With the advancement in technology, the entire ticketing process for any event is done online these days. There are a lot of glitches that the event organizers face with various e-ticketing platforms. There are so many people who purchase bulk tickets from the event organizers (this is termed as primary market) and then sell them on other platforms on high prices (this is secondary market). There are so many fraud cases in this scenario and many people are found scammed in this secondary market. The e-ticketing platform has become inefficient due to these fraudsters and some other problems. There are certain situations where the artists of an event directly involved in selling the tickets to avoid such frauds.
Some of the main problems that are faced in this industry are
· No control over the secondary market
· Abnormal hike of ticket prices depending upon the craze of the performing artist
· Artists taking control of the ticket distribution
· Fraud cases
· Bots restricting the market distribution.
UTIX has brought in a solution for all the problems that the event organizers and people are facing with this e-Ticketing industry. UTIX is an online platform that offers decentralized event hosting and e-Ticketing. The smart contracts are used in this platform which will eventually provide the control on the ticket distribution for the event organizers and the users won’t be scammed in the process. The protocol that has been used in UTIX will eliminate any possibility of the counterfeit tickets being sold. The protocol will ensure that the secondary market pricing is controlled, and the event organizers get maximum benefit of the event without any fuss.
The protocol that is used on UTIX is different when compared to the other blockchain based platforms. It is completely free for the event organizers whereas the other platforms charge for the service. the blockchain is built on Ethereum platform which allows practical use of the smart contracts. These smart contracts will be able to facilitate transfers between the event organizers, users, secondary ticket purchasers and UTIX reserve fund (RF).
The usage of the platform is very easy. The platform is designed to eliminate all the complications involved in the e-Ticketing industry hence it is designed in a user-friendly way. The users can sign up on the UTIX platform either in the form of event organizers or users. As they sign up on the platform a token wallet is generated automatically for each user separately. The users should provide email address, phone number and an ID proof too which will be essential while allowing the users into the event.
UTIX platform has a reserve fund that holds the number of tokens that are to be distributed and redeemed. The smart contracts are established when an event organizer decides to host an event. The tickets are distributed to the users who want to purchase them. These tickets are stored in the form of tokens in the wallets of users and after the completion of the event these tokens are moved to reserve fund. The token volume will be managed in the reserve fund.
These smart contracts will help in controlling the secondary market control. Event organizers will set a maximum resale value and the secondary market sellers should sell the tickets for that price only. The users should sell the tickets on the platform itself and for the price that has been dictated by the users. The smart contracts will help the organizers in this process. The users will be able to resell the tickets in two methods
· Ticket exchange- one user can send the ticket to other user and the main thing here is both users must be registered on the platform and should have their identities verified.
· Ticket Re-listing- The users can list their tickets on the same platform. The smart contracts provide ticket re-listing facility for the users
UTIX is one such platform which can eliminate most of the glitches present in the e-Ticketing industry.
Disclaimer. This press release is paid and provided by a third-party source. This press release is for informational purposes only and should not be viewed as an endorsement by CoinIdol. We take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy. Readers should do their own research before investing funds in any company.