Saved from the clutches of insolvency is what the director of the UK’s biggest festival booking agency said. Letsfest is one of the UK’s most popular festival ticketing and distribution companies. Two years ago, they made headlines saying they were going to be amongst the first festival ticketing companies to develop their own in-house blockchain. However, that was, in fact, the last time we heard from them, months went by. Years went by, two years to be precise. Two years and around 2,001,535 GBP according to the director of Letsfest. As you can imagine, this once fabulous idea of an in-house blockchain had soured tremendously in the mouths of all who had once stood behind the idea.
Three months into significant bankruptcy issues, Letsfest had an idea and to their blessing, a solution. ‘We were saved from demise,’ they said. By partnering with www.whitelabel-coins.com, they were able to have a full, tailored made in-house blockchain in under two months. ‘How many nodes would you like running the system?’ That was all they asked me. ‘I mean, as you can imagine, I had gone through a rollercoaster ride of depression and frustration. Everywhere we turned, we just encountered more and more problems. As you know, blockchain is an open source code, so if it is not done correctly, any programmer can hack in and get away with potential millions. In the course of two years, we had three security breaches! In the case of any of these security breaches, we could have lost millions in currency or data. I mean, at one point we just wanted to give up. I think that blockchain is the evolution of all technology and all technology-based companies should be making or have already made the switch. However, if not done correctly, as in the case of our company, it can cost you an arm and a leg; an arm and a leg when you should be running in the triathlon’.
After partnering with the Swiss tech company that specialises in creating digital solutions and decentralised ecosystems, Letsfest has managed to save themselves from the brink of a colossal abyss. They are now back on the path to be the world’s No.1 festival ticketing agency and are also one of the first in the world to use blockchain technology. Blockchain allows them and their festival partners to achieve full transparency, which helps faultless ticket allocation. Who knows, maybe one day Letsfest will even start their own Festival-Coin. A great idea in perspective, as most festivals are cashless nowadays anyway.