The “bitcoin of ticketing” aims to cut down on ticket fraud
Hardcore music fans have long been detestful of scalpers and their ilk of third party ticketing websites, like StubHub.
Thankfully, two recent graduates from Imperial College London – Annika Monari, 25, and Alan Vey, 24 – have created what they’re calling a “bitcoin of ticketing” system in the hopes of altogether eliminating the problem of ticketing fraud and scalping prices in the live music and sporting industries.
Using cryptocurrency, the software, called Aventus Protocol, uses blockchain technology that would allow event organizers to give each ticket a unique identity that is tied to its owner.
The blockchain technology can track where each new ticket barcode contains an encrypted version of the previous one, meaning tickets can’t be faked. It also allows event organizers to keep tabs on the price of each ticket, if they are resold.
The first test for the new software will be during the 2018 World Cup, with 10,000 tickets being sold to fan events around Europe and the US. The tech start-up also plan to work with football clubs for the sale of season tickets in 2019.