Blockchain 101 an Introduction to Blockchain

Blockchain 101 visual demo with Alan Vey & Annika Monari founders of blockchain ticketing Aventus Systems.

Aventus is a foundation using blockchain technology to provide the ticketing industry with a fair and secure means of ticketing events.

Vey and Monari met at Imperial College London in 2015, while studying artificial intelligence and physics, respectively. Vey wrote his masters thesis on blockchain based film rights distribution, which gave both Vey and Monari their first taste of the many opportunities blockchain holds in store for virtually any business that deals in proof of ownership, distribution of data and monies, contracts between various parties etc.

They decided to turn what they had learned into a business, and, after noticing the problems in ticketing, decided to launch the Aventus Protocol.

As stated in the company’s white paper first released in early 2017, “globally, the ticketing landscape is complex and fragmented. Not only does it depend upon multiple interactions within the ticketing ecosystem (event organisers, venues, promoters, bookers, primary and secondary agents), but standard practice between these parties differs between geographies.”

According to Monari, “all of these primary and secondary agents, access control systems, promoters, etc. are very siloed entities. The intercommunication between them is quite inefficient, a lot of it is very manual. For the consumer, this results in a lot of confusion, because there is never a standard way of knowing if you own a ticket, if you’re buying a legitimate ticket from a legitimate person, etc.”

A global ticket pool would change that, and Vey explained how: “Whether you’re the smallest or the biggest promoter, anybody can add to this pool of inventory, and they can set up business rules that determine how people can interact with it.

“These business rules can be anything from, ‘this ticket can only resell for 10 percent above face value,’ or ‘I want a 50 percent commission on any secondary market,’ or maybe ‘I don’t want any secondary market at all,’ or maybe ‘I want certain data associated with this ticket, before it unlocks for a user’.”

These rules are written into and enforced by digital smart contracts that sit on the blockchain. Anyone that wants to pool from the global ticket inventory and start making sales, cannot do so without adhering to those rules.

“This is very key to us, because it can result in the reduction of touting, a definite prevention of counterfeit, and more consumer awareness, more control by the artist over what kind of secondary market they want, over what kind of primary distribution they want,” said Vey.

The Aventus Protocol redefines what a sales channel is. There’s no reason why it needs to be a ticketing agency. News outlets, Spotify, social influencers or anyone with an audience, could be pulling and selling tickets, adhering to the rules, using the blockchain to process payments, and basically open a store front for tickets. According to Monari, “that should result in more inventory being sold, because of the greater reach.”

In the current fragmented market, ticket buyers will likely end up with several accounts as they buy tickets for various events. “If I want to market an event to you, I’m going to need to go to all of these different places, and make deals with all of them to reach you,” Monari explained.

The Aventus Protocol sits one level below the actual ticket selling applications so to speak, consumers would only need one blockchain account, through which they would then buy from any seller they chose.

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