Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.
The following is an interview we recently had with Ashton Addison, CEO of EventChain.
1. What’s the history of EventChain? How and where did you begin?
AA: EventChain’s inception was a no brainer after we went through the hassles of the ticketing industry first hand. Many people that go to events understand the biggest painpoint of events is getting the tickets, and often people can’t go because the tickets are bought up and resold for thousands of dollars, and its completely unfair that artists who put on a show a do most of the work have a lot of their revenues cut off by ticketing giants like ticketmaster.
2. Who are the founders and key team members?
Ashton Addison, CEO and Founder
Ashton acquired a BBA Business Administration, Accounting & Finance (University of the Fraser Valley) in 2016.
Ashton has been a leader, entrepreneur, and technology enthusiast in blockchain technology since 2013. With a decade of experience in markup languages and website development and a constant thirst for knowledge, Ashton constantly studies coding, trading cryptocurrency, and living for cutting-edge decentralized technologies with a special place for Ethereum and smart contracts. He founded the online FinTech and digital currency news broadcasting network Crypto Coin Show and has crypto communities on YouTube, Facebook, and Twitter. Ashton also founded Shed Show Productions in 2012, a production company which created and managed multiple sold-out concerts.
Dino Bassanese, Chief Product Manager
Dino is the President of Click4Time Software. He has many years of experience managing Software as a Service product development including in-depth target market research, competitor and strategic analysis, feature specifications, website design, wireframing and UI/UX, quality assurance. His project management skills include planning, executing, controlling and closing the work of his development and design team to meet specific goals under strict software project deadlines. His commitment to ensuring applications are user friendly and customer focused is unparalleled.
Jay Addison, President
Jay is the CTO of Click4Time Software. Jay took a keen interest in Bitcoin in 2009 and in 2013 he became a regular at the Bitcoin blockchain meet-ups and began formulating many concepts of applying blockchain technology to everyday products and services. Jay has also been a professional broadcaster for over 25 years and covered the Inside Bitcoins convention in Las Vegas in 2014, interviewing 34 top CEOs and founders of blockchain based start-ups. Jay can be seen on Reuters Insider Financial Network, YouTube, DailyMotion and many other media channels.
Lance Shaler, Executive VP
Lance has been the CEO of Click4Time Software Inc. for 7 years with extensive booking industry knowledge – running award winning appointment booking software globally. He taught computer technology at Southern Alberta Institute of Technology in Calgary, Alberta and has over 30 years in software development experience. Lance enjoys drafting and executing legal contracts, team building, corporate finance, and strategic planning. He was also the President and CEO of Sci-Com Data Services Ltd., which following his tenure sold for $63 million.
Geoffrey Spooner, VP Sales
Geoffrey is a founder and VP Sales of Click4Time Software. He has an extensive background delivering high-level technological solutions to enterprise clients across the globe. He has been responsible for establishing Click4Time’s corporate clients, successfully bringing booking solutions to users in over 15 countries with a track record of success in developing and emerging economies like Africa. Geoffrey specializes in internal and external growth-driven marketing strategies and is fully dedicated to growing the EventChain communities uniting from around the world.
The Board of Advisors is also compiled of experts including Dr. Steven Funk, Silicon Valley Entrepreneur, Piotr Piasecki, the Core Developer of Factom, Jeans Tang, the President of Blockchain Research Institute in China, Dror Medalion, the CEO of Bitjob.io in Israel, Tony Sominovsky from KickICO and Bogdan Fiedur from PayPie, SocialX, and AuditChain.
3. What problem are you solving? Who are you solving it for?
AA: There are many pressing issues in the event ticketing and most prominently in large-scale concert ticketing with problems including counterfeit tickets, websites crashes, instant sellouts, ticket scalping and excessive markup and high processing and convenience fees. Many of these can be solved inherently when introducing blockchain technology. These are not just ticketing problems for fans and those purchasing tickets. Often, Artists are also ripped off and while they are the ones attracting the crowd and putting on the show, they end up losing most of their revenues to the ticketing monopolies.
4. What is your solution to this problem?
AA: EventChain’s protocol is designed to solve many of the issues in the ticketing industry inherently using the immutability of the blockchain. EventChain’s SmartTickets are attached smart contracts on the Ethereum blockchain and allow anyone to check the address of a ticket and confirm themselves that it is a legitimate ticket on the blockchain, proving your ticket is genuine and not counterfeit easily and publicly.
Integrating cryptocurrency transactions into EventChain will eliminate processing fees and conveniences fees from ticketing and financial intermediaries, leaving more revenue for artists and for cheaper tickets for fans. With peer to peer transactions we can take a ticket that normally has a 3.5% and 2.5% processing and convenience fee tallying as much as $20 in fees per ticket and convert that to an Ethereum transaction which can be as cheap as a few cents under normal conditions to make the same transaction, providing better value to artists and fans.
5. Why is your industry ripe for disruption?
AA: With the growth and adoption of blockchain technology in 2017 and 2018, it is the perfect time for EventChain to bring blockchain solutions to the real world. There have been outcries in the event industry after concerts like Adele and Ed Sheeran practically sold out before they went on sale to the general public. We did a case study on the Ed Sheeran ticketing trouble on our EventChain blog.
Even the governments have started getting involved and are considering the introduction of legislation to try and stop ticket scalpers and bots from buying up all the tickets as tickets go on sale. Ontario recently passed laws banning scalper bots.
On top of that, the competition bureau are in the courts with Ticketmaster over price fixing allegations and these are only a few of the issues going on with ticketing currently.
6. What’s the future of your industry?
Prediction #1: One of the biggest things well see In the future is transparency behind events, and that will solve a lot of problems. You can solve the problems of scalping when you can clearly see when somebody buys up 100 tickets. Public accountability and transparency allow someone to look on the blockchain to see if that ticket has been sold. Imagine in the future when all events are decentralized and all tickets are digital and you can purchase tickets with absolute fairness and transparency, and it almost sounds too good to be true!
Prediction #2: Smart contracts will also act as governing bodies and ensuring that when tickets are resold on secondary markets, the transaction between the two parties can happen in a secure manner and prevents people from getting ripped off when buying tickets because of the smart contracts. These same smart contracts will allow for secure transactions between two strangers for almost any type of asset purchase.
Prediction #3: As for the blockchain industry, distributed ledgers will be the record keepers of not just events and tickets, but eventually will point to the record of ownership on land deeds, government IDs, car and house ownership and almost anything else you can put your name on.