As per the latest statistical reports, an estimated 50 – 100 million USD worth counterfeit tickets are brought into the market every year.
Two major issues in ticketing are fraud and secondary market ticket prices. The buyers never get to know that the ticket in hand is counterfeit until it’s very late and no one around would be able to help the situation any better at that point of time.
Secondly, the prices for a ticket are controlled by the relevant authorities only in the primary market. As per the reports, the price for a ticket in the secondary market goes up to 5 times or may be even more , the price of a ticket in the primary market. The relevant authorities only get to know the data of the initial buyer of the ticket.
Even the performer wouldn’t be having enough data to know the relevant data with reference to the category of people who had attended the event ending up in a situation where the artist is not aware of who the target audience is expected to be. Moreover, neither the exhibitors nor the performer gets any access to the extra money paid for getting tickets in the secondary market. There are also performers who prefer to have their true fans attend the event and therefore make sure that the tickets are not overly priced.
Our proposed solution is capable of solving all the above explained problems and even do better with respect to data handling, data protection, immutability of data and much more. Moreover, the data can be made available on a common database which can be accessed by all the relevant authorities.
Our ticketing service solution run on blockchain technology platform records the data of the buyer of a particular ticket in barcode format on the ticket.
The buyer can also access the details of ticket ownership on the event database thereby preventing any possibility of duplicate tickets. Any transfer of ownership for the ticket has to be done through the ticketing agency and the data has to be fed on the particular barcode on the ticket. The ticketing agency can fix an upper price ceiling for the ticket and also demand a share of price in the secondary market if required. Since access would be allowed only to the final owner of the ticket the artist would have exact data of the audience of his/her program. The artist would know, who the target audience, who is being entertained by the performance.
UEFA has successfully distributed 100% of the match tickets to the general public using a blockchain-based dedicated iOS and android app.
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