Blockchain for ticket sales: how decentralization can help decrease the price of tickets

in #blockchain6 years ago (edited)

Russian developers designed a decentralized platform for the sale of tickets to sports and entertainment events that is expected to protect the market from profiteering and frauds.

  • Why should we transfer ticket sales to the blockchain?

Three main advantages of the distributed ledger technology are immutability, auditability and traceability. You can always check if you pay too much to the vendor, consult the initial price set by the organizer and verify the authenticity of the ticket. 25% of the $38.9 billion global market for sports and entertainment events in 2016 was secondary market sales, increasing costs for consumers whilst cutting off revenue to the individuals working hard to make these events possible. A distributed blockchain will bring efficiency to the ticket sales process which can ultimately decrease the end user cost of tickets.

  • I do not believe all those Internet resources. How can I be sure that they would not cheat me and sell me worthless scraps of paper instead of tickets? is not an event organizer or a ticket vendor. It is a decentralized platform that can be used by organizers and ticket vendors to sell tickets with the help of smart contracts. All the interactions between the vendor and the customer are automated. Spectators can verify if they have really acquired the admission ticket because the data on the tickets is preserved in the unique distributed ledger. This data cannot be falsified by anyone, spectator, organizer or vendor, because no one of them controls the system: it is controlled by the community as a whole.

  • I already use a ticket service and I am okay with it. Why should I switch over to some new platform? is not a competitor to other ticket services. Any functioning system can connect to and use the advantages of blockchain technologies for itself and its customers. If a ticket service you use connects to the platform, you as a customer will be able to get additional bonuses from blockchain use: protect yourself from the risk of fraud and operate your ticket in automatic mode: return it, transfer to another user and so forth.

  • All those cryptocurrencies, blockchain — this is too complicated for me. I am afraid I won’t be able even to buy a ticket on this platform.

The service is designed to be accessible by everyone, including organizers, ticket vendors and future buyers. To profit from the advantages of the blockchain platform, you don’t need to be a programmer or a cryptocurrency expert. A user will only need to register on the platform website and buy tickets with the help of the member area. It will be possible to pay either in platform tokens or with a conventional payment card. Your member area or, more correctly, your wallet will also offer a complete information about the event, including interviews with artists and a possibility to communicate with other fans.

  • I do not understand why the ticket prices would decrease. How can the blockchain help here?

The distributed ledger technology eliminates unnecessary middlemen. Sometimes the tickets in high demand are being sold by dealers at several times the nominal price. The money that had previously been accumulated in the pockets of the profiteers will now be divided between the organizers, the ticket vendors and the spectators. For instance, the organizer sells a ticket to a show for €12. The dealers can sell it for up to €25–40. If they are cut from the chain of sales, it will profit everyone: the organizer will be able to sell the ticket at higher price, say, at €15, and the spectator will pay the nominal price instead of the overprice set by middlemen.

  • If there are no tickets in sale, if they are all sold, blockchain won’t help.

Such situations when there are no more tickets in sale are very rare. In most cases, the tickets are accumulated by the less efficient ticket vendors. The customers cannot find tickets online if the ticket service that sells them is not very popular. It creates a weird situation where there is supply, there is demand, but there are no sales. The decentralization will help in such cases: the platform will enable customers to have information about all the tickets for the event they are interested in. Any unsold tickets will be visible in the system.

  • What if I wish to sell or give my ticket to another person?

The personal application Ticket Wallet enables users to return, transfer and even resell their tickets. If for any reason the spectators cannot visit the event, they will be able to sell the ticket to any user of the system: there will be hundreds of thousands of such users all over the world. There is one important detail to remember though: the organizer of the event, the original vendor of the ticket, can set a price limit for dealers. It means one would not manage to defraud and enrich oneself with this sale.

  • You convinced me. However, I am still afraid to use some unverified platform.

The decentralized ledger platform is based on the platform Tickets Cloud created three years ago. We are not novices in this market. Tickets Cloud has more than 100 contracts with ticket vendors and more than 950 contracts with organizers of various events all over the world. The number of sold tickets exceeded 800,000 and the sale turnover for the last three years went beyond $17.6 million.

Our customers include Aliexpress and Nashestviye, the famous Russian rock festival.

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