Transformer : Web3 more than meets the planner ’ s eye
ETECHSUITE ’ S SYSTEMS INTEGRATION MANAGER SHAUN DAWS DISCUSSES HOW WEB3 COULD TRANSFORM THE EVENTS INDUSTRY
W eb3 is the next evolution of the Internet , and it has been slowly building under the surface for years . Based on blockchain technology , and emphasising privacy and decentralisation , this new Internet has the potential to disrupt whole industries . The events industry is one that is feeling the first effects of Web3 adoption and the possibility for major changes in how events are organised and delivered is enormous .
Web : a definition First , let ’ s take a step back and define Web3 : Web3 is considered the third evolution of the Internet . What started as simple , static webpages in the late 20th Century ( Web1 ), soon became the data-driven ecosystem that is today ’ s modern Internet ( Web2 ).
With a massive increase in privacy breaches and the centralisation of control and money in companies such as Google and Facebook , alternatives have been sought to increase the democratic aspects of the World Wide Web , while providing more privacy and freedom for its users . Enter Web3 .
Web3 is based on blockchain technology , which is the underpinning for increasingly mainstream inventions , such as cryptocurrency and NFTs – components that sit atop the Web3 platform . Many other lesser known Web3-based technologies also exist , however , such as Decentralised Autonomous Organisations ( DAOs ) and Decentralised Apps ( dApps ). These tools use a Web3 technology called smart contracts to automate administrative processes and reduce the friction involved in complex transactions such as loans , voting , and monetary exchange . What has this got to do with the events industry ?
Privacy Increasingly , we are seeing news stories about large organisations which have lost their users ’ data due to a privacy breach or hack . Companies are spending billions of dollars each year to defend against a constant barrage of attacks , while trying to adhere to increasingly strict privacy laws . Despite this , Internet users are still forced to trade their personal information for access to services , at the risk of identity fraud and loss of privacy . In a Web3 world many of these problems can be eliminated . Web3 is constructed using strong encryption , which is used at the most fundamental levels to provide privacy and security to its users . Users create a single account , called a Wallet , which allows them to maintain all their personal information in one place and provide that information to whomever they choose , under what conditions and for how long they choose . The data provided is not stored externally , which greatly reduces the risk of being caught in a data breach and limits other unintended consequences , such as personal information being sold to other parties .
For events companies which deal with large amounts of personal data that needs to be kept current and often reused , this can be beneficial as it means that access to delegates who want to be contacted is easier and more reliable .
Ticketing Ticketing and registration are arguably areas that will likely see the most changes in the near future . There are several major drawbacks with the status quo for ticketing , including loss or damage of physical tickets , scalping / touting , and access control . Changes made during the pandemic have shot the ticketing industry forward with digital tickets and QR codes , but even they have similar limitations . Many of these limitations can be alleviated by using Non-Fungible Tokens ( NFTs ).
Now , NFTs are mainly seen as low-quality images that are sold for millions of dollars by celebrities , however this niche use only scratches the surface of what they can be used for . NFTs are a way of uniquely identifying any digital resource , which allows them to be used in many creative ways .
One example of an event that is using NFTs to their fullest is Coachella . As of this year , this premium concert event is using NFTs as their main ticketing method . Concertgoers can purchase
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