Is Blockchain the Answer to BookMyShow's Woes?
hat could've been a rare opportunity to see one of the most popular British boy bands in history has left a sour taste in the Indian market? Buying tickets for INR 2,500, selling for INR 300,000– this money-minting acumen has landed entertainment ticketing platform BookMyShow in troubled waters and left thousands of fans dejected and furious.
On September 22, the platform announced the sale of Coldplay's Music Of The Spheres' 2025 India leg priced between INR 3,500 and INR 35,000. Over 1.3 crore fans vied for a limited 1.5 lakh tickets to attend one of the three Mumbai shows due in January 2025. Fans complained of long waiting lists, site crashes and alleged foul play since resellers began selling tickets before they were released on the official site.
"I have just been crying. All those people hoarding the tickets just to resell them for more money. Bhagwan maaf nahi karega (crying emojis)," one angry fan wrote.
Soumya Bhatt shared on X that one agent claimed to have 300 tickets. Notably, BookMyShow has allowed for four tickets per user for the event. Many fell prey to fraudulent ticket schemes with one report suggesting the reselling ticket being priced at INR 900,000.
As matters are investigated and discussed, the company is considering canceling tickets that are being sold under the table.
According to the World Economic Forum, the live events industry annually suffers a loss of over USD one billion due to ticket fraud. Allied Market Research notes that the global music event market size is estimated to touch USD 481.4 billion by 2031 from USD 255.6 billion in 2019.
Coldplay is just the beginning, not the end. Lists of upcoming concerts/performances/festivals in India include those of Dua Lipa, Diljit Dosanjh, Bryan Adams, Alan Walker, and Cigarettes After Sex.
Previously, fans complained having a similair reselling experience when buying tickets for Dosanjh's upcoming concerts on Zomato Live.
So, the question arises, can anything be done to prevent another episode of ticket scalping? Blockchain, combined with NFTs and user Verified Identity, could be the key to eliminating the risks of counterfeiting and fraud in the entertainment industry. According to Saurabh Gupta, co-founder and CEO, VeriSmart AI, blockchain can help "create a decentralised, tamper-proof ledger where each ticket appears as unique and verifiable digital assets."
"Fans can purchase tickets with confidence, knowing that they are authentic and traceable back to the original sale," shares Rahul Maradiya, co-founder and global CEO, CIFDAQ.
With the capping of bulk black ticketing or hoarding of tickets, platforms could still allow ticket resale or ownership transfer. This could be done by updating the verified identity credentials linked to the tickets directly on the same platform. "Through smart contracts, event organizers can enforce resale limits, capping ticket prices to prevent scalping," shares Edul Patel, CEO, Mudrex.
According to AWS, blockchain and its complementary technologies could enable access to events at a lower and more transparent cost by optimizing the resale process, promoting collaborative competition among sellers, and providing a more holistic experience for the consumer.
Blockchain adoption has seen a smoother and fairer process in several events. For Patel, using a 'blockchain-based ticketing system is not a new concept.' But is the technology capable enough to handle the scale? "Multiple events of different scales and sizes like UEFA Euro 2020, India VS Pakistan T20 World Cup and many more events such as music festivals, tournaments and others that have used blockchain technology for ticketing," shares Patel.
"Insights from these implementations reveal that blockchain's decentralized nature significantly reduces the risks associated with traditional ticketing systems, where a single point of failure can lead to vulnerabilities. Furthermore, the transparency provided by blockchain allows both organizers and attendees to verify ticket authenticity in real-time, fostering a more secure environment for everyone involved," shares Maradiya.
Furthermore, Layer 2 solutions, Decentralized Applications (dApps), Load Balancing Techniques, and Dynamic Scalability can help cope with high transaction volumes.
According to industry players, while blockchain may lead to an initial increase in upfront costs for technology, development, and maintenance, it can be offset in the long run. "Over time, the efficiency, transparency, and enhanced fan engagement offered by blockchain can outweigh the initial costs, making it a cost-effective solution for both companies and consumers in the long run, " shares Patel.
According to Allied Market Research, the global live events industry market is projected to reach USD 1.2 trillion by 2032, growing at a CAGR of 5.9 per cent from 2023 to 2032. "Tickets can be resold safely without scalpers or bots inflating their prices. The technology is scalable enough to handle massive events like the Coldplay concert, ensuring that ticketing is reliable and efficient. Up to millions of tickets would be processed without complications," notes Gupta.
Shiba Inu’s Ascent: Decoding the Recent Price Surge with CIFDAQ Chairman
Shiba Inu, the meme coin that once seemed content to play in the shadows of Dogecoin, is experiencing a moment in the sun. A recent price surge has propelled SHIB into the spotlight, leaving many wondering if this playful pup has finally grown into a formidable force in the crypto market. To understand the factors driving this remarkable ascent, The Shib turned to Himanshu Maradiya, Founder and Chairman of CIFDAQ Blockchain Ecosystem India Ltd., a seasoned business leader and blockchain visionary with a deep understanding of the forces shaping the digital asset landscape.
The Shib: What are the underlying factors driving Shiba Inu’s recent price surge?
Maradiya: “Shiba Inu (SHIB) has recently become the center of attention in the cryptocurrency market, outpacing major coins like Bitcoin (BTC) and Ethereum (ETH) in both weekly gains and social media buzz. Several factors have contributed to SHIB’s price surge, ranging from ecosystem growth to market sentiment and speculative interest. Shiba Inu’s recent price surge is the result of a perfect storm of factors, including aggressive token burns, ecosystem expansion through Shibarium, and heightened speculative interest in the meme coin market. Market sentiment, amplified by FOMO, has played a significant role in fueling this rally, while institutional attention from reports like Grayscale’s has lent additional credibility to SHIB.”
The Shib: Based on technical analysis, what indicators or patterns suggest the sustainability of Shiba Inu’s recent price increase?
Maradiya: “Shiba Inu’s recent price surge shows promising signs of sustainability through bullish technical indicators, but potential resistance levels at $0.0000200 and $0.0000240 could limit gains. While short-term corrections are likely due to overbought conditions, the continued growth of the Shiba Inu ecosystem and strong market sentiment could support gradual upward momentum. However, long-term investors should remain cautious, as SHIB’s high volatility and speculative nature make it vulnerable to sharp corrections.”
The Shib: How do you assess Shiba Inu’s long-term prospects in the competitive cryptocurrency market?
Maradiya: “While Shiba Inu has potential for growth, its ability to establish a sustainable value proposition will depend on community support, utility development, regulatory adaptation, and competitive differentiation in a rapidly changing cryptocurrency landscape. Investors should approach with caution and conduct thorough research before committing to this high-risk asset… with the possibility of reaching an average price of $0.0001079892 by 2027.”
The Shib: How has the Shiba Inu community’s role evolved during this recent surge?
Maradiya: “The Shiba Inu community has played a pivotal role in the cryptocurrency’s narrative, particularly during recent price surges. The evolution of the Shiba Inu community has been integral to its recent price appreciation. Through grassroots campaigns, the development of Shibarium, and proactive engagement in building a strong brand identity, the community has transformed SHIB from a meme coin into a serious contender in the cryptocurrency market.”
The Shib: How might changing regulatory landscapes, both domestically and internationally, affect Shiba Inu’s future growth? Are there any emerging competitors or trends that could challenge Shiba Inu’s market position?
Maradiya: “The cryptocurrency landscape is highly dynamic, and regulatory developments, along with emerging competitors and trends, can significantly influence the future of tokens like Shiba Inu (SHIB) These factors together create a complex but manageable environment for Shiba Inu as it looks to solidify its place in the cryptocurrency market.”
Himanshu Maradiya is an accomplished business leader, blockchain visionary, and entrepreneur with over 25 years of holistic industry experience. He has worked with leading organizations in various domains, including real estate, international finance, and investment. His rich experience across industries gives him a sharp understanding of the macroeconomic environment and the ability to make sound business decisions quickly. Maradiya is a true visionary in the field of trading, having worked diligently in multiple verticals, including Forex, commodities, international stocks, and cryptocurrencies. In his quest to innovate and disrupt the traditional trading industry, Maradiya founded CIFDAQ – The Evolution of Innovative Blockchain Ecosystem, the first of its kind to host major trading verticals across the globe.
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