Humans are known as social animals. The thirst for meeting on common grounds has always driven mankind. Over the history, events have managed to gather people across vast distances. Today, the event industry is a USD 850 billion worth and increasing. Thousands of event management organizations and associated ones (venue owners, entertainers, sponsors and event rental ones) are connected in a B2B and B2C environment.
Involvement of Many
With such a high number of players and large options of revenue generation, the current event industry is marred with intermediaries and middlemen. This creates a myriad of issues:
- Expensive Tickets: With intermediaries taking in cuts, organizers of events have to raise ticket prices to compensate for profits. Ultimately, the attendees pay for the expensive tickets.
- Poor Planning: A high number of variables and people involved mean there is an increased complexity in management, especially where thousands of people are involved.
- Black Market for Tickets: Unscrupulous players try to cash in buy buying tickets to an event in high quantity and then reselling it in the black market for illegal profits.
- Artist Management: With a high number of event management firms and a vast array of artists, timing and bookings are misaligned, causing delays and even cancellation of events.
- Time Wastage: Most of the time is spent on organizing and aligning event functions than the event itself. The wastage of time is one factor and the connected monetary aspects another.
- Funding: Through inefficiencies, cost of events rise and new event management is affected since people are apprehensive on arranging expensive functions.
Evedo: Changing Event Management Industry
Evedo is a blockchain based platform that is set to fundamentally change how the event industry operates. The platform leverages decentralized ledger technology (DLT) to usher in a paradigm shift in the traditional workings of the industry.
Blockchain is known for its efficiency, speed, low cost and elimination of intermediaries. Using blockchain, Evedo gives the following benefits:
- Elimination of Middleman: With direct connection between all types of players, such as event organizers, sponsors and artists, there is no need of a money hungry intermediary.
- Artist Management: A single platform means that schedule an booking data of artists will always be available for organizers, letting them manage and coordinate in a better manner.
- Lower Cost of Tickets: With intermediaries gone and higher efficiency, the price of tickets will fall, ultimately leading to more attendees who will be able to afford these.
- No More Black Market: Since the tickets will be issued on the blockchain and only the buyer will be able to show the ticket and enter an event, black marketing of tickets will not be possible
- Smart Contracts: Leveraging smart contracts, payments, from sponsors, organizers and buyers to artists and event management would need not rely on traditional banking. This means payments will be made directly and much faster than normal.
- Better Planning: With the platform fine-tuned for event management, the overall planning effectiveness increase would mean ever lowering hiccups in the planning and execution stage.
- Ratings: With the platform running a rating system that will be done by users of the platform, any player in the event business would be able to view the standing of an organizer, sponsor and other associated players, giving a reliability level that the industry still does not have.
- Future Funding: The lowering costs of events would mean that more and more parties would be interested in planning and organizing events, leading to a boom in the already growing industry.
Powering Events With EVED
The Evedo platform uses its custom made EVED token for monetization purpose. The token will be used as a medium of exchange and will allow all players to use a single token for all purchases and selling.
The token is ERC20 compatible, meaning it complies with the latest Ethereum standards. The token will be made available to backers and interested parties not privately through an ICO, but an IEO (Initial Exchange Offering), where it will be listed on the crypto exchange BitForex on 16th of April. Every trader and user of the exchange will have a chance to acquire the token.
The EVED token is a limited supply one, with a total of 160 million ever to be supplied. The BitForex exchange will have 80 million up for grabs. The launch of the token will see it being available for users at 2000 EVED for 1 ETH. To prevent mass acquisition, only 200,000 EVED can be purchased by a user.
Evedo is a Bulgarian decentralized platform that will reshape the event management industry. With an expected global market of USD 1 trillion by 2020, the event industry will benefit hugely from the rise of Evedo platform. The firm has already released an alpha demo version of its platform that has a ticketing system, allowing users to securely create, promote and even attend an event.
For more information, visit https://www.evedo.co/