Can Blockchain Resolve Dodgy Ticket Resales?

Can Blockchain Resolve Dodgy Ticket Resales?

It doesn’t matter if it’s a football match, music concert, a play or even ballet, you probably sought front-row tickets, or the one from which you can enjoy your show. However, many a times when they get sold-out before you buy them, you are tempted to buy tickets via unethical ways, that is, from unauthorized secondary parties. Isn’t it? Well, everybody has and that’s why secondary ticketing system has become a major problem across the globe! But what is the issue in buying tickets from third-party?

blockchain
Source: musically.com

Know About The Issue

We know that price of tickets in a few events is so high that scalpers are making way more profit than event organizers by selling tickets at unreasonably high prices. This affects the earnings of organizers and artists drastically. Moreover, everybody knows that this is illegal and yet policing the issue is no less than nailing a jelly to the wall. The reports convey that in 2016, US Congress passed a law that banned the use of scalper bots. This was a specially coded software that bought all the tickets as soon as their sale began.

The Australian Government also raised fine for scalping, but till date the prosecution has not punished even a single person. However, the artists have taken this matter to their own hands several times. It all started when Pearl Jam took a stand in 1990s. Later in 2009, Miley Cyrus came up with ‘paperless ticketing system.‘ This ensured that only those who had bought the tickets can enjoy the concert. This, however was not successful as several fans were too young to possess credit cards. And thus, their guardians had to come with them to prove their identity. In 2017, Glastonbury music festival tried printing pictures of the holders on every ticket. However, none of them have succeeded! If figures are trusted, then “Touting and ticket fraud” has a contribution of £4.5bn in music industry.

Know About The Issue
Source: thenextweb.com

So what is missing in our current practices which has potential to curb away this issue? Well, there are many, but Blockchain is the most prominent one!

Also Read: Is Cryptocurrency Killing Blockchain Technology?

What Has Been Proposed?

The two graduates from Imperial College of London, namely Annika Monari, 25, and Alan Vey, 24 have created a special software using cryptocurrency known as “bitcoin of ticketing”. This could really solve the problem that we are struggling so hard to overcome! For those who are curious enough to know how this will work. Well, it will allow organizers to give tickets to the the buyers through a unique identity and as the records will be on Blockchain, they cannot be faked. The software thus developed also allows promoters to keep a record easily and thus they can control the prices as well.

The researchers (who are also founders of Aventus, and have degrees in Artificial Intelligence and Particle Physics) have claimed that this will “virtually eliminate ticketing fraud and the scourge of unregulated touting.” When they were asked about this they conveyed that “It has been an amazing journey. We used to sit in this common room having coffees and worrying about our coursework. But now, hopefully, we will be the people who can solve the problems in the ticketing industry. That would feel incredible and be such a huge achievement for us.”

What Has Been Proposed
Source: musically.com

 Also Read: How to Get an Ad Free Internet with Blockchain?

Will There Be Any Positive Effects?

Yes, definitely! This field is explored by several other companies as well if you’ll ask us where Blockchain can be implemented? We’ll say that by setting resale limits. The organizers can choose whether they want to resell the tickets or not, and set limits on the price range as well. This will limit the price significantly and organizers and artists can directly earn from them.

In the spree of this, a U.S. startup is also working to prevent ticket fraud. However, they do it by hiding the barcode until a specific time and specific distance that will make it impossible to create or sell fake tickets.

We cannot deny that ticket scalping has been a major issue for long and the scalpers have made huge sums of money via them. They are not worried even today because there are no regulations to guide the same. However, it seems that Blockchain technology has come into action and for rescue of event organizers. We hope that this will entirely combat the problem of ticket scalping. The experts have conveyed that if the people won’t be making much profit via this due to supervision, the business of ticket scalping will cease to exist. But it will take as much time as Blockchain to get in action. Till then, all we can do is wait! What do you think about this? Do let us know in the comments section.

Varsha Tiwari is a blogger at Systweak. She loves reading, traveling, and trying new cuisines. In spare time, she plays Table Tennis or strolls around listening to music. Besides these, she is also interested in playing video games and teaching underprivileged students.

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