With the new partnership, EventChain will become the first company to bring the blockchain technology to the event ticketing industry in Asia.
EventChain, an Ethereum -based ticketing service, has announced a cooperation with Japanese electronic music e-ticketing service iFLYER. By using the blockchain technology, companies aim to address the main industry issues, such as fake tickets scam and high processing fees.
EventChain utilizes a unique smart contract ticketing system (SmartTickets) to enable ticket buyers and event managers to purchase or sell SmartTickets using the platform’s own EVC tokens or any other payment option. It offers a simple user interface for managing ticket sales powered by the blockchain technology and EVC tokens, providing a real P2P network for selling and buying tickets worldwide.
The startup is currently running an ICO that was launched on Wednesday. Most of the funds raised in a crowdsale will go on marketing purposes, design and development, and operations. Initially announced in the beginning of the month, the token sale will continue for a month until October 14, 2017.
This week, Silicon Valley Entrepreneur Dr. Steven Funk and Core Developer of Factom Piotr Piasecki joined EventChain’s Board of Advisors to help in further development of the project. Piotr Piasecki is a core developer from one of the leading cryptocurrency projects Factom and a former moderator of Bitcoin.StackExchange.com and a current moderator of /r/Bitcoin subreddit. Dr. Steven Funk, meantime, has over 30 years of experience in international corporate debt, equity investment, and real estate ownership and development.
“iFLYER is looking forward to working with EventChain to develop our next generation ticketing platform backed by the EVC token,” CEO of iFLYER, Malek Nasser. “Our goal is to reduce fraud and create a safe facility for the legitimate transfer ownership. Integration will begin in Q2 of 2018 first in Japan, and then into other territories in Asia, then globally.”
Integrating EventChain’s solution for event management will enable iFLYER to provide ticket purchasers with complete transparency from event organizers, indisputable ticket vouchers, and faster transactions.
iFLYER, which recently got an investment from Sony Music Entertainment, is now the leading electronic music e-ticketing system in Asia. With an extensive industry expertise and support from Sony Music, iFLYER aims to gain a large share of the market given the number of digital currency business keeps growing.
Japan is one of the best countries for running a blockchain business today. Japanese financial regulators are actively supporting innovations and have recently launched the new fintech hub to help emerging startups and facilitate the growth of new financial technologies. Besides, the nation’s clubbing scene has recently experienced a boom after the government lifted a 67-year-old ban that prohibited dancing in venues without a special ‘dance licence’.
Launched in 2006, iFLYER manages 5,000 events per month and includes profiles of more than 85,000 artists, such as Coldplay, Radiohead, Panic! At the Disco, James Blake, Skrillex, Whiz Kalifa, The Chainsmokers, Tiesto, Diplo, David Guetta, Flume, and Aviici. The platform already has more than 400,000 active ticket buyers and generates revenues of $2 million each year.