You’ve heard about it.
You’ve witnessed the rise and fall of Bitcoin. Maybe you even bought some satoshi, waiting for a new bull run.
And you know one or two people advocating this decentralized system you know nothing about: Blockchain technology.
That’s some sort of cryptocurrency, right?
Luckily, the bitcoins (and other types of virtual currencies) are only a small part of what blockchain technology is capable of.
Let’s find out more about this claimed innovation.
What is blockchain technology?
According to Goldman Sachs, blockchain is the new technology of trust that redefines how we transact.
“Blockchain has the potential to change the way we buy and sell, interact with government and verify the authenticity of everything from property titles to organic vegetable.”
At its heart, a blockchain is a record of transactions, such as any movement of money, goods, or secure data.
It can be anything from a purchase at the supermarket to the assignment of a government ID number.
Blockchain is secure and decentralized.
Its technology makes it impossible to add, remove, or change data without being detected by other users.
Additionally, there’s no central authority (like the government, for example) to verify transactions.
Since blockchain applications operate via decentralized systems, verifications come from the consensus of multiple users.
According to Don and Alex Tapscott,
“Blockchain technology has profound implications for many institutions.”
As the authors note,
“The blockchain will reduce friction for companies everywhere.”
At the same time,
“Business leaders have another opportunity to rethink how they organize value creation. They could negotiate, contract, and enforce their agreements on the blockchain; deal seamlessly with suppliers, customers, employees, contractors, and autonomous agents; and maintain a fleet of these agents for others to use, and these agents could rent out or license any excess capacity in their value chain.”
Multiple startups and new endeavors prove this right, and the MICE industry is not an exception.
Different new businesses based on the blockchain technology are gradually taking over the travel sector.
Most of them are based on securing and powering up the transactional relationships between suppliers, vendors, and customers.
Some companies use this decentralized system for booking and home rentals.
So how will blockchain technology impact the events industry?
Read out to find out how blockchain technology can help your events.
As you probably already know, there are multiple platforms selling or reselling tickets to big events, festivals, and concerts.
Unfortunately, some vendors aren’t honest and will scam people.
To keep this from happening, we could rely on a blockchain technology-powered platform through which stakeholders can be authenticated and the transactions 100% secured.
This can evolve into a tool that enables event professionals or people who plan events to ensure attendance fees are securely transferred.
How is this different from a regular registration form and payment system?
Since security is the backbone of this technology, future attendees won’t have to fill out extended registration forms.
Instead, they’ll be able to enter the system with their digital identification number and automatically register for the event.
We can envision the extended use of blockchain technology as a platform where event planners can engage with different venue suppliers and use the decentralized transaction system to book a space for the next conference, seminar, or trade show.
How is this different from existing platforms?
Since blockchain technology is 100% secure, it eliminates the administrative hassle, making all these transactions extremely fast.
Sponsors will be able to use blockchain technology to look for events and provide additional sponsorship in exchange for advertising.
This value-based transaction will be facilitated by a decentralized system that will automatize these features.
In the not-so-distant future, you might be able to incentivize your attendees by rewarding them with token credits.
This can help you set up a point-based system that will motivate your guests to take specific actions or interact more with the event environment.
Blockchain technology can give you access to a list of vendors (audiovisuals, catering, space maintenance, etc.).
Knowing those vendors are authenticated and legit, you can choose the ones that best suit the concept of your event and book their services instantly.
Just as smartphones have revolutionized the way we plan and run events, blockchain technology will represent a new milestone and opportunity for improving both event logistics and experiences.
Although blockchain-based platforms are still just in their beginning stages, we’re confident they will soon become the new standard of the MICE industry.