THE BACKSTORY
In 2013, Sandy Khaund, Credenza Inc’s Founder, was introduced to blockchain. He recognized the potential for decentralized identification, where identity isn’t tied to platforms like Facebook, Google, or proprietary logins, but instead relies on mathematical computation to universally identify each user. He believed that if this concept gained traction, it would revolutionize the Internet.
A few years later, Sandy successfully started a company using blockchain technology to manage the purchase, transfer, and tracking of tickets. Eventually, he sold the company to Live Nation/Ticketmaster. While the business was successful, Sandy believed that blockchain technology could do much more than just ticketing. He thought that the real value lay in enhancing the digital identity of fans. He imagined a future where assets, attributes, and actions linked to a person could be stored on the blockchain, revolutionizing how digital rights are issued. This vision extended beyond just tickets to include venue access, content, discounts, and merchandise, leading to the creation of Credenza.
According to Merriam-Webster, in Italian, credenza means “belief” or “confidence.” Credenza Inc has embraced this etymology, and the use of blockchain ensures that the platform operates as a good steward of the identities managed on the platform.
Credenza sought to revolutionize the fan experience by considering a universal identification tied to a digital wallet not merely as a repository for NFTs or cryptocurrency, but as a representation of a fan’s identity, managed by cryptographic algorithms and used for decentralized data storage and access. This approach aimed to facilitate hyper-personalized experiences from partners and service providers. Additionally, this all comes with zero reliance on third-party cookies, providing a futureproofed audience data strategy.
A well executed hyper-personalization delivers 8x the return on investment.
In early 2022, Credenza successfully raised funds to develop their product and secured their first major commercial deals in 2023. Unlike typical blockchain startups that focus narrowly on tokens or cryptocurrencies, Credenza views each wallet as a detailed profile that can be seamlessly integrated into various digital platforms, simplifying the implementation process and challenging the notion that blockchain technology is overly complex or of limited practical value.
Through its innovative platform that is initially targeting the professional and college sports industry, Credenza is redefining the role of blockchain in distributed systems, data sharing, and digital rights management. By focusing on the fan and their digital identity, Credenza is unlocking the true potential of blockchain technology, offering a secure and streamlined method for managing digital rights and assets in our increasingly digital world. As an infrastructure solution, Credenza has many applications in multiple verticals. Sports was just the beginning.
The Experience
What are common aspects of a fan experience?…
- Buying tickets to a live event
- Enjoying food and drinks at a sporting event
- Buying and wearing team merchandise
- Watching your team play on TV/Streaming
- Attending team-sponsored events or meet and greets with players from your favorite team
The data and information for each of these activities are associated with a specific team. However, these are all separate experiences and are managed by multiple independent entities that typically do not share information. No single entity, including the team itself, has complete visibility into how a fan interacts with their experience. As a result, they are not fully equipped to enhance the overall flow and depth of fan engagement comprehensively.
Credenza bridges the gap between disparate ecosystems by capturing engagement points across domains in real-time. This empowers properties to reward active engagement, surprise and delight fans in the moment, and improve the overall experience.
Credenza’s platform serves as the connective tissue that allows partners to better understand individual preferences and how consumers interact with their offerings. If you are a season ticket holder, regularly purchase merchandise for your family, and spend money on concessions at a game, the team aims to reward you and improve your experience even further. By having a comprehensive understanding of your interactions, the team is better equipped to meet your needs.
Who are we?
Credenza is a global company with Business Operations managed out of Atlanta, GA.
