Blockchain-based event management systems simplify the tasks of event organizations.
Also, they help craft better and smarter experiences for the attendees.
Events are happening worldwide whether in smaller or larger circles. Concerts, trade shows, sporting events, seminars, etc involve smart event management to make interaction and the purpose of the event a success.
In addition, to some companies, Live events hold immense significance in their growth. A survey says that around 80% of marketers reported that such interactive events are critical to their company’s growth.
Moreover, businesses welcome expansion with such active engagements.
They believe, the larger the event, higher is the marketing opportunity it offers. And this is because of the high volume of attendees.
Also, the Live event and its physical delivery makes a prominent impact on the attendees. And this contributes towards a staunch marketing. As opposed to digital marketing, event management lends a wholesome engagement physically.
We can say, the power of traditional marketing is still alive and is thriving strong. In fact, to refine them even more, the avant-garde technologies are being integrated.
Blockchain technology happens to be one of them in revamping the event management domain.
Event organizers find it difficult to manage the abundance of attendees. But, of course, they find out their way with it. However, the modern time and smart businesses opt for those that work with some kind of automation.
Why is that?
This happens only because of efficiency and well-reasoned management that today’s new technologies ensure.
Therefore, in order to overcome such challenges to maintain and engage, event organizers employ Blockchain-based event management systems.
However, the potential of the Blockchain technology in the event industry remains largely unexplored. The related functions most businesses incorporate and practice are just the tip of the iceberg.
But, there are certain convincing applications of Blockchain in industries that are related to the event management sector. And these have enabled activities like the following.
A serious concern for the event organizers is the potential fraud behind selling tickets.
Now, the tickets of popular matches like soccer sell out in no-time. And there are fans who fail to get one. So, they become desperate to try any alternative source to get a chance to look at their idols play.
This is when the ticket scalpers buy tickets beforehand and after that sell them. They sell them at exorbitant high prices to the helpless fans who couldn’t buy. And this happens to be a regular scenario with such events.
But, with Blockchain-based event management system, those in-charge can tokenize tickets and sell them on exclusive Blockchain platforms. With this, they always know and can manage the ones who can buy tickets from them.
Also, they can even allow second-hand ticket sales at their original prices. This way, they tend to eliminate the chances of predatory ticket scalping.
If an event is about to hold an enormous number of attendees, it becomes problematic for the event organizer to tackle and control such a large crowd and to fill their demands.
Now, there is another thing that can happen. More than the ones invited can appear and add up to the commotion. For this, the visitor management department contributes in keeping track of the number of attendees and allowing entry to the ones who are authorized only.
The idea is to offer a hassle-free and convenient event experience. Or else, too many outside interventions disrupt the expected management and hampers the entire experience too.
Through Blockchain-based event management system tools, one can enable prompt attendee verification at events using virtual identity cards.
Now, these cards can be employed in conjunctions with event passes in order to authenticate their credentials as well as their eligibility to participate in the particular event.
A great marketing platform, events can leave a lasting impression. They also ensure a high audience engagement level based on memorabilia.
For instance, leading sports teams like Juventus and Real Madrid connect with their fans and followers in order to keep them engaged.
This way, Blockchain-based event management systems are being increasingly popular. With a boost in their adoption, more and more companies are solving their problems.
However, the key to implement the Blockchain technology is to start small, clearly defining the issues being solved.
The functions of Blockchain are known to all. But, the way it works isn’t. So, in order to understand, it is important to study the basic elements of Blockchain architecture.
Blockchain is an expanding list of cryptographically signed and irrevocable transactional records shared by all participants within a network.
It offers ample business benefits like greater transparency, improved traceability and enhanced security that make Blockchain stand out. And all of these special and advanced perks are possible only due to the complex and intelligent architecture of Blockchain.
Moreover, the majorities of database technologies turn to a client-server network where a server stores data and is administered. But, Blockchain is different. It uses a distributed network where all the network participants have the authority to access, update and maintain data. Eventually, this data moves through plenty of Blockchain architecture elements right before they are inserted as a block holding data in the Blockchain.
The way it works is not as simple as the definition sounds. When it comes to practicality, complex discourse is a constant. The rest of the blog will present the Blockchain architecture of Bitcoin in general.
Blockchain happens to be a peer-to-peer network working on IP protocol. In this network, nodes are the computer that processes and authenticates transactions. Each and every node has a replica of the complete Blockchain database that stores all the information of a transaction. Finally, when multiple nodes possess similar transactional details stored in their database, there are considered as consensus.
When a new transaction to an existing one arrives, every node evaluates those transaction algorithms. In case the majority of these algorithm nodes come to a consensus which is a valid transaction, the transmission is recorded into the ledger along with a new block being added into the chain of transactions. Or else, it is denied.
Suppose if a new Bitcoin is added to the Blockchain, the details are delivered to every node. Each node then authenticates the addition of Bitcoin with different network databases. Then, it adds or rejects it accordingly.
Transactions happen to be the smallest blocks of the Blockchain architecture. They store sender address, recipient’s address and other important data. Their function is to change the state of the agreed-upon Blockchain. Transactions are bundled and take the form of the blocks before being delivered to each node.
Now, each of the nodes verifies those transactions as they get distributed throughout the network. After the verification of the nodes, in case most of them arrive in consensus, the data is successfully added to the Blockchain.
In addition, transactions contain more than one input that act as references to outputs of earlier transactions. Besides, they also hold outputs that uphold an amount or an address.
Each transaction shifts the value of Bitcoin between two addresses. For instance, when Alex sends a Bitcoin to Cindy, the transactions will shift the value from his address to her.
This way, it leaves a reference for the earlier transaction’s output. Also, the transaction’s output becomes a public key. To this, Cindy will hold the private key along with a value of Bitcoin. Now, once the transaction gets verified, Cindy will successfully receive the Bitcoin value and the Blockchain will have all the detailed added.
Blocks are the elements of the Blockchain architecture that bundle up a series of transactions and actively distribute them to the nodes of a Blockchain network.
The task of creating these blocks are that of the miners. A block comprises of metadata as well as some transactions that the miners select. The block header holds the metadata for nodes to use and authenticate the data of a block.
Moreover, the metadata comprises of various fields for instance,
Referring to the Bitcoin Blockchain architecture, users make transactions that sit in a pool unless a miner bundles it to craft a block. In the network, miners include any transaction. It is the consensus rules that validate and sorts transactions systematically.
To recollect, let us define miners again.
They are the nodes that bundle transactions and create valid blocks that the rest of the networks accept. They add a hash function to every block. Their feature is that miners are one-to-one functions and this indicates that they will lend the same hash functions with the same input.
Besides, they happen to be one-way functions. That is, it is not possible to work them backwards. This way, the hashing functions become an essential aspect that contributes to the security of the Blockchain architecture.
Moreover, it is due to hashing that it is impossible to change metadata of a block. That is because altering even a minute detail of the block header will create a new hash function altogether. And this will be authenticated once again before inserting it to the Blockchain ledger.
The mining process comprises of creating a new hash function and assessing whether the function fits the current difficulty level of the block.
In Bitcoin, this is an incentive that creates new coins right from coinbase transactions. This is a type of transaction present in all blocks that has a single output value. In case the miner’s block gets approval by the entire network, the address gets credited with the new Bitcoin.
The concepts including processing, verifying, etc prior to adding them to the Blockchain is called consensus. Rules of the consensus ensure that the database copy of a node remains consistent with one another as well as the most update one.
Moreover, as a Blockchain network enlarges and grows, the consensus algorithms grow stronger. This happens due to the increasing number of participants leveraging their own database.
In addition, there are many consensus rules like Proof of Stake, Simplified Byzantine Fault Tolerance that defines rules for diverse actions.
Now, centering towards how a Blockchain developer will craft a platform with the assistance of the Blockchain architecture components, one can classify the Blockchain network into diverse types: public, private, hybrid Blockchain and consortium. And these branches of Blockchain network offer various advantages according to the business model and need.
This way, the Blockchain technology performs to function with perfection.
An unshakable ledger for documenting transactions and tracking assets, Blockchain technology builds trust.
Now, what is the real catch about this technology? Let us discuss this in recognition with the database of Wikipedia.
Blockchain enables people to make entries into a data record which the user community has control of its updates and amendments. Similarly, in Wikipedia, no single entity administers the entries.
Moreover, the digital backbone of Wikipedia is almost similar to the centralized and highly protected database which the contemporary financial and government institutions maintain. The update management or the owners hold the authority of centralized databases.
However, the Blockchain technology-crafted distributed database holds an essentially different digital backbone. The users can witness the fresh version when one edits the Wikipedia’s database. But, in a Blockchain’s situation, every network node independently updates the record.
This reflects an upheaval in data distribution and registration which discards the necessity for a trustworthy entity to propagate digital relationships. And it is this difference which defines the fertile functionality of Blockchain technology.
It, rather, is a synthesis of proven effective technologies exercised in a totally new way.
Blockchain stems to be a smart coalescence of three technologies that made Nakamoto’s idea relevant and useful. The orchestration of Private Key cryptography, the internet and the incentivization protocol led to the recognition of the Blockchain technology.
Thus, the resultant production is an arrangement for digital interactions that rejects the idea of depending on trustworthy third parties. In addition, the work of armoring digital relationships tends to be unstated and implicit which the technology’s sturdy architecture supplies.
The three underlying key components make up to define the soul of a blockchain.
The network contenders enjoy access to the distributed ledger along with its irrevocable transaction records. This is, essentially, a shared ledger that records transactions only once discarding the duplication effort which is the trait of conventional business networks.
Speed is a guarantee in blockchain technology. And to accelerate transactions, smart contracts, which is a collection of rules, is stashed on the blockchain which then is automatically conducted. It has the potential to comprehend and define scenarios for corporate bond transfers and more.
After the process of documentation into the ledger, participants receive hindrances from altering or interacting with the transaction. Now, on the off chance of an error, they must insert a fresh transaction with intentions to reverse the complication. Finally, this makes the both the transactions visible.
The indulgence of three technologies synthesize together to propagate a new use case namely the blockchain technology. Herein, lies the discussion of how these three coordinate together to armor digital relationships.
Suppose, two individuals transact over the internet. Each holds a public and private key. The component’s central aim is to create a highly secure identity reference. Now, the identity is dependent on the possession of the public and private cryptographic key combination.
Moreover, this combination builds a highly effective and important digital signature. And in return, the digital signature renders a strong authority of ownership.
The powerful ownership isn’t sufficient for securing the relationship. Now, authorization should be coupled with a vehicle of approving permissions and transactions. However, this starts with a distributed network in case of Blockchain technology.
Bitcoin blockchain is an enormous network wherein validators state an agreement that they noticed a particular event take place at the same time as others did. Not to mention, mathematical verification validates such event.
Now, this indicates that in order to secure a network, the size of it is extremely necessary. Bitcoin, at the time of writing, secures 10,000 banks across the globe and 3,500,000 TH/s.
An extremely useful mode of digital interaction emancipates when the cryptographic keys orchestrate with the network. The method initiates with one of them taking their private key, addressing an update or announcement regarding your intent of sending an amount of cryptocurrency and sticking it to the receiver’s key.
There is a block which contains the digital signature, relevant data, the timestamp and the keys on the five sides. And this is broadcasts to each and every node of the network.
The mission of the protocol, with Bitcoin, is to disregard the possibility of the same Bitcoin to be used in a separate transaction. And this takes place in such a manner that makes it challenging to identify. Therefore, this is how Bitcoin aims to act as gold.
So, Bitcoins along with their base units namely satoshis should be distinct and unique to hold value and be possessed. In order to obtain it, the nodes maintain a history of transactions for each cryptocurrency by functioning to resolve the evidence-of-work.
Moreover, they tend to vote with the CPU power unravelling their opinion about the fresh blocks or discarding invalid blocks.
Essentially formulated as the ultra-transparent ledger arrangement for enabling Bitcoin to perform on, the Blockchain technology secures financial and bureaucratic institutions with their absolution aspect.
In 2013, the Vitalik Buterin, a developer, published a white paper which made a proposition for a platform combining the conventional functionality of blockchain with one principle difference. That is, the conduction of computer code. And it is then that the Ethereum Project was born.
Furthermore, Ethereum blockchain enables developers to craft and build sophisticated programs which can invite interaction between each of them on the blockchain.
Ethereum developers build tokens in order to showcase digital assets. Also, the purpose of them is to find the ownership as well as contrive its functionality respecting a set of development instructions.
Now, tokens can be concert tickets, music files or even an ailing person’s medical records. This widens the prowess of blockchain technology to infiltrate industries like government sectors, media and identity security.
In addition, plenty of companies are currently programming and developing ecosystems that would run on this advancement. Such a groundbreaking automation can combine with another powerful innovation: IoT solutions to transform the world entirely. In this way, stealthily, such developments are recasting the world.
Furthermore, in this way, Blockchain technology is currently giving tough challenges to the current status quo of the technological revolution.