Member Article

Aventus Protocol to Revolutionise the Ticketing Industry with Blockchain Technology

From music, sports and theatre fans, to artists and venues, everyone is currently being let down by ruthless ticket touts and sky high prices for tickets on the secondary market.

Now, by harnessing blockchain technology, Aventus Protocol has launched to provide the ticketing industry with a fair and secure means of ticketing events. Aventus is an open-source blockchain ticketing platform that allows anyone to build powerful decentralized applications for the ticketing industry.

As businesses around the globe start investigating the strengths of blockchain, the Aventus Protocol has launched to help facilitate security and control for live entertainment, sporting and other events across the entire supply chain for tickets.

Having raised 60,000 ETH (equivalent of £26million) from its ICO in September 2017 the business recently launched the Aventus Protocol, giving developers the tools to utilise blockchain to build or enhance ticketing applications and services. This additional blockchain-enabled functionality ensures all parties in the supply-chain must adhere to pre-defined rules and greater security; considerations of paramount importance to ticketing sites coming under ever more forensic regulatory scrutiny.

Aventus co-founder Annika Monari said: “The potential for this to enhance the current standards of expectation for ticketing are huge. What we are talking about here is an entirely fair and secure blockchain-based system, which virtually eliminates ticketing fraud and the scourge of unregulated touting. We want to work with the ticketing industry and encourage developers to review and engage with the source-code we are making available.”

Fellow Aventus co-founder Alan Vey said: “Event organisers will see the value in it, because it will enable them to effectively and efficiently manage and promote their ticketed events with significantly enhanced control over the ticketing supply chain. The protocol will also help them to foster greater trust and enhanced relationships with both ticketing partners and their customer base.”

One innovative, customer-experience focused business planning on introducing blockchain tickets is the ground-breaking new entertainment venture Kind Heaven. Located at the Caesars Entertainment-owned LINQ Promenade, in the heart of the busiest section of the Las Vegas strip, Kind Heaven is scheduled to open in 2019 . The result of a partnership between Perry Farrell and Immersive Artistry, Kind Heaven will combine leading edge technology and Hollywood style storytelling, taking visitors on a sensual exotic journey that offers the best of Southeast Asian culture, music, food, danger, fashion, exploration, mystery and spiritual enlightenment. With projected annual sales of 1.5 million tickets by 2020, the event is set to push the boundaries of entertainment experiences, including how customers purchase tickets. The Kind Heaven vision includes taking contactless payments to the next level by offering a token-based payment ecosystem as a more secure, faster, and decentralised solution compared to current contactless payments.

As part of its strategy to work with leading edge technology Kind Heaven has chosen to adopt the Aventus Protocol for its tickets facilitated by a partnership with Artos Systems. Artos Systems will be the exclusive provider of blockchain ticketing inventory management solutions, consulting and services to Kind Heaven in order to ensure excellence throughout the customer journey from discovery and ticket purchase to access to the experience.

The Aventus Protocol will also be responsible for significant ticketing inventory across the sports industry, working with BlocSide Sports to bring blockchain technology to football. BlocSide, has a partnership pipeline of 25 clubs worldwide and is predicted over the next 24 months, to secure four clubs under management across four continents exceeding 40,000 season tickets. This inventory will significantly increase to over 400,000 as the seasoned management & advisor team brings experience from some of the world’s biggest franchises including Manchester City, Ajax, Barcelona, Borussia Dortmund, Inter Milan, Galatasaray and Leeds United.

This was posted in Bdaily's Members' News section by Rachel Robins .