Bitcoin-style event tickets launched that will eliminate fraud and touting6th May 2018
A smart ticketing system being introduced this summer hopes to put an end to ticket touts and scammers, using blockchain technology popularised by cryptocurrencies such as Bitcoin.
After securing $20 million of investment last November, The Aventus Protocol will be utilised in the sale of 10,000 tickets across the US and Europe this summer.
With Aventus, dubbed the “bitcoin of ticketing,” each ticket would have a unique identifier, similar to the barcoded ticket we currently use. However, unlike today’s tickets, where only the event organiser can check if the barcode or ticket is valid, any user would be able to check if a ticket is valid immediately.
This is all thanks to the transparency offered by blockchain technology, using advanced cryptographic techniques to provide a secure, public ledger.
The Aventus system allows promoters to enforce rules across the entire supply chain, which everyone from venues to fans must adhere. This technology could be what finally puts an end to extortionate ticket touting, which frequently sees tickets bought up for must-see events, only to be resold for hundreds of pounds more than face value.
It’s an ‘open-source’ protocol, which means anyone can check out how it works, and create their own software based upon it. So expect an abundance of mobile apps that allow you to instantly check the validity of a ticket.
This would put an end to the anxiety that goes along with buying a second-hand ticket, with no certainty that it will scan successfully when you arrive at the event until you get turned away at the door.
Founders Alan Vey and Anniki Monari see a future where not only all live music tickets are sold using this system, but transport and sports events too.
Alan told press at the Aventus ICO that “we ultimately aim to power all ticket sales online. At the moment we’re focused on event tickets, but we’re looking at the possibility of expanding to transport and sport in the future.”
“I originally completed a thesis in blockchain-based film rights
“One of the biggest problems plaguing the events industry is touting. Almost everyone has had the experience where they go online to buy tickets for their favourite artist, only to find that they’ve sold out in minutes.”
“At Adele’s recent tour, tickets for the Wembley Stadium locations were sold out almost immediately, leaving the majority of her fans disappointed. The tickets – which had a maximum face value of £175 – then began appearing on secondary sale sites for thousands of pounds.
“This is frustrating to fans and leads to very poor brand publicity for the event organiser.”