A new blockchain-based platform says it has bold plans to transform the events industry — eliminating middlemen to reduce costs for organizers, promoters, entertainers, suppliers and consumers alike.
Evedo argues that the sector’s scalability has been dramatically affected by a “lack of innovation” in the way events are organized. A multitude of platforms are often used to bring concerts and conferences to life, causing unnecessary delays and sometimes resulting in costly mistakes. In addition, the startup says the industry is riddled with middlemen who often charge large fees but “do not add value to the process” — occasionally resulting in “fraud and significant losses.”
In its white paper, the company illustrates the real-world consequences that fragmentation in this industry can bring. Ticket prices can soar because of secondary black markets, inefficient systems can mean that tickets are duplicated, payments to top talent can be delayed, and organizers can face an uphill struggle as they look for new venues and sponsors.
Three core values
Evedo says that it prides itself on its three core values of “trust, creativity and empathy,” and believes that its infrastructure can help those working behind the scenes on major events achieve creative and exciting results, all while reducing the amount of time and effort they spend on realizing their vision.
Its business-to-business (b2b) marketplace aims to connect organizers with the contractors and sponsors who can get their event off the ground — empowering them with the ability to easily compare fees and reputations so they find the perfect partner. Agreements would be bound by smart contracts, paving the way for automated payments whenever key milestones are reached. A “single point of workflow” would also make it easier for organizers to keep track of how their vendors are progressing in real time, meaning there is less to panic about in the stressful run-up to the big day.
In explaining how its infrastructure works, Evedo’s white paper adds: “The B2B platform is designed as an effective search engine where the event organizer can find all resources, partners and suppliers by listing the detail regarding their planned event. The event organizer can browse and filter by multiple criteria such as dates, type of event, expected number of attendees, specific technical equipment requirements, logistics, hotels, staff needed on site, advertising and media coverage.”
Evedo says that it plans to “fine-tune” this search engine further by collaborating closely with early adopters, responding to their feedback and finding innovative solutions by applying its “deep industry knowledge and experience.”
The golden ticket to a slick event
The startup’s offering is going to be complemented by a business-to-consumer platform that is designed to weed out the problems associated with buying and selling tickets. Evedo says the goal is to end the “money leeching activities of unwanted ticket bots and scalpers” by ensuring that issuers remain in full control of the number of tickets sold.
Evedo says blockchain technology can help verify transactions more effectively, delivering savings for organizers and attendees alike. The platform also believes that venues would also see their profits rise, as lower ticket prices would result in a greater number of events to cater to rising demand.
“Unlike existing platforms that take commissions that cut into event’s bottom lines, we are basing our business model on revenue streams such as advertising. This is what makes it possible for us to sell tickets with 0 percent commission,” its white paper adds.
The Bulgarian blockchain venture has an ongoing initial exchange offering via BitForex for EVED tokens, a utility token that is used by the platform’s infrastructure. So far, the project has raised the soft cap of the token sale and is hoping to raise $2.5 million to further develop its product.
This post was originally published on www.cointelegraph.com