Today begins CryptoTickets’ ICO, an Ethereum-based blockchain platform for ticket systems and event organizers. It is trying to solve ticket touting, fraud, and counterfeiting by utilizing the immutable ledger of the blockchain.
Event organizers, ticket distribution platforms, and secondary marketplaces have struggled to deal with ticket counterfeiting and fraud for many years. For instance, earlier in 2017, thousands of Ed Sheeran fans were denied entry to the Ed Sheeran concert due to the tickets they had purchased on secondary marketplaces. The fans purchased tickets from unverified sellers at a value eight times higher than the face value, and received counterfeit tickets in return.
In an interview with Forbes, Sandy Khaund, former executive at Microsoft, Intel, Turner Broadcasting and InStadium, further revealed:
“It happens a lot [ticket fraud]. Last year at game seven of the NBA Western Conference championship between the Golden State Warriors and the Oklahoma City Thunder, 86 people got rejected at the gate with tickets they’d bought from StubHub. At least StubHub has a money-back guarantee but those people didn’t get to go to the game.”
Essentially, the CryptoTickets blockchain platform is trying to solve the rapidly increasing cases of ticket fraud and counterfeiting in various industries. By using the Ethereum blockchain, a decentralized and peer-to-peer infrastructure developed specifically for decentralized applications, the CryptoTickets blockchain is capable of embedding the cryptographic proof of each ticket on smart contracts, which are eventually broadcasted to the Ethereum blockchain.“At the moment, the ticket sale market survives numerous problems, such as speculation in the secondary market, fraud and ticket falsification, incomplete sales and a lack of a consolidated tool for tickets return. These are the basic topics for all industry conferences across the globe. The blockchain t...