Kvě 06

Blockchain Technology to Combat Dodgy Ticket Resales

· May 6, 2018 · 6:00 pm

Secondary ticketing in the UK is a billion-dollar problem, one that Aventus hopes to solve with blockchain technology.


Whether it’s your favorite football match or your music idol’s concert, front-row tickets are probably what you’re after. However, if they happen to be sold out by the time you can afford them, you might be tempted to purchase these tickets from unscrupulous secondary parties.

Prepare to be met with counterfeit tickets and sky-high prices. According to The Guardian, secondary tickets for shows for big artists, such as Adele, can fetch up to $12,000. Preventing these so-called ticket touts seems to be a decades-old issue, but something that blockchain technology could solve.

Blockchain to the Rescue

Annika Monari and Alan Vey, who are the founders of Aventus, will have the opportunity to test this theory at the upcoming FIFA World Cup in Russia. Their blockchain-based program will be used for more than 10,000 tickets to fan events in the US and Europe.

By using blockchain technology, the records for each ticket will be immutable and therefore protected against counterfeiting. Essentially, each ticket will be linked to its owner, which will combat fraud.

By doing this, Monari and Vey, who both have degrees in Artificial Intelligence and Particle Physics, have said that Aventus will “virtually eliminate ticketing fraud and the scourge of unregulated touting”.

A New Solution for an Old Problem

A New Solution for an Old Problem

The Aventus founders discussed their excitement at working towards a solution for this problem:

“It has been an amazing journey. We used to sit in this common room having coffees and worrying about our coursework. But now, hopefully, we will be the people who can solve the problems in the ticketing industry. That would feel incredible and be such a huge achievement for us.”

The platform’s ICO in September last year sold out in just seven minutes, raising a total of just over $35 million.

Positive Impact

Professor Mike Waterson from Warwick University acted as a technical advisor to Monari and Vey. He had this to say:

“It has a lot of potential. Thinking through the market from a fresh perspective is very useful. If they get genuine buy-in from a wide enough range of people then it is going to have a big impact on the market.”

Expanding Blockchain-based Solutions

Waterson also conducted a government report into the secondary ticket industry, including ticket sales for Premier League games. This is also an issue that Aventus hopes to help with. The platform will be working with another blockchain-based platform, Blocside, for the FIFA World Cup initiative, but hope to expand their offerings to Premier League football clubs soon.

Ticket fraud is quite a lucrative industry in the UK, with an annual value of about $1.3 billion. Bernie Dillon, an entertainment industry expert, discussed how Aventus could make a difference:

“Anyone who has ever attended, hosted, or produced a live entertainment event has been affected by counterfeit tickets or extortionate resale prices. Aventus brings a refreshing solution that could end fraudulent activity and ticket touting once and for all.”

Do you think that blockchain technology is the answer to the ticketing industry’s biggest problem? Let us know in the comments below!


Images courtesy of Wikimedia Commons, Shutterstock

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Dub 16

Samsung Delves Deeper into Crypto Exploring Blockchain for Its Logistics

· April 16, 2018 · 5:00 pm

Samsung Electronics Co. is the latest big name to show a keen interest in the powers of blockchain technology, specifically, how it can be incorporated into their supply chain management processes.


Even though cryptocurrencies may still be getting critiqued, it’s supporting technology is being more readily adopted. The advantages of blockchain such as security and immutability, are major drawcards for companies that rely heavily on record keeping, such as healthcare, finance, and even art.

Blockchain to aid in shipping

However, it is also a viable option for supply chain management, an option that massive electronics corporation, Samsung, is ready to explore. According to Bloomberg Quint, the company’s logistical and information and technology branch, Samsung SDS CO., could use a blockchain ledger to monitor their billion-dollar global shipments sector.

Song Kwang-woo, the blockchain chief at SDS, touched on how the technology could revolutionize other businesses:

It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.

A cost-effective way of working

A part of this digital transformation is working towards a paperless way of doing business. Not only are physical documents annoying, they’re expensive too. In fact, according to International Business Machines Corp., the documentation costs for container shipments is more than double that of other modes of transportation.

When it comes to Samsung shipments, this equals a substantial amount of money. For this year alone, SDS projects that the company will transport 488,000 tons of air cargo and one million 20-foot-equivalent (TEU) shipping units. The SDS has said that by implementing blockchain technology, the company could save as much as 20% in shipping fees.

It’s not just about saving money though. Blockchain technology could actually impact on overall customer satisfaction. This is because efficiency associated with this technology could mean a shorter time span between product launches and product shipment. Not only will that keep Samsung customers smiling, it will also give the company a competitive edge over their industry rivals.

Cheong Tae-su, who is a professor of industrial engineering at Korea University, explained a bit further:

“It cuts overhead and eliminates bottlenecks. It’s about maximizing supply efficiency and visibility, which translates into greater consumer confidence.”

What’s more, Samsung appears to be going all-in into cryptocurrencies in general as it recently announced manufacturing mining chips. This move that puts them in direct competition with the Taiwan-based company, TSMC, a preferred ASIC chip supplier to Bitmain.

Samsung joins an ever-growing list

Samsung isn’t the only global company big on blockchain. Mastercard recently announced that they will soon be hiring blockchain experts to help drive innovation with regard to payment solutions.

Governments are also realizing its benefits, with China financially contributing towards blockchain-based startups. In addition, the European Union has launched the EU Blockchain Observatory and Forum, which aims to foster blockchain promotion.

The blockchain business is definitely booming. The US-based research company, Gartner, has predicted that the technology will add $176 billion USD worth of value to businesses by 2025. This number is set to increase to over $3 trillion by 2030.

What do you think of yet another big corporation using blockchain technology? Let us know in the comments below!


Images courtesy of Shutterstock, Bttcoinist archives

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Lis 18

How to Secure Your Cryptocurrency Wallet: 16 Simple Tips for Beginners

· November 17, 2017 · 10:00 pm

Literally millions of people have joined the world of cryptocurrencies recently. For example, Coinbase, one of the biggest cryptocurrency exchanges, has added around 2 million new clients within two months. Blockchain.com, the major electronic wallet, found its client base increase by 1.8 million during the same time frame.


Most of these people are newbies, unacquainted with security issues and risks that surround complex but currently profitable cryptocurrency realm. This makes them easy targets for cybercriminals and thieves.

One popular crime which is conducted on cryptocurrency traders is the phone-porting attack. Crooks monitor social media in search of cryptocurrency discussions wherein people publish their emails and phone numbers for quick connection. After that, hackers use various social engineering techniques and posing as a victim, call the telephone provider and trick the customer support rep into transferring the telephone number to a phone they control. As soon as hackers take charge of the telephone number, they log in to the victim’s wallet or exchange account, reset the password and subsequently snatch all funds from the account.

A phone number is not the only security weak point. Hackers may get hold of your home PC too. Phishing attacks, Ponzi schemes, and ransomware are all widespread forms of cryptocurrency fraud and theft. Nothing teaches a person about security quicker than cybercriminals hacking his account and running off with $5,000 worth of Bitcoins. Once this happens, people tend to get really serious about their security.

So, what is the best method to safeguard your cryptocurrency assets from hacks? We must confess there is no ideal approach to the problem. In this digital age, hard drives, laptops, and phones are becoming the brand new bank vaults. Real-world experience and understanding of how to protect money from thieves are not sufficient for the virtual money.

How to Secure Your Crypto Wallet Like a Boss

How to Secure Your Crypto Wallet Like a Boss

The following tips can be used as a security guide for new cryptocurrency aficionados:

  1. Securing your software wallet is similar to protecting any data on your computer. You have to be a little more paranoid while browsing the Internet, clicking on links and email attachments.
  2. Mobile users may take advantage of Google authenticator with a single IP in its whitelist, which should be the VPN to access the online exchange.
  3. It is important to select an exchange that is not only flexible and easy to use but also reputable and secure. Try to follow the news. If industry leaders disengage from a project it should be a worrying signal. Repeated technical problems and strange policies are additional points of concern. Bitcoin withdrawal difficulties will always be a red flag also.
  4. Do create backups. Kept in a secure place, a backup of your cryptocurrency wallet may save you from hardware failures and a lot of human slipups. It will also let you restore your wallet in case your PC or telephone gets stolen.
  5. Encrypting the wallet or your hole device enables you to create a password for those attempting to take out any money.
  6. Although passwords and encryption can protect from thieves, it is not able to put a stop to key-loggers or another malware. It is important to install and keep up-to-date leading antivirus and antimalware solutions. Many of them are free to use.
  7. Prior to creating an account on any exchange, set up a new email box that you will be using for that specific exchange account.
  8. Be sure to choose a very difficult and lengthy password, desirably a passphrase. Write it down on paper and store that piece of paper in a secret place.
  9. Turn on two-factor-authorization not only for login but for any transaction procedures.
  10. While on social media or forums, do not mention what cryptocurrency exchange or wallet you use.
  11. Contact your phone carrier and order all possible levels of security they can offer. Add passcodes, secret questions, pins, etc. Additionally, enable the “do not port” option for any new SIM card.
  12. Web exchanges and wallets all claim they treat security very seriously and implement all necessary protection technologies to prevent breaches and unauthorized transactions. Do not trust these words. Such companies are not banks; they often do not have the same level of security. And even banks get robbed often.
  13. Do not store all Bitcoins in one wallet or exchange. Diversify your risks. It is extremely difficult to steal money from several wallets at once, particularly when you set different email accounts and passphrases for each of them.
  14. Consider keeping big cryptocurrency sums in cold wallets off the Internet. The cold wallet is a technology of keeping Bitcoins offline on hard drives or even paper. Hackers will not be able to reach your funds. On the contrary, the hot wallet is linked to the Internet. It should be used for everyday transactions and is like a checking account, whereas cold wallet may represent your savings account.
  15. Consider examining decentralized exchanges. The difference between decentralized and centralized exchanges is that decentralized exchange does not store your funds. Nobody can gain access to your money except you.
  16. Tell your peers and especially close friends and relatives to embrace the same attitude and mindset. Ecosystems, where all participants treat security seriously, are less attractive to cybercriminals.

Try to always help beginners to buy and sell with security. This territory is new and we should assist people who are trying to find their way. Fortunately, you do not have to be a cryptography professional to make the first security steps which will save you from most of the problems.

Do you take any additional wallet security measures that are not on this list? Let us know in the comments below.


Images courtesy of Wikimedia Commons, AdobeStock

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