What Is Blockparty Cryptocurrency?

Finding real-world use cases for blockchain technology has proven to be far more difficult than originally anticipated. Without the necessary infrastructure, it is difficult to make a big impact in this regard. Blockparty is on the right track, as they will offer a blockchain solution to combat ticket fraud.

What is Blockparty all About?

With an aptly chosen name, Blockparty can bring blockchain technology to the ‘party industry’. More specifically, they aim to prevent ticket fraud, engage fans, and establish fair pricing through a blockchain-based business model. Ticket fraud is growing all over the world, and countering it is very difficult. With blockchain technology, however, the tide can be turned in favor of the proverbial good guys.

How Does it Work?

To make Blockparty a successful venture, scalability will need to be addressed. The team prides itself on offering a highly scalable protocol which combines transferable digital identity solutions with multivariate smart contracts. Revolutionizing the ticketing industry will not be easy, but it is evident something will need to change sooner rather than later.

Blockparty will offer a mobile application to address issues including fraudulent tickets and unfair secondary market pricing. Those users who share events and bring friends with them will also be rewarded, which should help get more people excited about the project. Blockparty’s Two Factor Ticketing links tickets to one’s digital identity. Users can enter the venue’s gate by unlocking their ticket via the application.

Keeping user privacy in mind is also important to the team. The app fully encrypts and anonymizes one’s digital identity. It also utilizes phones’ built-in biometric authentication methods, including facial recognition and fingerprint scanning. As one would expect, the app can also be used to launch and promote events. The web dashboard makes it easy to set up an event, set ticket prices, manage VIP entry, and so forth.

The BLOX Token

No one will be surprised to learn Blockparty has its own native token, known as BLOX. This will be used to reward promoters and people who are active in the ecosystem in general. These tokens can be used to obtain ticket discounts, merchandise, and special perks when attending events. It is an interesting addition, although it remains a bit unclear how consumers will be able to pay for the tickets themselves.

What Comes Next?

Although the Blockparty ecosystem is still under development, interested parties can sign up to receive future information. There is no real roadmap in place, although setting up the necessary infrastructure for this venture will take a fair bit of time. Additionally, the aforementioned mobile application is still under development, with no official release date listed on the website.