and society at large.