Mohammed El Kandri, a leading advocate for blockchain solutions, suggests that blockchain technology could be instrumental in solving the pervasive issue of ticket scalping in the events industry. Utilizing blockchain would enable the issuance of digital tickets that are both “immutable and easily traceable.”
Increasing Discontent Over Current Ticketing Practices
Mohammed El Kandri, founder of Ir4lab, a startup focused on blockchain applications, asserts that blockchain’s inherent features of transparency and traceability make it an obvious choice for combating the illegal resale of tickets. El Kandri’s call for the implementation of blockchain-based ticketing systems comes amidst growing public dissatisfaction with traditional methods of ticket distribution for events like musical concerts and sports games. Many attendees claim that clandestine groups purposefully deplete the primary ticket market, where tickets are offered at their official rates.
Critics of the existing ticket distribution mechanisms highlight the inflated prices that eventgoers often face, sometimes paying up to a tenfold markup over the ticket’s original cost. A 2020 study by Technavio supported these claims by valuing the global ticket resale market at slightly more than $15 billion.
The Case for Blockchain in Ensuring Transparency and Traceability
In light of the escalating problem, various consumer rights organizations have proposed the enactment of anti-scalping legislation. However, El Kandri, in an interview with CryptokenTop.com News, argued that a blockchain-driven solution like his startup’s offering, Doccerts, holds a higher likelihood of effectiveness. He elucidated:
Utilizing this technology allows for comprehensive visibility throughout the ticket issuance process, granting all stakeholders real-time, transparent oversight. Additionally, blockchain offers robust digital security measures, circumventing the complexities associated with traditional paper-based verification systems.
To demonstrate the efficacy of a blockchain-oriented ticketing system, El Kandri’s Ir4lab is poised to integrate its solution at an upcoming Web3 summit hosted by Saudi Arabia.
Besides addressing ticket scalping issues, blockchain technology also permits event organizers to create digital tickets that are “immutable and easily traceable,” as El Kandri points out. This capability further allows organizers to monitor a ticket’s journey from its generation to its final use.
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Frequently Asked Questions (FAQs) about Blockchain ticketing solutions
What is the main proposition of Mohammed El Kandri regarding ticket scalping?
Mohammed El Kandri, the founder of blockchain startup Ir4lab, proposes that using blockchain technology can be an effective way to combat ticket scalping. He argues that the transparency and traceability inherent in blockchain make it a suitable solution for issuing tamper-proof and easily traceable digital tickets.
What problem does blockchain technology aim to solve in the context of ticket sales?
Blockchain technology aims to tackle the issue of ticket scalping by offering a transparent, traceable, and secure method for issuing and tracking tickets. This digital solution is designed to reduce fraudulent resales and inflated ticket prices in secondary markets.
How does the public feel about current ticket distribution methods?
There is a growing dissatisfaction among eventgoers regarding traditional ticket distribution methods. Many people feel that clandestine groups manipulate the primary ticket market, leading to inflated prices on secondary markets. Some attendees are forced to pay up to ten times the ticket’s original price.
The 2020 report by Technavio estimated that the global ticket secondary market was valued at just over $15 billion. This figure highlights the significant financial impact of ticket scalping and underscores the need for effective solutions to counter this issue.
What is the role of El Kandri’s startup, Ir4lab, in this context?
Ir4lab, founded by Mohammed El Kandri, offers a blockchain-based solution called Doccerts designed to tackle the ticket scalping problem. The startup is set to demonstrate its technology at an upcoming Web3 summit hosted by Saudi Arabia.
What additional benefits does blockchain technology offer besides preventing ticket scalping?
Besides its primary function of preventing ticket scalping, blockchain technology also allows event organizers to issue digital tickets that are both immutable and traceable. This enables organizers to closely monitor a ticket’s lifecycle from its initial issuance to its ultimate redemption.
What is the general consensus on anti-scalping laws?
While some consumer advocacy groups have called for the introduction of anti-scalping laws to address this issue, Mohammed El Kandri believes that a blockchain-based solution would be more effective and easier to implement.
More about Blockchain ticketing solutions
- Technavio 2020 Report on Ticket Secondary Market
- Interview with Mohammed El Kandri on CryptokenTop.com News
- Overview of Blockchain Technology
- Web3 Summit Hosted by Saudi Arabia
- Consumer Advocacy Groups and Anti-Scalping Laws
- Ir4lab’s Blockchain-Based Solution, Doccerts