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Update February ‘19 – GET Protocol – Medium

Update february ‘19 – get protocol – medium

Update February ‘19 – GET Protocol – Medium

Update february ‘19 – get protocol – medium

Parlez-vous ticket?

On February 12th it was finally time for the stadium concert of French superstar ZAZ, in the AFAS Live.

None of our tickets were resold for profit, although the tickets sold by TicketMaster were of course not protected. Unsurprisingly, these were offered on secondary platforms for >%200 of the original price…

The amount of visitors — AFAS Live seats 6,000 visitors — posed an interesting challenge (opportunity!) for our system. Seeing as both GUTS and Ticketmaster sold tickets for the show, it was important for us to make the entrance of visitors using GUTS’ tickets as smooth as possible and avoid any unnecessary waste of time.

This was the perfect chance for us to utilise the direct communication features. The feature, allowing artists and event organizers to send messages straight to the mobile phones of tickets holders, has been received very well so far; comedian Jochem Myjer sends practically all his audiences a positive message on the day of a show they are attending, and sometimes sends another one after an especially memorable performance.

Smart ticketing: No fraud, no scalping, direct communication and countless of other benefits!

In last month’s blog, we also noted how the feature helped us reach ticket holders who had tickets for an event for which the artist had gotten sick on the day of the performance:

“While of course an unfortunate situation, this feature prevented a huge amount of additional disappointment and frustration from visitors traveling from far and wide and actually showing up to a closed door. The shows were rescheduled, for which the existing tickets were automatically transferred. People who couldn’t attend on the new date could easily put their ticket up for sale, although over 90% of the people kept their tickets. This process meant a lot less hassle for both visitor and event organizers — no tickets needed to be refunded and less costs had to be made.”

The ZAZ show posed a new way to use the feature, namely for specific on-location information meant to guide the flow of the attendants. Visitors who bought tickets through GUTS were guided to the GUTS entrance, saving them a lot of time. (There was hardly a line here, throughout the evening.)

Check out our recap video of the event here:

For event organizers, especially those of large scale events, the type of ‘crowd control’ that is possible with direct communication is incredibly valuable. Being able to direct massive amounts of people at your events can be of great importance, for various possible reasons. It could be to point attendants to a performance that is about to start, or notify those at the event of a specific discount on merchandise, for example.

These reasons are of course trumped by the most important possible utility of the feature: safety. Being able to directly communicate to all of the attendants of your event can save lives in an emergency situation: All those present can immediately be notified on what’s going on and where they need to go. This prevents unnecessary panic and allows the event organizer to remain in control of the situation.

The event went well for us, and it not only proved the benefit of our anti-scalping measures — although next time we would much rather sell all of the tickets, since allowing any tickets to be sold through traditional platforms like TicketMaster opens the door for scalpers to do as they please, as was the case for this show — but it also gave us the chance to highlight other features, which will entice other potential clients who organize larger scale events.

We are already talking to promoters about setting up new events.

Published at Thu, 28 Feb 2019 14:17:05 +0000

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Private Capital Market Ecosystems Meet the Blockchain

Private Capital Market Ecosystems Meet the Blockchain

In a move signaling blockchain technology’s continued advancement in the financial world, Hong Kong–based PrivateMarket.io and NY-based Symbiont announced an agreement to build an alternative investment marketplace for closed-end funds utilizing Symbiont’s SmartSecuritiesTM software. The parties anticipate that the marketplace will go live in late 2017.

PrivateMarket’s strategic intent is to ensure that a new generation of wealth managers are able to access, analyze and seamlessly execute primary and secondary market transactions online. Through technology, they deliver concrete solutions that foster a more transparent and efficient private capital market ecosystem.

In a statement, Loïc Engelhard, founder and CEO of PrivateMarket.io, said he welcomed the partnership, noting that the security and privacy elements being delivered by Symbiont are of paramount importance for his company’s success. In particular, he touted the ease of integration and fit of Symbiont with their own internal processes at PrivateMarket.  

Symbiont is largely known for a smart-contracts platform that tethers to institutional applications of distributed ledger technology. Its growing number of disclosed users include 19 financial institutions for Smart Loans™, arranged by Credit Suisse and executed via Synaps; its syndicated-loans joint venture with Ipreo; the State of Delaware for Smart Records™; a major European insurance company for Smart Swaps™ in the catastrophe insurance market; and Orebits, a provider of asset digitization services. The company’s technology has also been used in markets for syndicated loans and digitized gold claims.

Symbiont was started in early 2015 by Mark Smith, Adam Krellenstein, Evan Wagner and Robby Dermody — all of whom have extensive track records in the bitcoin/blockchain space as well as in fintech. Prior to Symbiont, the trio of Krellenstein, Wagner and Dermody founded Counterparty, the “bitcoin 2.0” open-source project targeting digital representation of non-bitcoin assets on the bitcoin blockchain.

In August of 2016, Caitlin Long, a Wall Street veteran of over 22 years, joined Symbiont as chairman of the board and president, assuming responsibility for Symbiont’s commercialization, business strategy and client relationship efforts.

In an interview with bitcoin Magazine, Long discussed how Symbiont’s new partnership with PrivateMarket is designed to provide an enhanced and efficient approach to private capital markets, with private equity and real assets as a main focus.

“The implementation of our blockchain and Smart Contracts solution will increase efficiency, transparency and the speed of the transactions in the antiquated over-the-counter market. It will also improve greatly the security of the private equity market by simplifying complex and highly manual bilateral contracts.”

She also noted that unlike the current state in private equity, where unlisted (investment) vehicles exist, Symbiont’s solution will greatly improve the liquidity of asset classes through the implementation of its SmartSecurities solution.

“We see blockchain technology having a significant positive impact on the investment world, and it starts with the fact that the foundational document for any investment — the registration of a company — will likely soon be possible to do on a blockchain in Delaware.”

Long says that when securities are issued natively on a blockchain, not only can they be administered via smart contracts, but issuers and investors will be able to communicate directly. In addition, she says, payment of dividends can be handled directly, proxy voting will be clear and accurate, share repurchases and tender/exchange offers for bonds will be easy to execute, and the roster of security owners will always be accurate and up to date.  

Long says that amid these advancements, there are also significant opportunities for improvement of business processes in the fund administration business — whether it be mutual funds or private asset funds.  

“At the end of the day, all of these benefits will accrue to end investors, who we’ve always said should be the biggest beneficiaries of blockchain technology in the financial sector.”

The post Private Capital Market Ecosystems Meet the Blockchain appeared first on Bitcoin Magazine.