Aventus | Transforming the Ticketing Industry

Although blockchain technology is still in its infancy, it has demonstrated the potential to make some real and lasting changes to nearly every industry you can think of, bringing transparency, efficiency and security to legacy systems. Although the first blockchain, Bitcoin, was created as a value ledger that could replace the banking system, its underlying technology turned into much more, allowing for complex systems to be built on top of it.

Some industries, like the aforementioned banking industry, require the sort of disruptive change that blockchain technology can bring more than others, but its adoption may very likely come in smaller increments, taking over smaller sectors and building up to the most important ones, where the global impact can be made.

Building on this notion, we have seen several open projects taking the lead and implementing blockchain technology in areas like gaming, record keeping, telecommunications, and much, much more. Now, Aventus is bringing these same strengths that are found in blockchain tech to an industry that is in dire need of a reform, the ticketing industry.

For years now, several problems have slowed down the ticketing industry such as the increasing number of counterfeits, second market resales, the lack ticket sales oversight and efficient promotion. One of the most pressing problems is caused by clients that purchase large amounts of tickets in order to resell them for inflated prices.

This is bad for the event promoter who usually keeps prices low in order to stimulate attendance to the event and increase merchandise sales. With clients purchasing large quantities of tickets, these can become sold out, which means many potential clients won’t attend and those that do will pay more. Although some attempts to change this have been made, the results have not been satisfactory.

Enter Aventus, a decentralized network built specifically to eliminate the uncontrolled resale of tickets and counterfeits. Based on the Ethereum blockchain, Aventus provides a feasible solution that benefits both the event organizers and attendees along with special features that make the whole process much more enjoyable.

In the Aventus Protocol, each ticket has a unique identifier that is stamped on the Ethereum blockchain. This identifier is in turn connected to the client’s identity which is required for ticket purchases. The client must then prove his identity at the entrance in order for it to be matched with the one referenced on the Ethereum blockchain. The private information of the client remains secure at all times, only accessible by the event organizer when confirming the identity.

Not only does Aventus allow for complete oversight of tickets sold on the primary market, it also allows the secondary market to exist while providing the event organizers with a certain level of control as to what tickets can be resold and for how much. This is beneficial for the user and the industry, as ticket holders may not always be able to attend the event due to unforeseen reasons.

The AventCoin (AVT) which is the underlying token of the Aventus protocol, is used within the platform for voting on the legitimacy of events, apps, and more. It is also used to pay for the matching services provided by nodes who match buyers with sellers in the secondary market (and receive a fee.

To learn more about the Aventus Protocol, visit the official website and read the whitepaper.